Move Money FAQs
Transfer Money Matrix
| What would you like to do? | Recommended Method | Alternative Method |
|---|---|---|
| Move money to my account at another credit union or bank | External Transfer | N/A |
| Move money to an individual who is a member | Cross-member transfer | Zelle® |
| Move money to an individual who is not a member | Zelle® | Wire* |
| Make a payment to my Bay Federal loan/credit card account from another bank or credit union | Loan Payment/Transfer | N/A |
| Pay a one-time bill | Bill Pay | N/A |
| Schedule automatic payments for a recurring bill | Pre-authorized Loan Payment | N/A |
| Pay rent | Bill Pay | Zelle® |
| Make a large transfer to an individual or business within the U.S. | Wire Transfer* | N/A |
| Send money outside the U.S. | Wire Transfer* | N/A |
*You must come to one of our branches for this type of transaction | ||
Move Money FAQs
We try to make paying your Bay Federal Credit Union loan as easy as possible! If you are paying from another Bay Federal account, you may do so simply by transferring money in BayFedOnline or the BayFed Mobile App:
In BayFedOnline:
- Move the cursor over the Move Money tab and select Make a Transfer.
- From the Move Money box select the From account and the To account.
- Enter the amount to pay and select Make Transfer.
- Select Confirm and your payment is complete.
In the BayFed Mobile App:
- Select Make a Transfer.
- Choose which account you want to pay from and which loan you wish to pay.
- Enter the amount and select Transfer.
Transferring money between members in BayFedOnline and the BayFed Mobile App is easy. All you need to get started is the member's name and account number.
In BayFedOnline:
- Under Move Money, select Make a Transfer.
- After your choose which account the money is coming from, click into the To field and select Add a Recipient.
- Add the information for the member you want to transfer money to and click Add Recipient.
- Fill in the transfer amount, click Make transfer, and confirm the transaction information is correct.
In the BayFed Mobile App:
- Select Transfers.
- Choose your account that you wish to transfer from.
- Select To and scroll down to Add a recipient.
- Select the + sign and enter the first three characters of the recipient's last name and their account number. Then, Verify Recipient.
- Enter a nickname for your recipient and select Add Recipient.
- Enter the amount and select Transfer.
- Confirm the transaction in the pop-up window to complete the transfer.
We currently do not provide international transfer options in BayFedOnline or the BayFed Mobile App; however, our friendly and knowledgeable branch staff can assist you with an international wire transfer at any of our convenient locations in Santa Cruz County.
An external transfer is a great option for moving money from your Bay Federal account to an account you have at another financial institution. To make an external transfer, sign into BayFedOnline or the Mobile app, select External Transfers under the Move Money selection, and fill out the form.
You may also transfer money to another account using Zelle, which can be found under the Move Money tab in BayFedOnline and in the menu of the BayFed Mobile App.
For more on External Transfers, see the FAQ below.
External Transfers to or from Your Accounts at Other Financial Institutions
External transfers are processed electronically through a secure Automated Clearing House (ACH).
Transfer times vary depending on time of day and the receiving institution. The delivery days are listed in the Fees and Delivery Info link on the Transfer Funds page. You’ll need to select a From and To account, Amount, Start date, Frequency and Duration to see your delivery options and the link to Fees and delivery info.
Only active and verified accounts show up in the From or To list on the Transfer Funds page.
Check the status of your accounts under the Preferences section on the Accounts page. If you see a Verify link, you’ll need to complete the verification process to activate the account.
No, you may only conduct external transfers to or from a deposit account that you own at another financial institution.
On the Transfer Funds page, enter the transfer amount and select the From and To accounts. Use the Send date displayed or select a new date.
The Frequency needs to be One Time Transfer.
On the review page you can Confirm, Edit, or Cancel your transfer.
After confirming, you can select the Print icon to print the details.
Yes, you can schedule external transfers up to one year in advance.
Yes. Select the Edit link next to a pending transfer on the Activity page and save your changes. You can also edit recurring transfers this way. You can’t edit transfers that don’t have an Edit link.
