close icon

Login to Your Account


Download Our App

iOS

  • Personal
    Personal iOS
  • Business
    Business iOS

Android

  • Personal
    Personal iOS
  • Business
    Business iOS

External Funds Transfer FAQ

External Funds Transfer FAQ

HELP - GENERAL

How will payments appear on my account statement?

The transaction description will show as “VERABANKHENDERSON/TRANSFER” along with sender and recipient names.

HELP - REGISTRATION & SIGNUP

I’m a new customer, do I have a waiting period before I can sign-up?

There is no waiting period to sign-up for or to use External Funds Transfer.

How do I sign up for this service?

The sign-up process for this service is quite simple, just follow these steps:

  • Step 1:Log into VeraBank Online Banking, then go to “External Transfers” or login to the VeraBank Mobile App, then go to "More", then "External Transfers".
  • Step 2:Complete a short registration form.
  • Step 3:For your protection and security, VeraBank will verify the information entered by you within 3 days from the day you submit your registration form.
  • Step 4:You will be notified by email of the status of your registration. The email will also contain simple instructions for your next steps.

How long does the sign-up process take?

Initial registration and VeraBank accounts verification: For your security, VeraBank will verify the personal information you entered in the registration form. This is to ensure that the request for the service actually came from you.

You will be notified by email of the status of your application within 3 days.

Account verification: You will be required to verify your accounts that do not reside at VeraBank. For most major banks, credit unions and brokerages, we can complete online confirmation of individual accounts for which you have online access, in less than a minute. For other accounts, we will ask you to complete a trial deposit verification, which generally completes in 2- 3 business days.

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.

Can I make changes to my account portfolio after the initial set-up?

Absolutely! You can easily add or delete accounts held at other Financial Institutions from the Settings page.

HELP - ADD ACCOUNTS

Which accounts are eligible for the External Funds Transfer service?

At this time, you can add the following accounts to External Funds Transfer:

  • Checking accounts and savings accounts held at any commercial bank or credit union nationwide that are able to accept ACH transfers. Contact your institution if you’re not sure.
  • 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 this financial institution will be auto-enabled for this service. All your other external accounts will require you to complete our simple account ownership verification process.

Which account types are not eligible for the External Funds Transfer service?

The following accounts are not eligible for the VeraBank External Funds Transfer Service:

  • Individual Retirement Accounts (IRAs)
  • Custodial and/or Trust Accounts
  • Business Accounts
  • Certificate of Deposits (CDs) or other time-based accounts
  • Loan Accounts (including credit card and equity accounts)

You may have other accounts that are ineligible for this service due to restrictions specific to your financial institution(s). If in doubt, please contact your Financial Institution.

How do I get started adding accounts to my Accounts Portfolio?

To get started, click “Add a new Account” from the External Funds Transfer page, or the Settings page. Follow the online instructions, but you will need to also select the account type and enter the appropriate Routing Number and Account Number.

In many cases, we will be able to verify the account with the institution 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 with the institution 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.
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. See below for details regarding online and offline account verification.
Once you have supplied all the requested information for verification, click Continue.

If you successfully completed Online Verification, you will be taken to a page confirming that the account is ready to be used with the External Funds Transfer Service. The account will also be listed under the Settings page as Active.If Trial Deposit Verification is required, you will be taken to a page where you will initiate the Trial Deposit process. The account will also be listed under the Settings page, but it will not be able to be used with this service until you have completed the Trial Deposit process.

Adding additional accounts:

  • To add additional bank accounts, repeat the steps above.
  • To add investment accounts, see below.

What is an ABA routing number?

The ABA routing number is an identification number assigned to each financial institution and each branch office. It is usually a 9-digit number found at the bottom of a check or deposit slip.

How do I identify the ABA Routing Number for the account?

Take a look at your check. You will see a printed row of numbers, usually at the bottom of the check. The ABA Routing Number is the nine-digit sequence that appears between the symbols.

How do I find the account number?

You can find your account number on an account statement, or on a check, in that same row of numbers where you find your 9-digit ABA Routing/Transit number. Your account number appears on your check between the symbols.

What is the definition of an investment account for the purposes of the External Funds Transfer Service?

