There is a new way to instantly move money electronically into your KTFCU account from other financial institutions. So, we want to take this opportunity to talk about all the ways you can transfer money into your KTFCU accounts.

Whichever method you choose, find more information and “How-To” instructions on our website at https://www.kenteachfcu.com/directdeposit.

THE NEW WAY TO TRANSFER

Instant FedNow Transfers
Instant Transfers are electronic money transfers that make funds available to the recipient within seconds, operating 24/7, 365 days a year. The major benefit is you have immediate access to your transferred funds.

The Credit Union offers instant payment services to our members through FedNow (https://explore.fednow.org/). FedNow is a platform developed by the Federal Reserve.

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

OTHER METHODS TO TRANSFER – ACH AND BILL PAYMENT

ACH Transfers
Automated Clearing House (ACH) transfer is the USA electronic network that facilitates direct bank-to-bank (or credit union) transfers. This has been the most common way to transfer funds. It allows for deposits and direct withdrawals.

Typical uses include direct deposit of paychecks, government benefit payments, tax refunds, utility and other payment types. While same day ACH transactions are available, most ACH deposits or withdrawals will take 1 to 3 business days.

Bill Payment Transfers
Bill Payment Transfer is the process of paying for goods or services electronically or via check. The service is used mostly to pay for utilities or subscription services, to a company or an individual. This service lets you schedule one-time or recurring payments.

This method is typically used to manage bill payments from your KTFCU account to your vendor. Automatic payments allow you to avoid late fees by sending funds on time. The KTFCU offers Bill Pay for Bill Payment Transfers. You can find more on Bill Pay here; https://www.kenteachfcu.com/billpay.

To a much less extent, this can be a method to send funds into your KTFCU account. You can send funds electronically, if the outside financial institution uses the same Bill Payment service used by the KTFCU. If the bill payment service is not the same as the KTFCU bill payment service, your only option is to have a check sent to the KTFCU from the other institution’s Bill Payment service. The downside to having a manual check sent to the KTFCU is it delays your access to the funds.

WHAT TO DO?
Whichever method you choose to transfer funds into 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.