Free IMMEDIATE Transfers From Your Account At One Credit Union To Another Credit Union

  |     |   950 posts since 2010

Just another benefit of having accounts at credit unions rather than at banks:

I have just learned of a free service offered for credit union accounts when your credit union is part of the shared branch system, handled by the Credit Union Service Center. Most, but not all, credit unions participate in this shared branch system. (Alliant Credit Union, one of the majors, does NOT participate in the shared branch system.)

You can call the Credit Union Service Center, at 866-692-8669, and have money transferred IMMEDIATELY from your account with one credit union to your similarly registered account at another credit union, provided they both are in the shared branch system.

This service is free -- and clearly faster than a bank-to-bank transfer using the ACH, which generally takes at least a day or two, and lost interest for that time. 

The customer service rep told me there is a maximum transfer limit of $5,000 per transaction by phone -- but she said you can make as many transfers in a day as you want, although my senses tell me that might be problematic.

I note, you also can go into a shared branch and do the same kind of CU-to-CU transfer and avoid that $5,000 Credit Union Service Center limit -- although any particular credit union might add its own limits. (I just did that at a shared branch yesterday to open a new CD, and the CU where I had my funds had a $10,000 limit, but the shared branch called them and got the limit waived -- at least partly because I was there in person with ID. That is, the shared branch I  used was neither the CU where I had my funds nor where I was moving them.

I had already been aware you can go into a shared branch and use it for transactions on your account, but I had no idea you could use it to make immediate CU-to-CU transfers, nor that there was a phone number you could call to do it and not even have to make the trip into the branch. 

  |     |   322 posts since 2010
That is a great post! Excellent info. Thanks! I think it's even "print worthy." Is this the right group?
  |     |   33 posts since 2010
The Service Center structure is very useful for deposits, especially since there is no charge for this service, even if the deposit is a check presented at the initiating Service Center.  Withdrawal of funds via a check at Service Centers, however, does incur a charge.
  |     |   1,853 posts since 2010
Yes, but is the transferred fund readily available at the destination credit union; which is the crucial matter?
  |     |   950 posts since 2010
Yes, the transferred funds are immediately available. This is not a check deposit to the destination CU but a transfer of cash. I used my transfer immediately, although only to open a CD at the CU to which I had transferred.

Yes, they do generally charge for a check, generally $5. I suppose any individual shared branch might want to waive that, but I don't know of any that do. You can withdraw a certain amount of cash, but above that, they only issue a check. I think it is $500 max for cash, or maybe it is $1,000. But getting a check is a different matter than this transfer. You do not need to actually take the money for the transfer, so no check needs to be issued, so no $5 charge. (Actually, for their paperwork purposes, the shared branch I used did put out a check and have me endorse it, but it did not count as issuing me a check, was merely for their own paperwork.) -- yes, that's the place. I asked if such a transfer could be done online at their website, and they said no, it cannot, only by phone or at an actual shared branch.
  |     |   2,298 posts since 2010
Me1004, I was familiar with the shared branch system although I have not had occasion to use it to date.  The credit union through which I learned of the shared branch system told me they could only be done in person.    Perhaps the CSR with whom I spoke at the time was not well informed or the guidelines have changed since then. 

My nearest shared branch is 50 miles RT, so if I ever need to use the system, being able to transfer the funds over the phone will be a huge advantage.    Thanks very much for sharing the great info!
  |     |   1,853 posts since 2010
Thanks, Me1004!

Good to know.  I generally use Shared Branch to do account hopping (from one credit union to another).  Thus the transfer amount is usually $25K - $50K, with a long hold at the destination credit union.  Guess this cash transfer feature will not help me.  I hate to go to a "host" credit union (which I am not a member, but a guest) to do five such transfers consecutively.

Note: $5K per day, accounts have to be under the same name.  Now they have "VCOM(?)" machine at 7/11 stores to do deposit, cash withdrawal, etc.
  |     |   1 posts since 2020

The new transfer limit from credit union to credit union is now 2,500. No joke.

  |     |   950 posts since 2010
ba415able, some more details would be helpful. Is that being imposed by some certain CU? Or did the CU system impose that? Where did you hear that? Is that limit perhaps only for cash, or does it also apply to checks you present?

It would be useless at $2,500.

I see nothing about a limit at the Credit Union Service Center's Website, and that's the organization that this all comes under.

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