An investment account is the cash account (usually a money market account) that you hold at your brokerage. This is where your brokerage holds the funds you use to make stock, mutual fund and other investment purchases. This would also be where the brokerage deposits the proceeds from sales you execute.

How do I add investment accounts to my Accounts Portfolio?

Click “Add a New Account” on the External Funds Transfer or Settings page. Select the Account Type of Brokerage.

  • Step 1- Select a brokerage
    Click on the name of your brokerage firm from the Available Brokerages firm list.
  • Step 2- Enter account information
    Enter the requested information that is needed to verify the account at your brokerage firm. Depending on your particular brokerage firm, you may be asked whether or not you have check-writing capabilities for your account. If your account includes check-writing privileges, you will be asked for the ABA Routing Number that appears on your check.
  • Step 3-Adding additional accounts
    To add additional accounts, simply repeat the above process.

What if my brokerage doesn’t appear on the Available Brokerages list?

Unfortunately, if you don’t see your brokerage firm in this list, you won’t be able to add accounts held at that brokerage firm to External Funds Transfer.

How can I get my external accounts verified using Trial Deposit Verification?

If for any reason, your account cannot be verified using the online verification method, you will be automatically directed to initiate the Trial Deposit process. On receiving your instruction, VeraBank will make 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, return to the External Funds Transfer service. Next, go to the External Funds Transfer or Settings page 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. The account status will now show as "Active" on the Settings page.

How do I find out the amount of Trial Deposits made to get my account verified?

The Trial Deposit transactions can be identified as VeraBank in your account statement. You can find out the amount of deposits we made in a number of ways:

  • Calling your financial institution
  • Reviewing the account statement available online on your financial institution web site
  • Reviewing your monthly statement

How long does it take to get my accounts verified using Trial Deposit Verification?

The Trial Deposit transaction(s) are generally available 2 to 3 business days after the day you initiated the trial deposit process.

What do I do if the Trial Deposit(s) made to my account fails?

If the Trial Deposits do not deposit successfully to the account you are attempting to add, you will be notified by email.Also, when you view this account on the Settings page, the status will show as "Not Verified".

If this occurs, we suggest that you double check the account details entered. If incorrect, delete and add the account again with the correct account details.

How can I tell which accounts still have to be verified with my institutions?

All accounts still pending verification will appear on the Settings page with a status of "Verify". We ask you to help us complete the verification of these accounts by completing the simple verification process you selected.

HELP - EXTERNAL FUNDS TRANSFER

How does External Funds Transfer work?

VeraBank processes Electronic External Funds Transfer via the Automated Clearing House (ACH) secure network.

Can I External Funds Transfer to my external loan accounts?

No, since you cannot add external loan accounts to this service, you cannot External Funds Transfer to these accounts.

Can I set up a funds transfer now to be executed at a future date?

Yes, you may schedule a funds transfer up to a year in advance.

Can I transfer money internationally?

No, the Funds Transfer service does not provide the ability to External Funds Transfer internationally.

Why can’t I move my funds between my accounts held at other financial institutions using this service?

This service facilitates movement of funds only between your accounts held at VeraBank and your accounts held at other financial institutions. It does not support movement of funds between your accounts held at other financial institutions.

What is a One-time transfer?

This is a transfer you set up that occurs only once.

What is a Recurring transfer?

This is a transfer you set up that re-occurs based on the frequency and duration you specify.

What are Delivery Speeds?

The delivery speeds which are available to you can be found on the External Funds Transfer page. Once you select an account in the "From" field, the Delivery Speeds available for that account will be presented. Next to the Delivery Speed(s), the date by which the transfer will be completed, and any fees associated with that Delivery Speed, will also be presented.

What is a Scheduled Transfer?

A Scheduled transfer is a Standard funds transfer that you request to occur in the future.

Do account transaction limits and/or fees assigned by my financial institution apply to the External Funds Transfer service?

Yes. In all cases, limits and conditions placed on account transactions by individual financial institutions apply to transfers executed through External Funds Transfer. Please note that your external account financial institution may charge fees. We recommend that you contact your external account financial institution to determine whether restrictions and/or conditions, including fees, pertain to transactions involving any of your accounts.

