TransferNow allows you to quickly transfer funds between your account(s) at CharterWest Bank and your accounts at other financial institutions. With TransferNow, you have more flexibility and control over your money. You no longer need to obtain a cashier’s check, make cash deposits, or send an outgoing wire to transact business between your financial institutions.
Financing big expenses is a lot less complicated when you can freely access your accounts at other banks. External account transfers are available when you need them from CharterNet Online Banking or the CharterGo Mobile Banking app. It’s your money – move it when and where you need it.
Fees and transfer limits may apply.
How do I enroll in TransferNow?
IMPORTANT: Enrollment in TransferNow and the verification of your external accounts can only be completed via Online Banking. The process will not be successful if you attempt these actions in Mobile Banking.
To begin using TransferNow, you must first be enrolled in CharterNet Online Banking and authorize your external bank accounts. When you initiate a transfer, you will see what types of accounts are eligible. To add your external accounts:
- Log into CharterNet Online Banking. Select “Transfers.”
- Select “External Transfers.”
- “Add a new account” and set up transfer authorization using either of the two verification methods: trial deposit verification or real-time account verification. You will need to know the account type, Routing Number, and Account Number to complete this process.
Once your external accounts are verified from CharterNet Online Banking you may conduct transfers from online banking or CharterGo Mobile Banking. Funds can only be transferred between accounts with like ownership.
Frequently Asked Questions
Who is eligible for TransferNow?
CharterNet Online Banking users, only between U.S. bank accounts. Funds can only be transferred between accounts with same ownership.
In order to use CharterWest Bank’s TransferNow feature in online or mobile Banking, you must maintain your account in good standing. CharterWest Bank reserves the right to disable this feature at any time.
Which types of accounts are eligible for the TransferNow?
At this time, you can add the following external accounts:
- Checking accounts and savings accounts held at any commercial bank or credit union in the U.S. that are able to accept ACH transfers.
- Investment accounts held at online brokerage firms. We currently have access to most of the nation’s largest brokerage companies.
Please note that accounts held at CharterWest Bank will be auto-enabled for this service, this includes loan accounts that you may wish to make payments to from your external accounts. All your other external accounts will require you to complete our simple account ownership verification process.
How does TransferNow work?
Charter West Bank processes account-to-account transfers via the Automated Clearing House (ACH) secure network.
How do I verify my external accounts?
In many cases, we will be able to verify the account automatically through our online account verification process. For other accounts, just follow the trial deposits verification steps.
Online Account Verification: We can often verify the new account immediately via the Internet. To do so, we will ask you to supply the login credentials you use to gain access to the account that you are attempting to add. Your account will be added after successfully logging in. Your login credentials used for this verification are never retained by this service.
Trial Deposit Verification: If online account verification is not available, or if it fails, you will be asked to complete our convenient Trial Deposit Verification process. On receiving your instruction, Charter West Bank will make one or two deposits into the account you are attempting to add. 2-3 days later you will be able to confirm the amount of the deposits. Once you know the amount of the deposits sent to the account you are adding, by either calling your financial institution or from your online account profile, just return to the External Transfers service, go to Manage Accounts and click on the Verify link next to the appropriate account. You will then be prompted to enter the amounts of the two deposits. If the amounts entered are correct, your external account will be added to the service.
Why do I have to verify my external accounts?
We do everything possible to ensure your security and maintain the integrity of the payments network. The account verification procedures are safeguards that help us make sure that only you can add accounts to this service.
How quickly will my transferred funds appear in my account?
CharterWest Bank offers two transfer options: standard and next-day.
- Standard transfers arrive in the receiving account within three (3) business days. Customers will be eligible for Standard transfers automatically, and will qualify for Next-Day Transfers upon meeting activity and minimum balance thresholds.
- Next-day transfers, limited to qualifying accounts, will arrive in the receiving account on the next business day.
Multiple transfer options can be selected including one-time, recurring, or future-dated transfers.
What if my external account has different ownership, can I still set up the external account?
You must be an owner on the external account(s) and have access to an online profile or transaction history for the account to complete the account verification process.
Can I transfer funds to another person’s account using TransferNow?
No, to complete the transfer request, account titles and names need to be the same from institution to institution.
Why can’t I set up an external account in Mobile Banking?
External accounts must be set up in CharterNet Online Banking. Once an external account is set up and verified, you may use mobile banking to initiate an external transfer.
What are the dollar limits?
For security reasons, CharterWest Bank has established limits on the amount of funds that can be transferred via Account-to-Account Transfers. We reserve the right to change your dollar limit at any time. If we decrease the dollar limit, we will notify you as required by law, but we may not notify you if we are restricting your transfer limits for security purposes or because of excessive overdrafts to your CharterWest Bank account. A minimum of $10 is required to make an external transfer.
Standard transfers to/from your account are limited to:
- $5,000 per transaction;
- $5,000 in aggregate per day; and
- $10,000 in aggregate per calendar month.
Next Day Transfers to/from your account are limited to:
- $2,000 per transaction;
- $2,000 in aggregate per day; and
- $5,000 in aggregate per calendar month.
- Additionally, you must satisfy certain balance and account activity criteria before being permitted to make Next Day transfers. We reserve the right to change this criterion at any time.
Is there a fee for TransferNow?
TransferNow is FREE for Standard inbound and outbound transfers as well as Next Day inbound transfers. Next Day outbound transfers are $10 per transfer.
For any additional questions regarding TransferNow requirements, limits, or status please contact 800-872-5147 or your local branch or refer to the Help menu available from the External Transfer interface in Online Banking.
