Note: Business accounts are not eligible for External Funds Transfer.
External Funds Transfer are online payment and transfer services.
External FundsTransfer allows you to transfer funds between your accounts at Pentucket Bank and elsewhere.
Why should I use External Funds Transfer?
Sending money to friends and family or transferring funds between accounts has never been easier. These convenient online payment and transfer services save you a trip to the branch/ATM or from having to write a check.
What can I do with External FundsTransfer?
With External Funds Transfer you are able to transfer money between your Pentucket Bank accounts and your own accounts at more than 20,000 banks and brokerages.
Payments and transfers can be set up automatically recurring or scheduled in advance.
Note: Payments and/or transfers to international accounts are not allowed.
Are there fees for External Funds Transfer?
There is no fee to register for External Funds Transfer. You may incur a per transaction fee depending on the type of payment/transfer and delivery speed.
What accounts are eligible for External Funds Transfer?
For External Funds Transfer you can set up the following types of accounts to conduct transfers:
- Personal Checking
- Personal Savings
- Personal Money Markets
- Investment accounts at affiliated online brokerage firms
Note: Your Pentucket Bank accounts eligible for External Funds Transfer service will be automatically enabled when you register.
What types of accounts are not eligible for External Funds Transfer?
The following accounts are not eligible:
- Individual Retirement Accounts (IRAs)
- Custodial and/or Trust Accounts
- Certificate of Deposits (CDs) or other time-based accounts
- Loan Accounts (including credit card and equity accounts)
- Business Accounts
- Accounts outside of the United States
Note: Other accounts may be ineligible due to restrictions from your financial institution. If you have questions about your account’s eligibility for External Funds Transfer, please contact your financial institution.
How long does it take for a payment or transfer to complete?
Standard payments/transfers can take up to 3 business days after the day you initiate the transaction to complete.
Next Day payments/transfers will be completed within 1 business day.
Note: For standard payments/transfers, funds will be debited from the sender's account on the first business day after the transaction was initiated. However, funds may not post to the recipient’s account until the third business day.
Are there cut-off times to submit a payment or transfer?
Yes. Standard payments and transfers scheduled before 10PM PST will be initiated the next business day. Standard payments and transfers scheduled after that cut-off time will be initiated 2 business days after. For example, if a payment/transfer was scheduled on Monday before the cut-off time, the transaction would be posted to the recipient's account on Thursday. If a payment/transfer was scheduled Monday after the cut-off time, the transaction would be posted to the recipient's account on Friday.
Next Day payments and transfers scheduled before 3PM EST will be processed the same day. For example, if a payment/transfer was scheduled before 3PM EST, the debit and credit would post to the sender's and recipient's accounts on the next business day. If a payment/transfer was scheduled after the cut-off time, the debit and credit would post to the sender's and recipient's accounts on the second business day.
Do account transaction limits and/or fees assigned by my financial institution apply to External Funds Transfer?
Yes. Limits and conditions placed on account transactions by individual financial institutions apply to External Funds Transfer transactions.
For example, your Pentucket Bank Bounce and Cushion Accounts (overdraft protection) are included in your available balance. Accessing these accounts for External Funds Transfer transactions may result in you incurring the associated fees.
Due to federal regulations limiting preauthorized debits (including transfers), the limit of 6 preauthorized debits per statement cycle from a Pentucket Bank Money Market account applies to your External Funds Transfer transactions. If you have reached your limit, your External Transfer transaction may not be successful.
If you have any questions about restrictions and/or conditions, including fees, on your external accounts that may pertain to your External Funds Transfer transactions, please contact your other financial institutions.
How do I signup?
It’s easy! Simply follow these steps:
- Log in to Online Banking
- Go to External FundsTransfer in the Transfers tab
- Select “Transfer Between My Accounts” (External Funds Transfer)
- Accept the Terms & Conditions
- Provide some personal information to confirm your identity
That’s it! You can then add contacts or accounts from other financial institutions to begin making payments/transfers.
Note: Make sure your Online Banking email address is correct since it will be used to set up and send notifications from your External Funds Transfer service. To update your email address, log in to Online Banking and click on My Settings.
External Funds Transfer
What is External Funds Transfer?
