Understanding Internal Transfers
Internal transfers allow you to move funds between your own accounts within the same financial institution. This is useful for managing cash flow between different business accounts, such as moving money from a checking account to a savings account, or between different enterprise accounts for accounting purposes.
Steps to Initiate an Internal Transfer
Access Payments & Transfers: Navigate to the Payments & Transfers Tab within your online banking portal.
Select Internal Transfer Option: Click on the Internal option to specify that you are transferring funds between your own accounts.
Choose Source Account: Select the account from which you wish to transfer funds. This is your debiting account
Choose Destination Account: Select the account to which the funds will be transferred. This is your crediting account
Specify Transfer Date: Indicate the desired date for the transfer to occur. You may have options for immediate or scheduled future transfers.
Enter Transfer Amount: Input the exact amount of money you intend to transfer.
Add Optional Description: (Optional) Enter a transfer description to provide a memo or reference for the transaction. This can be helpful for record-keeping.
Preview Transfer Details: Click on Preview transfer to review all the entered information before finalizing the transaction.
Complete the Transfer: Carefully review all transfer details on the preview screen. If all information is accurate, click Complete transfer to finalize the transaction.
Reviewing Transfers: The issued transfers section will contain details of all your past and scheduled transfers, allowing you to track and manage your transactions.
For further assistance or specific inquiries regarding your business online banking platform, please contact the Cash Management Team can reach out to our Cash Management Department by emailing [email protected] or calling 781-783-1701 during business hours, weekdays from 8:30 AM to 8:00 PM EST.