4 Facts to Know About Digital Banking Transfers

When banking online, it’s natural to have questions about transferring money from one financial institution to another. You may wonder how your funds remain safe during the transfer process, especially when it may take more time than you originally thought.

However, you can rest assured, as there is a very secure process in place that Forbright Bank and many other financial institutions use to make sure that online transfers are conducted safely, which often requires several days to ensure the proper security checks. Transfers occurring from one institution to another typically require one to three days, but sometimes take longer if needed to ensure the safety of your money.

Below we’ve outlined what you need to know about the digital transfer process at Forbright Bank, starting with what happens to your money when you initiate a transfer.

Transfers Depend on the ACH Network

It’s common for external transfers to rely on the safe, well-established Automated Clearing House (ACH) network. ACH is a nationwide network through which depository institutions send each other batches of electronic credit and debit transfers. It’s overseen by the Federal Reserve, the central bank of the United States.

ACH credit transfers are extra convenient for banking customers because they let you “push” money online to accounts at different banks. ACH debit transfers then allow a third party – such as your utility company or mobile phone provider — to “pull” money from your account with your permission, such as when you set up automatic bill payment.

Each ACH transfer you make requires the work of three entities, and the Automated Clearing House acts as the central authority over the three entities to facilitate the transfer and ensure your funds are safe and secure. These three entities include:

Because the Automated Clearing House processes and clears ACH transfers between participating financial institutions – working with both sides of the transaction to ensure the secure transfer of funds – the process may take more time than we might anticipate.

Transfers Require Fraud Checks

Fraud checks make up an important step that may add time to your transfer process. As financial cybercrime continues to increase and criminals look to target the trillions of dollars moved through the ACH network each year, banks may prioritize enhanced security as another step in the transfer process.

For example, to avoid fraudulent transactions, some banks implement extra fraud checks and reviews before releasing funds for external transfers.

Forbright Bank conducts fraud checks for each transfer to ensure the safety of your money. Our expert fraud team members monitor customer behavior to identify suspicious activity and keep your money safe. While we work hard to transfer your money as quickly as possible, the bank prioritizes the safety and security of your funds.

External Transfers Can Take a Few Days

To complete the ACH process transfers typically take one to three days. With additional built-in reviews for fraudulent or suspicious activity, that process may require extra time.

The length of time required for an external transfer also depends on the time of day when the transfer was initiated. For example, transfers from one financial institution to another cannot go through the ACH process after business hours or on weekends and holidays.

Your transfer may take a few days, but at Forbright Bank, you’ll start earning interest on the transfer the same day funds are received. With interest gained and peace of mind, it’s a win-win.

How to Make Transfers at Forbright Bank

Forbright Bank Growth Savings offers an unlimited number of transfers and no fees, giving you the flexibility to transfer your funds as often as needed. Please reference your Account Agreement Terms and Conditions for additional information or any applicable holds.

When you’re ready to make a transfer into or out of your Growth Savings account at Forbright Bank, follow these simple steps to get the process started.