Online Banking – External Transfers

What is an External Transfer?

The External Funds Transfer features is available through Online banking. This features allows transfers to and from accounts that are not with Century bank. This is not a substitute for wire transactions because of limits imposed and the time factor. This type of transfer can take an average of 2 to 3 business days. It is a convenient and inexpensive way to move funds into and out of your Century Bank accounts.

What accounts are eligible to send and receive External Transfers?

Checking and savings are eligible for credits and debits. Loans and Lines of Credits are eligible for incoming external transfers only. External Transfers can only be sent to a loan account at Century Bank from another financial institution. Account holders will not be able to use External Transfers to credit a loan at another financial institution. We suggest account holders to use the free Bill Pay service we offer to credit loan accounts at other financial institutions.

How do External Transfers work?

Century Bank processes Electronic Transfer Funds via the Automated Clearing House (ACH) secure network.

How do I add accounts to my External Transfers account list?

To get started, select “Add New External Transfer Account” from the Transfers tab. You’ll be asked to enter the account type, routing number, and account number. Once account information is entered, a micro deposit transfer will be submitted to the receiving financial institution to verify the authenticity of the account. You will need the amount of the micro deposit amounts to verify the account information is correct. The next day, account holder has the amount of the micro deposit and then can go back to external transfers in online banking under account transfer to submit the amount of the micro deposit. Once the setup is complete, online banking users may execute the External Transfer.

Can I schedule External Transfers for future dates?

Yes. External Transfers can be scheduled up to a year in advance.

What is the daily cut off time?

3:00 p.m. Any External Transfers executed after 3:00 p.m. will be processed the next business day.

How much do External Transfers cost?

$3.50 per transfer for any funds being transferred to other financial institutions. No charge for funds being transferred into Century Bank.

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