The ability to transfer money between banks can be a real convenience, especially if you need to move money quickly or pay a bill from your online account. When you request a new external transfer partner, your bank will confirm the account number and routing number for the account information you provide by sending two small trial deposits. These trial deposits are designed to test the connection between your main bank and the one to which you want to transfer money.
External Transfer and Test Deposits
Banks use a bank account number verification process to verify the accuracy of the information customers enter when setting up external transfers. Many banks allow customers to set up transfers between their own banks and outside financial institutions, and in order for that process to go smoothly, all the information must be entered correctly. This usually means the bank will make one or more test deposits to verify the account number and routing number.
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If you need to set up an external transfer, start with your bank's website. Log on to your account and look for the transfers section. Go to the external transfers section and follow the instructions to start the verification process. Your bank should explain what you can expect moving forward including how long it might take to receive those trial deposits.
Enter Account and Routing Numbers
In order to set up an external account for transfers and payments, you must first enter the bank routing number and your account number into the appropriate form so that the bank will be able to verify the account number and routing number. When you log on to your bank's website and go to the transfers section, you'll see a form that asks for your routing number and account number. After you enter the routing number, you might see the name of the bank displayed.
Some banks use this confirmation to help customers ensure that they have entered the correct routing number. In order to transfer money, you also need to enter your account number, typically found on your checks and your account statement. Double-check these numbers carefully, since a typo or a mistake could significantly delay the processing of your transfer account.
Watch for Trial Deposits
When you enter your bank account number and routing number to set up the external transfer, the bank sends two small deposits to the account you want to link up. These two deposits are less than $1.00, and they are intended to verify that the account and routing numbers you provided are correct. It normally takes a few days for those trial deposits to go through, so check your external account each day until you see those small deposits.
Complete the Confirmation Process
After you log on to your external account and check the amounts of the trial deposits, the last step is to verify those amounts with the other bank. Log on to your bank's website, go to the external transfers section and locate the external account you need.
Look for a "Verify" link and click it to start the verification process. Enter the amounts of the two trial deposits in the boxes, make sure they are correct and click "Submit." After you enter those trial deposits, the external account is ready for use.