External Transfers
An easy and secure way to transfer funds between banks.
Transfer money with ease.
Transferring money between your First Bank of the Lake accounts is a breeze. We’ve also made it easy to send money between your accounts at other banks. Best of all, you can transfer funds from anywhere and at any time from your mobile app or in Online Banking.
Save Time With Convenient Transfers
No more checks! No more mail! No more trips to the bank! Whether you’re sending or receiving money, a few quick steps from your phone or computer will get your money where it needs to be. It’s easy, secure and best of all, you can send an external transfer from anywhere, at any time.
Transfer Money Between Your Accounts With Us
Quickly and easily transfer money between any of your accounts at First Bank of the Lake, whether you need to complete a one-time transfer, or set it and forget it by setting up automatic recurring transfers. Transfer Money Between Accounts at Other Banks
Securely send or receive money between your First Bank of the Lake deposit account, and your accounts at other banks in the United States. Make a quick one-time transfer or just as easily set up automatic recurring transfers with as many external accounts as you need.Frequently Asked Questions
Got questions? We've got answers.
And, if you don't find what you're looking for, just give us a call.
What is an external transfer?
An external transfer is the secure movement of money between your eligible First Bank of the Lake account, and your own accounts at other banks within the United States. However, it does not cover the transfer of funds to other individuals.
What kinds of accounts are eligible to send an external transfer?
To activate external transfers, you must have at least one eligible deposit account with First Bank of the Lake such as a checking, money market or savings account.
Which accounts are eligible for external transfers?
Most First Bank of the Lake personal checking, savings and money market accounts are eligible. Business checking, savings and money market accounts are not eligible.
At this time, you can add the following non-First Bank of the Lake accounts to your External Transfers Portfolio:
- Checking accounts and savings accounts held at any commercial bank or credit union nationwide that are able to accept ACH transfers. Contact your bank if you’re not sure.
- Investment deposit accounts held at online brokerage firms. We currently have access to most of the nation’s largest brokerage companies.
Please note that accounts held at First Bank of the Lake will be auto-enabled for external transfers. All your other external accounts will require you to complete our simple account ownership verification process.
How do I sign up for external transfers?
The sign-up process for this service is quite simple. Once logged in to Online Banking, choose "Transfer" then "External Transfer" and then “Launch External Transfer”.
How long does the sign-up process take?
The sign-up process is immediate. You will be required to verify your accounts that do not reside at First Bank of the Lake. For most major banks, credit unions and brokerages, if you choose online account verification of individual accounts for which you have Internet access, verification may take less than a minute. For other accounts, as well as those for which you choose trial deposit verification, verification is generally completed in 2-3 business days.
Why do I have to verify my external accounts?
The account verification procedures safeguards help us make sure that only you can add accounts to this service.
How often will I have to go through the account verification process?
For your protection, we ask you to complete the individual account verification process for each account you wish to add from another Financial Institution.
What are the different ways in which I can verify my external accounts?
- Online Account Verification: We can often verify the new account immediately by using your login credentials if your bank participates in the Online Account Verification option. To do so, we will ask you to supply the login credentials you use to gain access to the account that you are attempting to add. Not all institutions participate in the Online Account Verification Option.
- Trial Deposit Verification: If you prefer, or if Online Account Verification fails, you will be asked to complete our convenient Trial Deposit Verification process. On receiving your instruction, First Bank of the Lake will make one or two deposits into the account you are attempting to add. Two to three days later you will be able to confirm the amount of the deposits. Once you know the amount of the deposits sent to the account you are adding, by either calling your financial institution or from your online account statement, just return to First Bank of the Lake’s Online Banking and then to the External Transfers page and click on the "Activate" link next to the appropriate account. You will be prompted to enter the amount(s) of the deposit(s). If the amounts entered are correct, your external account will be added to the service. The account status will now show as "Active".
Where can I find the routing number for my other bank?
We recommend you get that information directly from your other bank to ensure you get the correct ACH routing number.
How much does it cost to send and receive external transfers?
Inbound or internal transfers - $0
Outbound transfers - $3
Outbound transfers - $3
Transfer dollar limits will apply. $3.00 charge for each outbound transfer. No charge for internal or inbound transfers.
Can I transfer money internationally?
No, the Funds Transfer service does not provide the ability to transfer funds internationally. You can only transfer funds to your accounts held at U.S. banks.
Can I set up a funds transfer as a recurring transaction?
Yes, you may set up a recurring transfer. The service provides a variety of time options to meet your needs. Recurring transfers are subject to available funds in your account and may not be honored or create an overdraft that may result in an overdraft fee.
How many external transfers can I schedule in one day?
You may schedule unlimited external transfers every day, up to $2,500.
How are daily limits calculated?
Daily limits apply to all external transfer transactions processed on a business day in the daily cutoff batch process at 5 p.m. CT. This includes all transactions scheduled after the 5 p.m. CT cutoff from the previous business day.
How long does it take to receive funds for an incoming external transfer?
Funds transferred into your account by external transfer will generally be available by the end of the third business day following the date of the scheduled transfer.
Can I make changes to my account portfolio after the initial setup?
Absolutely. You can easily add or delete accounts held at other banks from the External Transfers page.
Can an incoming or outgoing external transfer be canceled once it has been scheduled?
Same-day incoming and outgoing external transfers cannot be canceled once they have been scheduled.
Why am I having trouble setting up my external account?
Please contact your bank or other financial institution to verify the correct routing and account numbers. Some credit unions may have a different account number than what is noted on your statements.
