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External Transfers FAQ's

Get answers about External Transfers.



External Transfers

 

What are External Transfers?

External Transfers let you conveniently transfer money online between your "personal" BankAtlantic checking or savings account(s) and your "personal" checking or savings account(s) at other financial institutions within the United States.

Note:  Power of Attorneys are not eligible for this service.

How are External Transfers different from Bill Payment?

External Transfers give you the ability to transfer funds to and from your "personal" BankAtlantic account(s) and to and from your "personal" account(s) at other financial institutions.  Bill Payment is generally used to pay bills or other third parties.

How do I sign up for this service?

There are three (3) simple steps for signing up:


1.Log onto Online Banking, click on the "User Services" tab and select "Add External
Transfer Account";
2.Accept the Terms and Conditions Agreement, complete the online enrollment form; and
3.Print, sign and mail the form, along with any other requested supporting
documentation to BankAtlantic.



 

 

How long does the sign-up process take?

Your approved external account will be added to Online Banking system within 7-10 business days from receipt of your signed enrollment form and requested supporting documentation.

How many external accounts can I setup?

BankAtlantic allows up to three (3) external accounts (checking and/or savings).

Are there any financial institutions which I can not setup for External Transfer service?

Accounts at most financial institutions can be added for External Transfer service. However, there are some financial institutions that have limitations on these types of transfers and may affect your enrollment request. They are as follows:

  • E-Trade Bank ("Transfer From" is only permitted)
  • E-Trade Securities ("Transfer From" is only permitted)

What is the Routing & Transit Number?

The Routing & Transit Number is the nine (9) digit number assigned to the bank by the American Bankers Association (ABA) and is used for routing transit transactions (i.e., ACH, wire transfers, etc.).  BankAtlantic recommends that you contact your external financial institution to verify which Routing & Transit Number you should use for “ACH” transactions.  This is the number you will want to enter when adding an external account to the External Transfer service.  NOTE:  Do not add hyphens when entering the Routing & Transit Number.

When will my funds be transferred?

Based on the time of day you initiate your external transfer, the process is approximately four (4) business days from start to finish.

Example:  If you create an external transfer request before 2:00 PM (EST) today, the earliest “Scheduled Transfer Date” you can select would be three (3) business days after today’s date.  If you create an external transfer request after 2:00 PM (EST), then the earliest “Scheduled Transfer Date” you could select would be four (4) business days after today’s date.

The funds will be credited to whichever account you selected as the “To Account” on the “Scheduled Transfer Date”.

What is the cut-off time for sending an External Transfer?

The daily processing cut-off time is 2:00 PM (EST), Monday-Friday (excluding holidays).  Transfers can be scheduled after the cut-off time or on a non-business day; however, your “Scheduled Transfer Date” will be adjusted accordingly.


Can I setup External Transfers on a recurring or future-dated basis?

Yes!  There are several options available for setting up recurring External Transfers, and you can future-date your transfers, too.

What happens if I schedule an external transfer to another financial institution and there are insufficient funds in my BankAtlantic account?

If there are insufficient funds in your BankAtlantic account at the time the system starts to process your external transfer, then the system will reschedule your external transfer for the next available “Scheduled Transfer Date” and a secure message will be sent to your secure message inbox.  The system will continue to reschedule your transfer until you either have sufficient funds, or you cancel the pending transfer request.

Can I transfer between my personal and business accounts using External Transfers?

No.  BankAtlantic only allows External Transfers between personal accounts.

Are there restrictions on the number of transfers I can make?

No.  The number of transfers per day is not limited.

Are there any fees associated with External Transfers?

No.  BankAtlantic offers this service FREE of charge.

Can I perform External Transfers via my Mobile Banking?

No.  External transfers are not permitted.  Only transfers between your internal BankAtlantic accounts are permitted through the Mobile Banking service.

Am I required to transfer a minimum amount?

No.  There is no minimum transfer amount requirement for each request.

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