External Transfers

How does it work?

When an end user adds a new external transfer account, you will be prompted to validate two deposits of a random value under one dollar to the account selected. You will then simply need to enter the amounts of the micro-deposits by selecting the external transfer account again, and you will be able to use it immediately. It’s simple to use and simple to set up.

Transfer limits:

$2,000 daily

Cut-off time:

4:00 PM-transfers completed after may be processed the next business day

How to link your external account:

  • Navigate to Transfers: Log in to your ESB Bank online account via the web or mobile app and select Transfers from the main menu. Then follow the prompts as requested to link account.

  • Micro deposits can take up to 1-3 business days to show up in the external bank account. Once the deposits post to your external bank account you will log back into your ESB Bank account and enter the exact deposit amounts to verify and activate the account for transfers.
  • Once the external account is verified, you can perform one-time, future-dated, or recurring external transfers directly through the ESB Bank online banking.

Fees:

There are no fees for this type of transfer

Funds availability:

If transferring funds into your ESB Bank account, a hold will be placed on those funds for 3 business days.

If transferring funds to your external bank account, funds may take up to 1-3 business days to show up.

Rapid Transfers

How does it work?

Rapid Transfers Enable Real-Time Money Movement
By using the network system called card rails, a system that is used to process your credit card and debit card transactions in seconds. This is much quicker than the traditional 1 to 2 day electronic transfers (also known as ACH). ESB Bank online banking users can easily link an external debit card to transfer funds instantly through Mastercard Send and Visa Direct via Moov (our platform to move the money). This is only to move money between accounts you own, also known as a ME-to-ME transfer.

Transfer limits:

$2,000 daily-If the debit card limit is less at the external bank, the transaction will follow the lesser limit rules.

Cut-off time:

No cut-off time. Funds will transfer immediately; day/night/weekend/holidays.
Funds availability may vary depending on the receiving financial institution.

How to link your external debit card:

  • Choose the Transfer widget or the Transfers in the menu.

  • Choose Rapid Transfer

  • Add your other financial institution’s debit card by selecting +

  • Click Add a debit card

  • Once card is added choose Make a Rapid Transfer

  • You will get a 2FA (multi-factor) verification code option send the phone number on your account via text or call

Fees:

0.75% ($0.50 minimum) when pulling money from an external debit card.

1.75% ($0.50 minimum) when pushing money to an external debit card.

Fees are not counted towards the daily limit.

Funds availability:

Funds will show up instantly once transfer is made.

If funds are not available, the transfer will fail instantly.