CHANGES TO EXTERNAL TRANSFERS
Important Changes Will Impact Your External Transfer Service
Cy-Fair FCU is making beneficial enhancements to our External Transfer service. These changes require a move to a new service platform, impacting your current service. If you are using External Transfers with your account, there are a few things you will need to know and do.
What You Need to Do BEFORE January 17, 2023:
The external transfer service platform we are moving away from will remain available until January 17th. Please set up your accounts with the new service before then. Any external transfers on the old platform will fail to be executed following that date.
External accounts currently set up will NOT automatically transfer to the new service. You will need to add and validate your accounts with the new external transfer service. Any existing automatic transfers will expire after January 17th if not moved to the new service.
Important: Before setting up the new service, delete any existing reoccurring transfers to avoid duplicate transfers.
To set up your accounts on the new service:
Login to Online Banking, then under the “Move Money Menu” select the link titled "External Transfer-New".
Once you click on the service, agree to the Terms and Conditions.
Following this, you will add your external account information, and this will prompt 2 micro deposits to be validated the following day.
Once the account is validated then you may begin using the new service.
Changes to Know About:
There will not be a fee to process an external transfer in the new service.
There is no longer a minimum transfer amount.
You no longer need to have $750 over the requested transfer amount in your account for the transfer to be executed. If the account does not have sufficient funds, the transfer will simply be declined, and you will receive an email stating the transfer failed.
All transfers will now process the next business day.
New limits will be in place for the new service:
| Frequency Limits | Old Limits | New Limits |
|---|---|---|
| Per transfer Limit | $2,000 Transfer into CFFCU $15,000 Transfer from CFFCU |
$2,000 Transfer into CFFCU $7,500 Transfer from CFFCU |
| Daily Limit | $2,000 Transfer to CFFCU $15,000 Transfer from CFFCU |
$2,000 Transfer into CFFCU $7,500 Transfer from CFFCU |
| Monthly Limit | $5,000 Transfer to CFFCU $25,000 Transfer from CFFCU |
$5,000 Transfer to CFFCU $10,000 Transfer from CFFCU |
If you have questions regarding this change in service, please contact the Credit Union.