ESL Member to Member Transfers ^top
Member to Member Transfers allows you to transfer funds to any ESL member without requiring you to be a joint account holder. The transfer is free, the funds are available immediately, and it's as quick and easy as a regular account transfer.
Setting up the Service
The Member to Member transfer feature is available inside Internet Banking. To access it, log in to Internet Banking from the ESL homepage, then click on the Account Transfer button.
Before you can begin using the Member to Member transfer feature, first you must establish a "transfer relationship". The person wishing to send funds to another member must provide authorization by filling the Transfer Authorization Form, located on the left of the Transfer page, designating the name, account number and email address of the recipient of the funds. One business day after you have submitted the authorization form, the relationship will be established between the sender and receiver. This form is required each time you wish to add a specific account number to transfer to. After waiting one business day, you are free to make as many transfers to the recipient as you wish (keeping in mind the Regulation D limitation of 6 electronic transfers per savings account per month).
Transferring Funds
One business day after establishing your transfer relationship, you may click on the Account Transfer tab and send your funds using the following steps:
- Fill in the amount you wish to transfer
- Choose the account you wish to transfer funds FROM using the drop-down list
- In the TO box, you must select the account you wish to transfer TO. You will see your account number; a colon, then the other member's account number. For example 123456:654321 Free Checking
- Select the transfer type - Standard transfer, or Overpayment or Pay Down your Line of Credit
- Click "Transfer Funds"
- Be sure to confirm your transfer on the next screen. The funds will be available immediately in the recipient's account.
Be advised that when you send funds to another ESL member, your account number will be shown on the recipient's transaction history and monthly account statement.
Member to Member FAQs ^top
Who can I transfer funds to using this service?
You can transfer funds to ANY ESL member. You must first complete a Transfer Authorization Form for each account you wish to transfer to.
Is there a fee for this service?
No, the service is free to all ESL members.
What type of accounts can I transfer FROM?
You can transfer funds from checking, savings, money maker, cash reserve or home equity line of credit.
What type of accounts can I transfer TO?
You can transfer funds to the recipient's, checking, savings, money maker, certificate, consumer loan, cash reserve, mortgage or equity loan.
Can I make a loan payment for another member?
Yes, you can transfer funds from your share account to a member's loan.
Can I transfer funds only from accounts under my own member number?
You can transfer funds from ANY account which you have authorization to use. In other words, any account which you can view in Internet Banking, including joint accounts, can be used for a member to member transfers.
Can I make a loan payment for another person from my cash reserve or home equity loan?
No. Loan to Loan transfers are not allowed in Internet Banking.
Once I set up a transfer relationship, can the recipient also send money to me?
No. The recipient must also set up an authorization form designating your account number as a recipient. Each sender must set up a separate authorization form for each account they wish to transfer to.
Is there a limit to the number of members I can set up a transfer relationship with?
No, you may set up a transfer relationship with as many ESL members as you wish.
Is there a limit to the number of transfers I can do each month?
No, you can do as many transfers as you wish as long as you stay within the Regulation D limit of 6 electronic transfers from a savings account per month.
Can I cancel a transfer I made by mistake?
No. Once you hit the confirm button, you cannot cancel a transfer. Transfers are immediately available in the recipient's account. ESL cannot reverse the transaction.
What if I send the money to the wrong person?
You CANNOT send funds to a member which you are not previously authorized to send to. If you send funds to one person that you have established a transfer relationship with, but meant to send it to a different person, you must ask the recipient to return the funds. ESL cannot reverse the transaction.
Can I schedule a recurring transfer to another member?
Yes.
What will I see on my account statement or transaction history when I send funds to someone else?
You will see the account number and suffix you sent the funds to.
What will the recipient see on their account statement or transaction history when I send them funds?
The recipient will see your account number and suffix on their statements.
Will the person I send money to be able to see my balances?
No, the recipient will not see any balance information on the sender's account.
Will the sender be able to see the recipient's balances?
No, the sender will not see any balance information on the recipient's account.
How do I remove the transfer authorization if I do not wish to transfer to a member any more.
To cancel your transfer authorization you must fill out an Authorization Cancellation form. Authorization will be removed within 24 hours on business days.