How to Transfer Money to Another MCU Member

Transferring funds to another member within the same credit union is a convenient and efficient way to move money. These internal transfers often process quickly, making them a practical choice for various financial needs. This article outlines the standard procedures for sending money directly to another member’s account.

Information Needed for Transfer

Before initiating a transfer, gather specific details from the recipient. This includes their full legal name, member number, and the exact account suffix or type (such as checking or savings) where the funds should be deposited.

Be aware of any daily transfer limits set by the credit union. These limits can vary, often ranging from a few thousand dollars, such as $2,000 per day for typical online transfers. Higher limits may be available for specific member relationships. Most credit unions do not charge fees for internal member-to-member transfers, but it is wise to confirm this beforehand to avoid unexpected costs.

Transferring Funds Through Online Banking

To transfer funds using online banking, log into your account. Navigate to the “Transfers” or “Move Money” section. Select the “Member-to-Member Transfer” or “Send Money to a Member” feature.

For a new recipient, you will need to add their information, including their full legal name, member number, and specific account suffix or type. After adding the recipient, select the account from which to transfer funds and enter the desired amount. Review all transaction details on the confirmation screen before finalizing the transfer.

Transferring Funds Using the Mobile App

Transferring funds through your credit union’s mobile application follows a similar, streamlined process. Start by opening the mobile app and logging in. Locate the “Transfers” or “Move Money” icon, often found in the bottom navigation bar or a prominent section of the app’s dashboard.

Select “Member-to-Member Transfer” or a similar option. Choose the account from which funds will come and input the recipient’s details. Enter the amount, review the transaction summary, and confirm the transfer.

Alternative Transfer Methods

Credit unions offer alternative methods for member-to-member transfers. Visiting a local branch is one option. At a branch, you will need to present identification, such as a driver’s license, and provide the recipient’s full name, member number, and account details.

Telephone banking is another method, allowing you to initiate a transfer by calling the credit union’s member services line. During the call, you will undergo identity verification through security questions. After successful verification, provide the recipient’s information, including their member number and the account to receive the funds, to the representative.