Online Banking Transfers - FAQs

Are there limits to the number of transfers I can make?

The number of transfers allowed per statement cycle for savings and money market accounts is limited. For more details, please refer to your Deposit Account Disclosure for Consumer Accounts.

Can I set up transfers to take place automatically?

Yes. You can either set up one transfer, or a series of recurring transfers to automatically take place at some time in the future by selecting the appropriate Transfer Type (Future or Recurring), and entering the future date as your Transfer Start Date.

Can I stop or change a transfer that I already set up?

Immediate transfers cannot be stopped or changed because they are processed once you receive your confirmation. However, any transfers that you set up to be processed in the future, whether one transfer or a series of recurring transfers, are stored as Pending Transfers and can be stopped or changed at any time before 7:00 pm on the next transfer processing date. You can make changes or delete any Pending Transfer by selecting Pending Transfers from the Transfers menu tab.

Can I transfer money between Webster and other financial institutions?

Yes, Webster offers external transfers capability. You can establish non-Webster accounts to easily and conveniently move money between your Webster accounts and accounts you hold at other financial institutions.

How do external transfers work?

First, you must add the non-Webster accounts you would like to transfer between, to your online profile. This is accomplished by providing the Routing and Transit number, account number and type of account you hold at another financial institution. We will then process 2 small dollar transactions to authenticate your account. This process usually takes 2-3 business days. Once your account is authenticated, it is available for external transfers. Second, when you schedule a transfer between your Webster and non-Webster account, we will electronically process your request with the financial institution through a secure network called the Automated Clearing House (ACH) system. The ACH system is a nationwide electronic funds transfer network which enables participating financial institutions to distribute electronic credit and debit entries to/from bank accounts and to settle such entries. We cannot guarantee when your financial institution will process the transfer and post the transaction to your account. In most cases the transaction will be posted and viewable, within 1 to 2 business days. For transfers to Webster deposit accounts, a hold is placed on your deposit and these funds will not become available for 3 business days following the date of your transfer request. You can update your pending transfers up to 5:00 pm EST on the scheduled transfer date.

How do I transfer money between my Webster Bank accounts?

From the Transfers menu tab, select Transfer Between Webster Accounts. Then, you select the accounts to transfer from and to, then enter the transfer type, the amount and select the transfer date.

How long will external transfers take to process?

We will electronically process your request with the financial institution through a secure network called the Automated Clearing House (ACH) system. Although we cannot guarantee when your financial institution will post these transactions, they are normally processed within 2-3 business days.

How much can I transfer from my CD?

You may transfer up to your available interest from your CD.

How much can I transfer to or from a Non-Webster account?

With external transfers, you can transfer up to $10,000 per day between your eligible Webster and non-Webster accounts.

Is there a fee for the external transfer service?

No, Webster does not charge a fee for this service.

What Non-Webster accounts can I transfer from or to?

With external transfers, you can initiate transfers from or to your eligible Webster checking, savings and certain types of loan accounts. Transfers involving your non-Webster accounts must be to or from a checking or savings account you hold at another financial institution.

When are transfers processed?

Transfers set up before 7:00 p.m. on business days are processed immediately, unless you specify that you want the transfer to occur on a future date or on a recurring frequency. Future and recurring transfers will be processed after 7:00 pm on the scheduled business day.

Which accounts can I transfer funds between?

You may transfer between eligible Webster Accounts as follows:

Account Type

From

To

Checking

Yes

Yes

Savings (except passbook)

Yes

Yes

Money Market

Yes

Yes

CD (available interest)

Yes

Yes

IRA

No

No

Mortgage

No

Yes

Line of Credit

Yes

Yes

Overdraft Protection

No

Yes

Loans

No

Yes

Certain restrictions may apply.

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