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 designating the name, member 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 only required one time for each relationship you wish to establish. 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 MEMBER TO MEMBER TRANSFER
- In the set of boxes at the lower portion of the transfer screen from the "Transfer Type" drop down menu, select the type of account you will be transferring the funds TO (Share or Loan)
- Select the Standard transfer button (overpayments are not allowed using the member to member transfer feature)
- Enter the member number and suffix of the member you wish to transfer funds to. (Remember: You must fill out the Member to Member Transfer Authorization Form in advance of performing your first transfer.)
- Click "Transfer Funds"
- Be sure to confirm your transfer on the next screen. The funds will be available immediately in the recipient's account.
You will notice when you enter a member number that is less than 9 digits, the number automatically pre-fills with zeros. You do not need to add these zeros yourself. The suffix you are transferring to must be 3 digits. If the suffix is less than three digits, prefill the number with zeros. (Example: Suffix is 1, then you should fill in 001).
Be advised that when you send funds to another ESL member, your member number and suffix 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 establish a transfer relationship with the Transfer Authorization Form.
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 or consumer loan. You cannot transfer funds to a Visa credit card, mortgage or home equity loan.
Can I make a loan payment for another member?
Yes, you can transfer funds from your share account to a member's consumer loan. You cannot use Member to Member transfers to pay a mortgage, home equity or Visa credit card bill.
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.
Can I make a loan overpayment or principal reduction payment to someone else's loan?
No, loan overpayments are not allowed.
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 you as the recipient. Each sender must set up a separate authorization form for each recipient.
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.
What happens if I type in the wrong member number when making a transfer?
The transfer will fail. You can only send funds to the exact member number which you are authorized to send to.
What happens if I type in the wrong suffix?
If the member number is correct, and that member has a suffix which is the same as the number you type, the funds will go into the member's account which you typed. For example if you meant to send funds to member number 123456 suffix 17 but typed 27 instead, as long as the member has a 27 account the funds will transfer. If the member does NOT have a 27 account, the transfer will fail.
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?
No. The scheduled and recurring transfer feature does not support member to member transfers.
What does it mean when I get an error message?
If you receive an error message, it may be that you typed in either the incorrect member number or a suffix that is not valid. Try to type the member number again. If you continue to have problems, contact Live Member Service.
What will I see on my account statement or transaction history when I send funds to someone else?
You will see the member 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 member 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.