Direct Deposit and Electronic Funds Transfer
Direct Deposit allows you to easily distribute your money into the account(s) of your choice through direct payroll deposit or electronic deposits from your employer or other institutions. Such deposits include payroll, tax refunds, investment checks, social security, retirement and pension funds and more.
District employees have the added advantage of being able to change their designated distributions as often as they chose to help meet individual financial goals.
You can verify amounts and dates of deposits via Home Banking or our phone Voice Response system (Katie). As with all transactions, these deposits are fully detailed on your statement.
Call or visit us to help set up your direct deposit today!
Benefits of Direct Deposit:
- Contact us to:
- Set up your Direct deposit distributions.
- Change or reallocate your Direct deposits.
- Direct deposit can be applied to your Share or Share Draft account.
Electronic Funds Transfer (EFT) is an easy, time saving way to manage your money.
EFT allows you to move money from a non-KTFCU account to one of your KTFCU accounts or move money from one of your KTFCU accounts to an outside account.
There are three primary methods to transfer funds into and from your KTFCU accounts.
- Automated Clearing House (ACH) Transfers - The most common form of financial institution transfers. Click HERE for more information on how to successfully transfer funds between other financial Institutions and the KTFCU using an ACH transfer.
- Instant Payment Transfers (FedNow) - This is the fastest method to gain access to your funds. This is a service provided by FedNow. Click HERE for more information on how to successfully transfer funds between other financial Institutions and the KTFCU using a FedNow transfer.
- Bill Payment Transfers - This is a common method for making payments to businesses (Bill Pay) and is a less common method for receiving funds into your KTFCU accounts. Click HERE for more information on how to successfully transfer funds between other financial Institutions and the KTFCU using a Bill Payment transfer.
Here are some of the ways you can use Electronic Funds Transfer.
- Move funds from your Share or Share Draft account.
- Pay periodically scheduled bills like credit cards, loans, rents and utilities.
- Fund an investment account like a NYS 529 plans or other investment accounts.
- Have funds transferred to your Share or Share Draft account.
- Receive periodic funds like Income Tax refunds.
- Receive funds from other income sources like investment accounts.
