Online Banking – External Transfers

What is an External Transfer?

The External Funds Transfer feature is available through Online Banking. This feature 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 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, sign in to Online Banking and hover over Transfers from the top navigation menu and select Manage Transfer Accounts. Once this page loads, you will click “Add an external transfer account.” You’ll be asked for account type, routing number, account number, financial institution, account relationship, owner’s name, and an account name. Once the account information is entered, users will need to wait for two micro deposits to show up in the external account. Users will need the amounts of the micro deposits to verify that the external account information is correct. Once the deposit amounts have been verified, setup is complete. Online Banking users may then execute External Transfers.

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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