How are funds available calculated under the rolling 30-day Period Transfer Limit?

When a new transfer is attempted, a rolling 30-day period is used to calculate funds available for transfer. All transfers made within the last 30 days are subtracted from the 30-day Period Transfer Limit to determine the funds available.

How much will the External Funds Transfer Service cost?

Fees are presented at the time a transaction is scheduled.
External Transfers Fees:

  • Transfers to VeraBank - Standard Delivery (3 Business Days) = FREE
  • Transfer to VeraBank - Next Day Delivery = $2.00
  • Transfers from VeraBank - Standard Delivery (3 Business Days) = FREE
  • Transfer from VeraBank - Next Day Delivery = $5.00

Can I cancel an External Funds Transfer request?

You can cancel a Standard transfer, however; because Standard transfers are released for processing periodically throughout the day, the timeframe within which you can cancel the transfer will vary.

You can cancel a One-time Next Day transfer request any-time before the cut-off time.

A One-time Scheduled transfer request can be canceled any-time before the transfer’s send date.

An individual Recurring transfer can be cancelled, as can all remaining Recurring transfers.

Once a transfer request has been transmitted to ACH, you cannot cancel the transfer. If your transaction is in process, you may execute another transfer to move the funds back. This is considered another transaction so please be aware fees may be charged. See the FAQ on Fees for more information.

How do I cancel a One-time Standard, Next Day or Scheduled External Funds Transfer request?

It is simple to cancel a One-time Standard, Next Day or Scheduled transfer. Just locate the transfer on the Activity page click the appropriate transfer to show the options available and then click the Cancel button. Then follow the simple instructions.

How do I cancel a Recurring Transfer?

To cancel a Recurring Transfer, just locate the recurring transfer on the Activity page, click the appropriate transfer to show the options available and then click the Cancel button. Then follow the simple instructions.

Can I edit an External Funds Transfer request?

You cannot edit a One-time Next Day or Standard transfer request.

You can edit the amount of a One-time Scheduled transfer request any time before the transfer's send date.

An individual Recurring Transfer can also be edited. You can also edit all remaining transfers under the Recurring Transfer.

How do I edit a One-time Scheduled External Funds Transfer request?

It is simple to edit a One-time Scheduled transfer. Just click on the Edit link next to the transfer on the Activity page and follow the simple instructions.

Can I decrease the number of remaining transfers in a Recurring Transfer?

No. You can only edit the amount and frequency. To decrease the number of transfers you should cancel the remaining recurring transfers and create a new Recurring Transfer.

How will I know when a transfer is complete?

Emails will be sent to you confirming the status of each transfer.

The Activity page also provides an up-to-date report on your External Funds Transfer request over the past 180 days. Each transfer request is displayed along with the date and status of the transfer.

You should also be able to confirm the completion of the transfer with your financial institution after scheduled completion of your request.

Under what circumstances will an attempted funds transfer be unsuccessful?

A funds transfer will be returned, if it cannot be successfully posted to your account. The most common reasons for failed or returned funds transfers are:

Lack of sufficient funds in the source account.

Exceeding the dollar limit for an individual transaction, total transactions conducted in the last 30 days, or outstanding transfers (transfers that you have initiated but which have not yet completed.

You will be notified by e-mail if we receive a "Return" message on your transaction indicating that the transfer has not completed. Full details will be available on the Activity page.

How long does it take to complete a funds External Funds Transfer?

Funds Availability

Standard Delivery(3 Business Days) *

What is Standard Delivery?

REQUESTED ON: SOURCE ACCOUNT DEBITED BEFORE START-OF-BUSINESS ON: DESTINATION ACCOUNT CREDITED BEFORE START-OF-BUSINESS ON:
Monday Tuesday Thursday
Tuesday Wednesday Friday
Wednesday Thursday Monday
Thursday Friday Tuesday
Friday Monday Wednesday
Saturday Monday Wednesday
Sunday Monday Wednesday

*For some customers,Capital One 360 may extend the number of settlement days for Standard Delivery transfer. You will be notified via email if a settlement extension is placed on account.

Next Business Day Delivery (Next Business Day)

What is Standard Delivery?

