Q. What are External Bank to Bank Transfers?
A. Bank to Bank Transfers are an optional feature that is available within Online Banking for retail clients. If used, you can transfer money between your personal deposit accounts at KS StateBank and accounts at other institutions. Transfers (made through ACH) can be incoming (funds deposited to KS StateBank) or outgoing (funds deposited to another institution) and either to or from a checking or savings account within the United States. Bank to Bank Transfers are available for accounts in good standing.
Q. Can I have Bank to Bank Transfers for my loan account?
A. Yes, you can link an internal and external loan to Bank to Bank transfers to send and/or receive money between financial institutions.
Q. What are the benefits of using Bank to Bank transfers, rather than Wire Transfers or Online Bill Payment?
A. Bank to Bank transfers are an effective way to send OR receive funds from an external account at another institution. Because these transfers are processed via ACH, they are processed faster than if you set up a Bill Payment check to be mailed to the other institution, but are not same day (like a Wire Transfer). In regard to Wire Transfers, Bank to Bank transfers are cost effective and can be managed fully from your Online Banking account.
Q. How do I request access to Bank to Bank transfers?
A. All retail users are allowed access to Bank to Bank transfers in YOUBanking.
Q. What information is needed to set up an external transfer?
A. To set up a Bank to Bank transfer, you will need to establish your external account(s) within your Online Banking account. To enroll an account, you will need the name of the other institution, nine-digit routing number, your account number at that institution and the account type. We will then send two trial deposits (also called micro-deposits) to ensure we have the correct information. Once you have verified the amounts of these transactions (ensuring that you are the true owner of the other account), you will be able to begin making transfers.
Q. What is a trial deposit (or micro-deposit)?
A. A trial deposit is a small, random amount that will be deposited to your external account to verify the account and routing number you provided for your other institution. Two of these deposits will be sent within one to two business days.
Q. Why do you need to make trial deposits into my other account?
A. For a couple of reasons. First, we want to be sure that the account numbers and routing numbers were correctly entered to eliminate any delays when you make transfers going forward. Secondly, we use this as a way to verify that you have access to the account that you are transferring funds to and from.
Q. How, and when, do I verify the trial deposits?
A. Once you see the two trial deposits credited to your external account, you will need to log back in to your YOUBanking, click on Transfers and Payments, then go to External Transfers. You can manage External Transfers by clicking Verify and enter the amounts of the credits in the verification fields. You have 10 calendar days to complete this verification process.
Q. What if I do not verify my pending trial deposits within 10 calendar days?
A. If you do not verify the pending trial deposits within 10 calendar days, you will need to contact Client Care at 785-587-4000 or Toll Free at 800-588-6805 and then begin the external account setup process again.
Q. How long does it take for the transfers to be completed?
A. A Bank to Bank transfer typically takes one to two business days to debit or credit your external account. Funds requested to be transferred will be debited/credited to your KS StateBank account the business day following the day you initiate the transfer. In the case of a future dated or recurring transfer, these time limits will be the business day following the scheduled date of the transfer. Funds requested to be transferred will be debited/credited to the non-KS StateBank account according to the other financial institution’s availability and transaction processing schedule.
Q. Is there a limit to the number of accounts I can link to for Bank to Bank transfers?
A. NO, there is no maximum number of external accounts that can be set up.
Q. Can I set up recurring transfers with Bank to Bank transfers?
A. No, Bank to Bank Transfers is for a quick transfer only.
A. No, Bank to Bank Transfers is for a quick transfer only.
Q. Can I view past Bank to Bank transfers?
A. Yes. You will have access to past transfers under Transfer History.
A. Yes. You will have access to past transfers under Transfer History.
Q. Are there limitations tied to my Bank to Bank transfers?
A. KS StateBank checking, savings, loan and money market clients are able to make transfers both incoming and outgoing to KS StateBank accounts. You are limited to $10,000 each for checking/savings transfers and $25,000 for each loan transfer.
A. KS StateBank checking, savings, loan and money market clients are able to make transfers both incoming and outgoing to KS StateBank accounts. You are limited to $10,000 each for checking/savings transfers and $25,000 for each loan transfer.
Bank to Bank transfers can only be made to or from banks within the United States. Transfers to foreign countries cannot be processed through this feature.
Q. Is there a fee for utilizing this service?
A. There is no charge for incoming transfers (funds deposited to KS StateBank), and no charge for outgoing transfers (funds being sent to another institution). We want KS StateBank to be your banking partner and YOUBanking makes it easy for you to bank with us how YOU want.
A. There is no charge for incoming transfers (funds deposited to KS StateBank), and no charge for outgoing transfers (funds being sent to another institution). We want KS StateBank to be your banking partner and YOUBanking makes it easy for you to bank with us how YOU want.