FAQ – Electronic Funds Transfer (EFT)
Use Electronic Funds Transfer to transfer funds directly from your bank account to Branch 98’s US Bank checking account. This is the preferred process, albeit it requires a few more actions to establish. But once that is done these money transfers can be made very quickly and the funds are transferred immediately from your account to the Branch 98 checking account. The process is summarized as follows;
- If you use US Bank for your banking:Designate the electronic funds transfer (EFT) between your bank account and the SIRS Branch 98 checking account (US Bank/Branch 98 checking account…2145). If you are asked for the Account number, enter 157514092145, and the Routing number, enter 121122676. EFTs between accounts within the same bank are typically free of charge, so once you establish the Branch 98 checking account as an authorized “transferee” then these EFTs can be made each month simply by selecting the Branch 98 checking account to transfer $24.00 to and you are done! The EFT transfers are immediate and will appear in your banking account statement, and online account information, with a unique Confirmation number, as will it also appear in the SIRS Branch 98 checking statement and, online checking account information, with the same Confirmation number. These EFTs should be completed at least one week prior to the respective luncheon. And, please ensure you provide a comment within the EFT that clearly specifies your name and what luncheon this payment this is for.
- If you do not use US Bank for your banking:
- Open your banking On-line Transfers process and designate SIRS Branch 98 for electronic transfer of funds via email (at firstname.lastname@example.org). If transfers via phone is offered, please do not use the Treasurer’s phone number as the notification process because email provides a better documentation trail for these EFTs.
- Some banks, if not all, may charge a fee for EFTs using their wire transfer process between other banks. However, many banks use the free of charge Zelle Bill Pay Process to make EFTs between other banks as long as they are less than $1,000.00—that certainly meets our needs. So, you will need to work through the process with your bank, either on-line or with assistance from their help-line service representative (phone number is on back of your bank account debit card) to enroll in the Zelle bill payment process. This is typically done during the process of establishing Branch 98 checking account as an EFT “Payee.” Essentially this will require designating 1) an EFT Payee’s account name: SIRS Branch 98, 2) the Payee’s specific account for EFTs: Checking….2145, 3) the email address for the payee (email@example.com) and, 4) your personal email to be entered within your personal banking account profile. As stated previously, if you are asked for the SIRS Branch 98 Account number, enter 157514092145, and the Routing number, enter 121122676.
- Once that is done, you can designate sending money from your selected account to SIRS Branch 98 via the email address (above). This EFT account (between you and Branch 98’s US Bank checking account) can easily be selected via your bank’s On-line Funds Transfer process. Typically there is a means to add a note to the EFT, which can be used to identify your name and what/which luncheon the EFT if for—this is very important! Once the $24.00 EFT is authorized (by you) you should receive an email from your bank notifying you of the EFT. The Branch 98 Treasurer will also receive a confirmation email from US Bank for this payment with all the notations you provided in step b.iii.
- The first time you initiate the EFT from your bank, the Treasurer will receive an email from Zelle (via the Gmail account), informing him of the EFT and it requires the Branch 98 Treasurer to click a link in the email to collect/transfer the money into Branch 98’s checking account. This link takes the Treasurer to the Branch 98 on-line banking account where he can accept the payment into the Branch checking account, i.e., authorize your email as a source for EFT via Zelle…once that is done, the money is transferred immediately. This only has to be done one time. The only caveat is that this all must be done within 14 days of the EFT or the transfer will be automatically cancelled by your bank.
- Once the EFT is completed, the $24.00 Zelle instant payment will be enumerated within the Branch 98 on-line checking account with your name and a unique transfer confirmation number. The $24.00 Zelle instant payment will also be enumerated in your on-line banking account as a debit to SIRS Branch 98 checking account with the same unique transfer confirmation number. Once you set up this EFT payment process within your On-line bank account, all of this information is preserved making future EFTs very easy and only takes a few minutes to complete.