Last Board Brief, we looked at the ways you can transfer money into your KTFCU accounts. In this Board Brief, we look at best practices for moving your money into your KTFCU accounts.

MONEY TRANSFER BEST PRACTICES

General Overview – Money Transfers Into the KTFCU
In general, there are three important types of accounts; Share Savings, Share Draft and, if applicable, Loans.

Overall, it is best to move your money into either your Share Savings or Share Draft account from outside sources before you move the money between your other account(s).

Most of you use Online Banking or the Online Banking Mobile App. As you know, transferring funds between your linked accounts is easy and instantaneous. If you have multiple accounts and don’t see an account when you are logged in to Online Banking, contact us to see if the account can be linked to your other accounts.

If you have a loan where you are making monthly payments from your Share Savings or Share Draft account, your loan account should be visible (linked) in Online Banking.

When it comes to paying a loan through your other KTFCU account, particularly using automatic payments, it is best to have payments made through your Share Savings account.

General Overview-Moving Money into Your KTFCU Account
The two best methods to move money into your KTFCU accounts are Automated Clearing House (ACH) or Instant Payments via FedNow.

ACH is the most common method to transfer funds into the KTFCU. It is secure, but, unlike Instant Payments through FedNow, the funds are typically available in 1-3 business days.

If your financial institution offers FedNow, FedNow gives you immediate access to funds, with enhanced transfer security and speed compared to older systems. FedNow is a platform developed by the Federal Reserve.

You can learn all about transfers on the Direct Deposit & Electronic Funds Transfer page on our website. You can find it here, https://www.kenteachfcu.com/directdeposit.

Money Transfers Out of the KTFCU

ACH Transfers
ACH transfers are the most common method to transfer money out of your KTFCU account. Many businesses and institutions use the ACH payment method. Examples of these types of payments are utilities, subscriptions, etc. Many times, these transfers are set up for automatic payments, which can be a convenient way to make sure you do not miss a payment and incur late fees.

Bill Payment (Bill Pay) Transfers
Bill Pay is an application provided for you by the KTFCU through Online banking. It is a convenient, secure method to make payments. Rather than writing paper checks and mailing them yourself, Bill Pay will do that for you. You set up a vendor (Payee) and Bill Pay sends a check. You can find more information here; https://www.kenteachfcu.com/billpay

You can also set up electronic payment if the person or entity you are sending the money to provides their banking information. This service lets you schedule one-time or recurring payments.

FedNow Transfers are not available (at this time) for sending money out of the KTFCU.

WHAT TO DO?
Whichever method you choose to transfer funds into or out of your KTFCU account, you can find more information and “How-To” instructions on our website. You can find it here; https://www.kenteachfcu.com/directdeposit.

OUR ADVICE
Consider which transfer choice is best for you. We are always looking for ways to serve you.

Whatever your financial need, we’re here to help.