REQUESTED BY 7 PM CT ON: SOURCE ACCOUNT DEBITED BEFORE START-OF-BUSINESS ON: DESTINATION ACCOUNT CREDITED** BEFORE START-OF-BUSINESS ON:
Monday Tuesday Tuesday
Tuesday Wednesday Wednesday
Wednesday Thursday Thursday
Thursday Friday Friday
Friday Monday Monday
Saturday Tuesday Tuesday
Sunday Tuesday Tuesday

**Based on the receiving Availability of Funds schedule

Cut of times

The cut off time for standard transfers scheduled todey is 12 AM CT*

The cut off time for next day transfers scheduled todey is 7 PM CT*

*For example,if Monday and Tuesday are both business days,you can request a Standard transfer"Monday" up untill 12 AM Ct

How can I check on the status of my Scheduled or Recurring External Funds Transfer?

You can go to the Activity page to view the details of future Scheduled External Funds Transfer. The page shows:

  • The transfer reference number
  • The transfer send date

The origin account (External Funds Transfer "from") and destination account (External Funds Transfer "to") of the transfer:

  • The dollar amount of the transfer
  • The status of the transfer.

What do the different status designations mean?

Pending: We have not yet received confirmation of a successful transfer. You may see an indication of the transfer in the account balance of the source account but not in the destination account of your funds transfer.

Complete: The transfer is confirmed. The transfer will be reflected in your account balances with your institutions as a withdrawal from your source account and a deposit to your destination account. It is a good idea to verify the transfer with your financial institutions.

Rejected: We were unable to remove the funds from the source account or place the funds in your destination account. Typical causes of failed or returned funds transfers are:

Lack of sufficient funds in the source account. If we receive a return due to non-sufficient funds (NSF) in the source account, we will automatically try the transaction a second time. A funds transfer will be designated unsuccessful only after a second NSF return.

You will be notified by email if we receive a return notice on your transaction indicating the transfer cannot be completed.

Complete (Return): Occasionally, we will receive a return from the ACH system indicating a problem with the transaction after the normal business-day waiting period. This designation indicates that we received the return notice after having already designated the funds transfer as Complete.

It is possible that you will see a record of the debit on the account statement of your source account. If this does occur, the funds will automatically be returned to that account, appearing as a credit on your account statement.

How can I check on the status of a Recurring Transfer?

You can go to the Activity page to view the details of a Recurring Transfer. Find the transfer with the recurring symbol and expand the section to see transfer details. This will display:

  • The reference number for the Recurring Transfer
  • The origin account (External Funds Transfer from) and destination account (External Funds Transfer to) of each transfer
  • The dollar amount of the Recurring Transfer
  • Frequency of each transfer
  • Remaining transfers

What do the different status designations for Recurring Transfers mean?

  • Pending: There are Recurring Transfers remaining.
  • Complete: All the Recurring Transfers have been executed.
  • Cancelled: User has cancelled the Recurring Transfers.

HELP - SECURITY & PRIVACY

How do you protect my security and privacy?

We are committed to maintaining the privacy, security and integrity of the financial and personal information you share with us, and take every precaution to do so. We have designed multiple levels of security to ensure the protection of your information from loss, theft, and unauthorized access, modification or disclosure. We make sure that our security measures conform to all applicable federal, state and local laws.

Sensitive information, including bank account numbers and the account verification date, is encrypted with state-of-the-art encryption software. For example, we use 128-bit SSL encryption when communicating data over the ACH network.

How do you verify my identity and my account information to prevent fraud?

We employ a two-tiered verification system to make sure your accounts are secure.

When you sign up for the External Funds Transfer service, your financial institution provides confirmation of your identity and the accounts held at that financial institution.

Occasionally, we are unable to register successfully because of incomplete information received from your financial institution. If this happens you will have a chance to provide this information to us and you will be registered for the service.

Accounts that reside at VeraBank will be auto-enabled so that you can start using them after you accept the terms of service. Before activating your other accounts into our External Funds Transfer service, we will verify each one with your financial institution. This takes a little more time for you and for us, but it is part of the care we take to maintain your safety and the overall integrity of the payment network.

scrolltop