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External Account Transfers

Make Transfers to External Accounts  

Transfer money between your accounts at Flatwater Bank and other U.S. financial institutions, and skip a trip to the bank. You can move money between Flatwater Bank checking and savings accounts to external accounts at different financial institutions owned by the same person.  These transfers are often referred to as A2A (account to account), M2M (me to me), or B2B (Bank to Bank) transfers.

To enable this feature, additional security measures are required.  First time verification may take 3-5 days.  The following are things to be aware of when making transfers to external accounts:

  • Generally, transfers are credited to the other institution within one to two business days
  • There is a $5,000 limit per transfer and $10,000 daily limit 
  • You will need the routing and account number at the financial institution receiving the ACH credit.
How do I sign up for External Transfers?
The process is simple.  Once logged in to online banking or the mobile app, choose "Move Money", then "New Transaction", then select the Flatwater Account you would like to send money from.  Next, select, "Add New Payee", and choose "External Account".  If you have not signed up yet, you will then be prompted to add the external account (this is a one-time process).  You will need to know the external account type (i.e. checking, savings, etc.), routing and transit number.  Enter this information and select "add payee", and select "transaction challenge" for the account verification method.

How do I verify my account? 
Your account  will be verified by doing a "transaction challenge".  This is a one-time process for each external account you add. 

You will be asked to complete a trial deposit verification.  Flatwater Bank will make one debit and two credits to your external account.  Once this has been completed, you will receive a notification in your mobile app that an external account needs verified.  You will need to verify the transactions made to your external account (via phone, online banking, or an account statement).  Once you have confirmed the amounts, click on the alert and enter the amounts of the debit and two credits made to the external account you are adding.  If the amounts are correct, your external account will be added.  You are now ready to make external transfers to this account.

How do I transfer to an external account?

Step 1: Login to your mobile banking app or online banking portal. Click on the Move Money section, then “New Transaction.”

Step 2: Choose which account you’d like to send money from.

Step 3: Next, choose to whom you’d like to send funds. If you’ve set up an A2A transfer already, you can simply select that recipient again. If this is your first time sending an A2A payment, you’ll need to click “+ Add New Payee” at the bottom of the screen and follow the step above.

Step 4: Enter the dollar amount you’d like to send. You can also choose to add a note if desired. Once you’ve filled in these details click “Continue.”

Step 5: Review your transaction to ensure everything is correct. Once reviewed, click the “Submit” button. 

Step 6:  For added security we have enabled Multi-Factor Authentication (MFA) on A2A payments.  You will be asked to send a verification code to one of your devices.  This is to ensure that you are the party initiating this A2A payment.  Select the device you would like the code sent to.  Select the preferred method to send the code (text or a phone call).   You will receive a text or phone call with the code.  When you receive the code enter the passcode and click "submit".