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External Transfers FAQ

Find answers to common questions about setting up, verifying, and managing external accounts used for External Transfers in Digital Banking.

If you're looking for instructions on transferring money, see How to Transfer Money To and From Your Peak Account. 

What Is an External Account?

An external account is a checking or savings account you own at another U.S. financial institution.

You can link eligible external accounts in Digital Banking to transfer money between Peak Credit Union and another bank or credit union.

Adding an External Account

How do I add an external account?

  1. Log in to Digital Banking.
  2. Select Transfers & Payments.
  3. Select Add External Account.
  4. Enter the requested account information.
  5. Complete the account verification process.

What information do I need to add an external account?

  • You'll need:

    • The financial institution's routing number

    • The account number
    • The account type (checking or savings)

Can I add an account that belongs to someone else?

  • No. For security reasons, external accounts must be owned by the same person who owns the Peak account.

Can I add an account outside the United States?

  • No. External Transfers can only be used with eligible accounts at U.S. financial institutions.

Verifying an External Account

What are micro deposits?

  • Micro deposits are two small deposits, usually less than $1 each, sent to the external account.

  • They help verify that you own the account you're trying to link.

How long does it take to receive micro deposits?

  • Micro deposits typically arrive within 5 business days.

  • 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.

Where do I verify my micro deposits?

  1. Log in to Digital Banking.
  2. Select Transfers & Payments.
  3. Select Verify External Account.
  4. Enter the micro deposit amounts.

  • Enter the amounts as whole numbers.

  • For example:

    • $0.10 = 10
    • $0.25 = 25

Do I need to return the micro deposits?

  • No. The micro deposits are automatically removed from the external account once verification is complete.

What happens if I don't verify the account?

  • If verification is not completed within the required timeframe, you may need to remove the account and start the setup process again.

Troubleshooting

It's been 5 business days and I haven't received the micro deposits

Common causes include:

  • Incorrect routing or account number

    • Verify the account information with the other financial institution.

  • Incorrect account type

    • Make sure the account was added as the correct type:

      • Checking
      • Savings

ACH restrictions

  • Some financial institutions place restrictions on certain savings accounts that may prevent ACH transactions.

  • If the information is correct and the deposits still haven't arrived, contact Peak for assistance.

I verified the account, but I don't see it on the transfer screen

  • Try logging out and signing back into Digital Banking to refresh your account list.

  • If the account still doesn't appear, contact Peak for assistance.

Why can't I make a transfer?

  • Common reasons include:

    • Insufficient funds
    • Account restrictions
    • Unverified external account
    • Incorrect account information
    • Transfer limits

Why can't I transfer money to a loan account at another financial institution?

  • External Transfers only support transfers to eligible checking and savings accounts.

  • Loan accounts at other financial institutions cannot be used as transfer destinations.

Managing External Accounts

Can I rename an external account?

Yes.

  1. Go to Menu > Settings > Settings
  2. Locate the external account
  3. Select the pencil icon
  4. Enter the desired name
  5. Save your changes

 How do I remove an external account?

  1. Log in to Digital Banking.
  2. Go to Menu > Settings > Settings.
  3. Locate the external account.
  4. Select the account.
  5. Select Delete Account.
  6. Confirm the deletion.

If you add the account again later, you'll need to complete the verification process again.

Transfer Processing Times

How long do external transfers take?

External transfers are not processed immediately.

  • Transfers are processed Monday through Friday
  • Holidays may affect processing times
  • Funds may take several business days to arrive

Security & Ownership

Can Peak add an external account for me?

  • No. For security reasons, members must add and verify their own external accounts.

  • Our team can guide you through the process, but we cannot complete it on your behalf.

Can Peak transfer money for me?

  • No. Members must initiate External Transfers through Digital Banking.