What is External Funds Transfer?
Funds transfer is a service offered by JetStream Federal that allows you to transfer funds to and from your own personal accounts at other financial institutions.
Who is eligible to use external Funds Transfer?
JetStream Federal members using Online Banking are eligible to use External Funds Transfer. Please note that your name MUST be on the external account and MUST be the same name as on your JetStream Account. If you have questions about this, please contact our E-services department.
How do I sign up for Funds Transfer?
Log on to Online Banking and click on Move Money >External Transfers> Transfer Between My Accounts.
What accounts can I use with External Funds Transfer?
Once enrolled, your savings, checking and money market accounts will be enabled for External Funds Transfer. You may add other accounts held at any commercial bank or credit union nationwide that can accept ACH transfers. You may also add accessibility to most of the nation’s largest brokerage companies.
How is Funds Transfer different from Online Bill Pay?
Funds Transfer gives you the ability to transfer funds in your JetStream Federal accounts to and from your accounts at other financial institutions. Online Bill Pay is used to pay bills to other third parties and does not provide the ability to transfer funds to your JetStream Federal accounts.
How do I verify external accounts to be added to the service?
One of Two Ways: 1. Online Verification. Online verification will be available if CashEdge has a relationship with that financial institution to perform the login function. You will enter your login credentials (userID and password) for that bank or credit union. If this option is successful, the account will be enabled immediately. If it is not successful, or if online verification is not an option, you must complete the Trial Deposit method. 2. Trial Deposit. Two (2) small random credits and one debit (equal to the sum of the credits) will be made to the account that is being added. You will need to verify the amounts of these deposits in order for the account to be added to your external accounts list.
How many accounts can I add?
You may add up to five (5) external accounts to your Funds Transfer account list.
Can I send funds to a foreign country?
No, you can only send funds to accounts located within the United States.
Are there any fees associated with the service?
All incoming transfers to your JetStream Federal account are FREE. You may send funds from your JetStream Federal accounts for a small processing fee. Standard transfers (3 business days) are $2 per transfer and Next Day transfers (1 business day) are $5 per transfer.
How long does it take to send funds?
Standard transfers will arrive 3 business days after the send date. Next Day transfers will arrive 1 business day after the send date. Please note that all external accounts must qualify for Next-Day service before you can use the service.
What are the qualification rules for Next Day service?
Next day transfers are immediately available to each JetStream Federal account registered for service as long as the following requirements are met. But, in order to use Next-Day service, the external account must also be Next day eligible. For non- JetStream Federal accounts to qualify for Next-Day service there must be no NSF activity related to your use of Funds Transfer. You must complete at least one $500 transfer from the external account to be enabled, and this transfer must have been done at least 60 days in the past. Additionally, for Inbound Next-Day transfers, the JetStream Federal account must have an available balance of $750.00. For a Next-Day Outbound transfer, your JetStream Federal account must have a minimum available balance of $500.00 after the transaction is executed. Any NSF activity stemming from your use of the service will revoke service privileges.
What are the Daily and Monthly transfer limits?
Inbound & Outbound per day: $2,000 outstanding per day. Inbound & Outbound per month: $5,000 outstanding per month.
When will the funds be debited from your account and received by the receiving account?
For a Standard transfer, funds will be debited on the third business day following the date the transaction is submitted, and credited to the receiving account that same day, unless the debit funds are not available, in which case the credit will not be released. Next Day transfers will be debited and credited 1 business day after the send date.
What if I do not have sufficient funds in my account on the send date?
A product level suspension occurs when the first transfer fails due to insufficient funds (NSF); however, a second attempt will be made to complete the transfer, and if successful, the suspension is lifted. You will receive an email on both attempts. You will also be liable and responsible for any NSF fees associated with the failed transfer attempts. If continued NSF’s occur, access to the service will be immediately terminated.
How do I unsubscribe from the Funds Transfer service?
If at any time you wish to discontinue your use of the service, you can "unsubscribe" by clicking on the “Edit Your Profile” link at the top of any page, then click on Unsubscribe and confirm your request. Or you may contact any E-Services representative at 305-821-7060