External transfers FAQ

What is an external account?

An account you have at another financial institution in your name.

Where do I add an external account?

From the dashboard, select Menu > Account/Loan Services > Add External Account.
You will need to provide:

Account number
Routing number
Account type (checking or savings)

What information is needed to add an external account?

The other institution’s routing number
Your account number at the other financial institution
Account type (checking or savings)

What are micro deposits?

Two small deposits sent to your external account (typically within 5 business days). These random deposits, each less than $1, are used for account verification.

Troubleshooting: It’s been 5 business days and I haven’t received the micro deposits.

Common reasons include:

Account number or routing number error: Contact the other financial institution to verify the correct numbers.
Account type mismatch: Ensure you selected the correct type (checking vs. savings).
Savings account restrictions: Some institutions do not allow ACH transactions on savings accounts.

After verifying details with your other institution, contact us to remove the incorrect information so you can try again.

Do I need to return the micro deposits to Peak?

No. Successful micro deposits will be automatically deducted from the external account for the total of the two deposits.

How long does it take for funds to be received?

External transfer requests are not processed immediately.

Allow up to 5 business days for funds to be received.
Transfers are processed Monday–Friday before 12:00 PM (excluding holidays).
Requests after 12:00 PM or on holidays will process the next business day.
Transfers are processed electronically as ACH transactions.

I verified my external account; how do I move funds?

Once verified, go to Menu > Transfer & Payments > Transfer. Your external account will appear in the From and To dropdown lists.

Can I nickname my external accounts?

Yes. Go to Menu > Settings > Settings, scroll to Accounts, select the external account, and click the pencil icon to edit the name.

How do I delete an external account I no longer use?

Log in to online banking.
Go to Menu > Settings > Settings.
Scroll to locate your external account.
Click the account, then select Delete Account and confirm.

If you want to use this account again, you’ll need to re-verify it, which can take up to 3 business days.

Can you add an external account or move funds for me?

No. For security reasons, we cannot perform these actions on your behalf, but we can guide you through the process.

I see micro deposits in my account. Where do I verify them?

Go to Menu > Account/Loan Service > Verify External.

Enter the micro deposit amounts as whole numbers (e.g., 0.10 = 10).
Click Continue.

Will I get a message if the micro deposits aren’t successful?

No. If you don’t receive micro deposits within 5 business days, refer to the troubleshooting steps above.

Can I set up external transfers from my Peak CU mobile app?

Yes. Online Banking and Mobile Banking share the same navigation and steps.

What happens if I forget to verify the external account?

If you don’t verify within 2 weeks of the initial request, you may need to start over and resubmit the request.

I verified the micro deposits but don’t see my external account on the transfer page.

Log out and back in to online or mobile banking to refresh your account list.

Why can’t I make a payment to a loan on my external account?

External transfers are federally regulated and only allow transactions to savings or checking accounts.

Can I add an external account in a friend or family member’s name?

No. External transfers are only allowed on accounts you own.

Can I add an external account at a financial institution outside of the U.S.?

No. Only domestic (U.S.) financial institutions are allowed.