Financial Advice

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Transferring Funds

Especially when finances are tight, it’s important to know just how you can transfer money quickly to friends, family, or even colleagues. Consider these five ways to send money should the need arise.

  1. Set up a transfer to another UFCU Member. This option is immediate and secure, but it only works if you’re transferring money to another UFCU Member. If that’s the case, all you need is their last name, nine digit account number, and share ID to complete the transfer. Choose Transfer»Between UFCU Accounts within Online Banking, and provide the necessary information.

  2. Use a third-party cash app or service. There are a great number of services in the marketplace. Paypal, Google Pay, Venmo, Cash App, and Apple Cash are just a few. The recipient will need access to the same app and they’ll need to share their user name or identifying information with you.

  3. Set up the recipient as a payee within Online Banking. This option might not be your first choice if you’re in a hurry. In most cases, it can take as long as 10 business days, and the recipient will receive a check in the mail, which they would need to cash or deposit upon receipt. But it’s a great choice if it’s something you want to do on a recurring basis.

  4. Transfer money to your own account at another financial institution. If you have an account at another financial institution, it’s easy to transfer money once you have set up the account. Choose Transfer»To/From Other Institutions, and select Manage Accounts. From there, click Add Account. Be prepared to provide the routing number of the other institution as well as your account number. Once you make the request, you’ll receive a small deposit (usually under $1) that you will need to verify. Once the deposit has been confirmed, you can make transfers and expect them to clear within 3-5 business days.

  5. Wire money to another financial institution. At UFCU you can wire money to any other financial institution within the US. You’ll just need the routing number of the financial institution and the account number of the recipient. Incoming transfers received before 3 PM and outgoing transfers requested before 1:30 PM will be processed the same day for a fee. (Outgoing wires incur a $20 fee.) You’ll need to submit a domestic wire request. (Scroll down to Wire Transfers, and click Send Funds. Then you’ll need to verify your identity by answering a few security questions, complete and fill out the wire request form, create a digital signature, and then sign the form.)

Consult Our Financial Experts
Want to know more about transferring funds or your financial health overall? Give us a call anytime to chat with a personal financial representative and learn more.