External Funds Transfer allows you to move funds between your own accounts at different financial institutions.
How do I access External Funds Transfer?
External Transfer is conveniently located within Online Banking. Simply follow these steps:
- Log in to Online Banking
- Go to External Funds Transfer in the Transfers tab
- Select “Transfer Between My Accounts” (External Funds Transfer)
How do I add accounts to transfer?
Once you are logged in to Online Banking and on the External Funds Transfer page:
- Click the Transfer Funds tab
- Click Add a New Account
- Complete the account set-up form
- Click Add at the bottom of the page
- You will then be prompted to verify the account
Why can’t I find my financial institution during account set-up?
- You may have entered the financial institution name in a way that doesn't match our database.
- You may have entered a financial institution that isn't in our database yet.
- You may be trying to add an account type that is not eligible for External Funds Transfer.
If in doubt, contact us at (978) 556-5414.
How do I identify the ABA routing and account number?
If your account has check-writing privileges, take a look at a check. The ABA routing number is usually a 9-digit number found at the bottom of your check on the left-hand side. The ABA routing number can sometimes be found on your financial institution’s website as well.
Your account number is usually the number following the ABA routing number on your check.
If you need further help identifying your ABA routing and account number, please contact your financial institution.
How do I verify the account?
You may be able to verify the account immediately if you have online access to the account.
For all other accounts, you will verify your account using trial deposits. Here’s what to expect:
- Two small deposits will be sent to the external account you are adding.
- It can take 3-4 business days for the trial deposits to post to your external account.
- You can find out the amounts of the trial deposit by reviewing your accounts online, calling your financial institution or reviewing your monthly statement.
- Once you have received the trial deposit, log in to your Pentucket Bank Online Banking and go to the External Funds Transfer page to complete verification.
- Click on Settings and select Accounts.
- Enter the two trial deposit amounts and click Confirm.
That’s it! Transfers can now be made between this account and your Pentucket Bank accounts.
How can I tell which accounts still have to be verified?
Accounts pending verification will appear on the Overview page of External Funds Transfer.
Why do I have to verify my external accounts?
The account verification process helps us ensure nobody but you has access to your accounts.
Can I make changes to my accounts after they are set up?
Yes. Simply follow these steps:
- Log in to Online Banking and go to the External Funds Transfer page
- Click Settings and select Accounts
- Select the account to edit or delete
How do I make a transfer?
Once you are logged in to Online Banking and on the External Funds Transfer page:
- Enter the Amount
- Select the From Account from the drop-down menu
- Select the To Account from the drop-down menu
- Select a delivery date
- Select a delivery speed ( if applicable )
- Enter a memo ( this message will only be seen by the recipient )
- Click Continue at the bottom of the page and verify the transfer details
Can I cancel a transfer?
Yes, you can cancel your transfer any time before the cut-off time. Simply log in to Online Banking and on the External Funds Transfer page, click the Overview tab. Find the transaction and click Cancel.
Keep in mind, once the cut-off time has passed, the transfer cannot be canceled or reversed.
How will I know when my transfer was complete?
You will receive an email notification once your transfer is complete.
Also, you can log in to Online Banking and on the External Funds Transfer page, click the Activity tab. You will be able to review your External Funds Transfer transaction history. Transfers that have been posted will have a status of “Completed”.
What could cause an External Funds transfer to be unsuccessful?
The most common reasons for an unsuccessful External Funds Transfer are:
- Incorrect ABA routing or account number
- Insufficient funds
- Exceeding the dollar limit for an individual transaction, total transactions per day or total transactions per month
You will receive an email notification when a transfer has been unsuccessful. Full details are available in your transaction history screen. If you have further questions about your unsuccessful transfer, please contact us at (978) 556-5414.
How can I unsubscribe from External Funds Transfer?
You can request to unsubscribe from External Funds Transfer in any of the following ways:
- Online: Log in to Online Banking, go to the External Funds Transfer page, click on Settings, and select Unsubscribe
- Email: Login to Online Banking, go to the Support tab and click on the Email Us link to send a secure email
- Phone: Contact us at (978) 556-5414
- In person: Visit a branch near you and speak to a bank representative