Bank to Bank Transfers FAQs
Q. What are Bank to Bank Transfers?
A. Bank to Bank Transfers are an optional feature that can be turned on 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 new accounts in good standing after a 60 waiting period.
Q. Can I have Bank to Bank Transfers for my loan account?
A. If you are a client that only has a Home Equity Line of Credit (HELOC) or a Personal Line of Credit (PLOC) at KS StateBank, you can use Bank to Bank Transfers. You are restricted to outgoing transfers of money between your personal HELOC or PLOC at KS StateBank and accounts at other institutions. Outgoing (funds deposited to another institution) transfers are made through ACH to a checking or savings account within the United States. There is no waiting period to enroll.
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 regards to Wire Transfers, Bank to Bank transfers cost less, and can be managed fully from your Online Banking account.
Q. How do I request access to Bank to Bank transfers?
A. It’s easy! Just contact a Personal Banker or Client Care representative who will begin the process for you.
Q. What information is needed to set up a Bank to Bank 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 other institutions name, 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 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 Online Banking account, click on Bank to Bank Transfers, then go to Enrolled Accounts 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, provided you have met the daily cutoff time of 2:30 p.m. (CST). 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. How often are transfers processed?
A. Transfers are processed throughout the day in 30-minute intervals, until the daily cutoff time of 2:30 p.m. CT. Transfers set up after 2:30 p.m. CT will be processed the following business day.
Q. Is there a limit to the number of accounts I can link to for Bank to Bank transfers?
A. Yes, there is a maximum of two external accounts that can be set up.
Q. Can I set up recurring transfers with Bank to Bank transfers?
A. Yes, you can set up recurring transfers. These transfers will count towards your totals on the day that the transfer is scheduled to occur.
Q. Can I set up future dated transfers with Bank to Bank transfers?
A. Yes, you can set up future dated transfers. These transfers will count towards your totals on the day that the transfer is scheduled to occur.
Q. Can I view past Bank to Bank transfers?
A. Yes. You will have access to 90 days of history for processed Bank to Bank transfers under Transfer History.
Q. Are there limitations tied to my Bank to Bank transfers?
A. KS StateBank checking, savings and money market clients are able to make up to two incoming and two outgoing transfers per day with a maximum of two external accounts. You are limited to no more than $5,000 total on incoming transfers daily and no more than $5,000 total on outgoing transfers daily.
HELOC and PLOC clients are able to make up to two outgoing transfers per day with a maximum of two external accounts. You are limited to no more than $10,000 total on outgoing transfers daily.
The cutoff time for all Bank to Bank transfers is 2:30 p.m. CT each business day. 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. Can I cancel a transfer after I’ve scheduled it?
A. If a scheduled Bank to Bank transfer is still in PENDING status, you can cancel the transfer or edit the transfer date, amount and/or frequency. If a scheduled transfer has already been PROCESSED, you cannot make any changes.
Q. Is there a fee for utilizing this service?
A. There is no charge for incoming transfers (funds deposited to KS StateBank), but there is a $3.99 charge for each outgoing transfer (funds being sent to another institution). This fee is may be waived for certain accounts and for HELOC and PLOC clients.
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