Each external transfer has a status on the Activity page. Select the information icon next to the word Status in the top row of the table to see the definitions for each status.
We’ll email you when an external transfer is complete. We’ll also display your transfers for the past 180 days on the Activity page.
As always, you can check your account statement to verify that the external transfer was debited or credited as you requested.
On the Transfer Funds page, enter the amount and select the From and To accounts. You’ll need to change today’s date to a future date.
From the Frequency menu, choose how often you want the external transfers to be sent. From the Duration menu, choose when you want the transfers to stop. Your choices are:
- Until I cancel.
- Up to a specified amount (be sure to provide the dollar amount in the field that displays under Duration).
- Up to a specified number of transfers (be sure to provide the total number of transfers in the field that displays under Duration).
- Until a specified date (be sure to provide the end date in the field that displays under Duration).
Select Review. After reviewing, you can Confirm, Edit, or Cancel your recurring transfer.
After confirming, you can select the Print icon to print the details.
You have these options in the Frequency menu for recurring transfers.
Frequency for Recurring External Transfers:
| Once every month | Every month on the same date selected for the first send-on date. |
|---|---|
| Every 15 days | On the same date as the first transfer plus 15 days. (i.e.: If the first transfer send-on date is 4/5, the next transfer dates will be 4/20, 5/5, and 5/20. |
| Every week | Every week on the same day of the week selected for the first transfer. |
| Every 2 weeks | Every other week on the same day of the week selected for the first transfer. |
| Every 3 weeks | Every third week on the same day of the week selected for the first transfer. |
| Every 4 weeks | Every fourth week on the same day of the week selected for the first transfer. |
| Every 2 months | Every other month on the same send-on date as the first transfer. |
| Every 3 months | Every three months on the same send-on date as the first transfer. |
| Every 6 months | Every six months on the same send-on date as the first transfer. |
| Every year | Once a year on the same send on date as the first transfer. |
| First Business Day of Every Month | |
| Last Business Day of Every Month | |
| First Business Day of Every 2nd Month | |
| Last Business Day of Every 2nd Month | |
| First Business Day of Every 3rd Month | |
| Last Business Day of Every 3rd Month | |
| First Business Day of Every 6th Month | |
| Last Business Day of Every 6th Month | |
| First Business Day of Every 12th Month | |
| Last Business Day of Every 12th Month |
No. You can change the amount and date of the recurring external transfers, but you won’t be able to change the number of transfers in the plan. You may want to cancel the recurring transfer plan and set up a new recurring plan with the number of transfers needed.
Yes. The transaction limits and/or fees used for your accounts with other banks and credit unions apply to the transfers you make in Transfer Funds.
We recommend that you ask your bank or credit union if any restrictions or fees apply when using those accounts with your service.
There are no Bay Federal fees for using external transfers. Your other financial institution may charge fees per their own fee schedules and account agreements.
For fees related to your Bay Federal accounts, refer to our Consumer Fee-Schedule.
Cutoff times are listed in the Fees and Delivery Info link on the Transfer Funds page. You’ll need to select a From and To account, Amount, Start date, Frequency and Duration to see your delivery options and the link to Fees and delivery info.
You can cancel today’s transfers from the Activity page before the cutoff time.
- Future-dated external transfers can be canceled before the Send date.
- You can’t cancel an external transfer that’s in process. If you create a new transfer to move the money back, please check to see if you’ll be charged fees.
Find the external transfer on the Activity page and expand it to see the details and Cancel button. For recurring transfers, you’ll be given the option to cancel just the next recurring transfer, or all the remaining transfers in the plan.
Yes, you can stop an external transfer if the transfer is still pending on the Activity page. Expand the transfer to view the details and stop option.
An external transfer will be unsuccessful (returned) if it can’t be withdrawn from or deposited to an account. We’ll email you if a transfer is unsuccessful, and the details will be available on the Activity page.
Common reasons for unsuccessful external transfers include:
- Insufficient funds in the From account.
- Exceeding the limit for a transfer amount.
On the Activity page, select the Rejected link to see the details about your unsuccessful external transfer.