RCU's Move Money (External Transfer) Frequently Asked Questions (FAQs)
Q: What is RCU's Move Money service?
A: Using RCU Online Banking you can "move money" between your RCU account and another financial Institution.
Q: What RCU accounts can I use with Move Money?
A: Your primary savings, checking or money market accounts are available for transfers.
GETTING STARTED:
Q: How do I sign up for Move Money?
A: RCU's Move Money has an online enrollment that makes setting up Move Money easy and efficient. Just log into RCU Online Banking and click on the Move Money link to get started.
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There are a few simple steps:
- Accept the Move Money Agreement presented when you access RCU's Move Money external transfer service .
- Validate your email address via a correspondence from Redwood Credit Union.
- Set up an account for transfer by going to the "Add Accounts" tab.
- Once the account validation occurs you will need to confirm your trial transactions.
That's it. You can now schedule a transaction by going to the "Transfer Funds" tab.
Q: Why do you need an account validation process?
A: A validation process will be performed to verify account ownership. The account validation is performed to help us make sure that the accounts are only set up by you and that you are on the accounts. This verification will occur by trial transactions and generally takes 2-3 business days.
In some cases your account at the other financial institution may experience a “micro- withdrawal” and “micro-deposit” transaction. In other cases two “micro-deposits” will occur at the other institution. The funds in your RCU account will not be affected and the micro-transactions will not be displayed in your Redwood Credit Union account. Please take into account these transactions when balancing your account at the other Financial Institution.
Once the transactions occur you will need to validate the transaction information within the Move Money service.
Q: What happens if I am unable to validate my account or input the wrong dollar amount?
A:
You may remove the account set up and enroll the account a second time.
Account Information:
Q: What type of accounts can be used with Move Money?
A: You can transfer money using your RCU primary savings, checking or money market accounts and your accounts at other institutions.
Q: Can I access investment accounts?
A: Yes. There are some investment companies that will allow access to your account with them. Please see the investment account section of Move Money located under the “Add Accounts” tab. Select “Add External Investment” account.
Q: Are there any accounts that are not eligible for this service?
A: Yes. RCU Youth and Business accounts are not eligible for this service at this time.
Q: What is a routing/transit number?
A: The routing/transit number is an identification number assigned to each financial institution by the Federal Reserve Bank. It is a 9-digit number found at the bottom of your check. If you are unsure about where to locate the routing number please see the “Add Account tab” within RCU Move Money. For additional information you may call the financial institution to verify your account number with them.
Q: Where can I find my account number?
A:You can find your account number on the bottom of your checks or sometimes it will be displayed on an account statement. If you are unsure about where to locate your account number on the bottom of your checks please see the “Add Account tab” within this service for more information. If you are unsure about which number to use please contact the financial institution to verify your account number.
Q: Can I use this service to transfer money between my RCU accounts?
A:No. This service was designed for external transfers only. If you would like to transfer money within your RCU accounts please use RCU Online Banking, contact our Member Service Center or call our 24 hour telephone teller service.
Q: Can I set up one-time transactions? How about recurring transactions?
A: Yes you can set up transactions to occur just once or you can set up recurring transactions with a variety of frequencies.
Q: Why do I have to validate my email address?
A: Validating your email address ensures that we have an accurate email address on file for you. You will be receiving email communications about your external transfer activity and it is important that these emails are delivered to your current email address.
Usage Questions
Q: Is Move Money complicated to use?
A: No. There is a useful help section in case you have any questions.
Q: Will I have a separate password for Move Money?
A: No. Once you have logged into RCU's home banking and are eligible you will be able to access RCU's Move Money service.
Q: Is there a fee for Move Money?
A: There are no fees at this time.
Q: What is a standard transfer?
A: A standard transfer is a fund transfer that will take three business days to post after you have placed a transfer request.
Q: Are there transfer limits?
A: Yes. There are daily and monthly transfer limits. You can view your limits within your Move Money service.
Q: How fast will my funds be moved once I have opted to transfer them?
A: This process takes about three business days. For example, if we debit your RCU account tomorrow, the funds will be sent to your account in 2 to 3 business days. Please note the transaction is not immediate.
Q: What does inbound transfer mean?
A:This means you have requested RCU to debit your account at another financial institution and transfer the funds into your RCU account.
Q: What does outbound transfer mean?
A: This means that you have requested RCU to transfer money out of your RCU account to another financial institution.
Q: How do I know these transactions are taking place?
A: You will receive emails from RCU keeping you up-to-date on the status of your transfers.
Q: What happens if I have a transaction that is returned unpaid to RCU?
A:Your account access may be restricted or canceled. If this happens, please contact RCU for assistance.
Q: What is a Terms of Service agreement?
A:This is an agreement that explains the product and service in detail. In order to participate in the program you will need to agree to the terms and conditions within this agreement. Find the complete agreement here.
Q: If I need more information where can I go?
A: There is a robust help section within RCU's Move Money service. If you have additional questions please contact us at 1 (800) 479-7928.
