This is all you need to know if you plan on using our improved Money Transfer Service. Jaime, our Support Services Supervisor, not only typed this up for you to have access to, but she also joined us on Facebook LIVE to discuss in a little more detail. If you missed that video, you can find it here: https://www.facebook.com/GHSFCU/videos/1392042887534362/
So here are the features of the new Money Transfer Service, and information on when and how it will go into effect.
This service is offered through online banking – the update is taking place Tuesday, March 14th.
- Use for person to person transfer via text or email – shown as “Contacts”
- Use for self to self payments with an external Financial Institution – shown as “Accounts”
To access, log in to your Online Banking and click on the “Transfer” Tab – Money Transfer
- For first time use, after 3/14, you will need to add external accounts – Click on “Accounts/Contacts”
(Remember: “Contacts” are to other people, “Accounts” are to your accounts at another Financial Institution)
You must complete the verification process for Accounts by confirming the trial deposit and withdrawal at your other Financial Institution.
- To do this, you must Log back in to GHS Online Banking and verify those amounts.
- Once verified you can begin to transfer funds!
Congratulations! You are now set up and read to make a transfer.
- By clicking on “Move Money”, you will be able to choose from verified external accounts and/or contacts.
Why did we update?
- There are new features with the Money Transfer;
- Transfer funds electronically to or from your GHS savings
- The ability to set up recurring transfers, weekly, bi-weekly or monthly.
Will I need to change my current accounts?
- If you currently use the account to account feature, the link will need to be re-established.
- If you currently use person to person, your current contacts will not be affected by the upgrade.
How much money can I move?
- The default amounts and daily limits are a little different than our previous transfer product. If you find that you need to transfer an amount that the system is not allowing, please call our support team and we can help you find a transfer tier to meet your needs. Call 800.732.4447 and ask for Support Services.
What can I use Money Transfer for?
- Sending money from yourself to someone else, or vice versa.
- Example: You paid for a friend’s concert ticket and they need to repay you. You can request funds from a contact using only their email address or mobile phone number. They will then enter their own account information without having to give it to you.
- Example: You want to send money to a family member in a time of need. Again, with just a cell number or email address that is easily possible.
- **These are considered person to person transfers or Money Transfer to a contact. The other person must accept the transfer request within 24 hours for the funds to actually transfer. Both parties will receive an email or text confirmation of the transfer.
- Sending money from You to/from yourself
- Example: You are able to move funds from your GHS Savings and/or Checking account to your account at a different Financial Institution.
- Or Vice versa, you can also move funds from your external Financial Institution to pay your GHS loan or put into your GHS Savings and Checking accounts.
- **These are Money Transfers using an external account. The external account will need to complete the verification process before it can be used.
How long does it take?
- Standard Money Transfers can take 3-5 business days to have the credit received.
- The withdrawal is usually within 1-2 business days.
- Express money transfers will also be available for a fee to have the credit received sooner.
What if I’m not receiving a confirmation email?
- Please log in to Online Banking from a computer and under the Options tab click “Update user information” and ensure that the email address listed there is correct.
When does the change occur?
- The updated version will be available 3/14. Any pending account to account transfers scheduled after 3/9/17 will not be processed and will need to be set up again in the updated version on 3/14.
- Please review your account history to confirm that your pending payment was processed before setting up a new one.