External Transfers FAQ
You can now use Online Banking and Mobile Banking (the App) to send money to and receive money from your accounts at other banks.
Is there a fee for External Transfers?
There is a $3.00 fee for each transfer, billed on the 1st business day of the following month.
How do I sign up for External Transfers?
This feature will not be enabled by default. To request this feature, fill out the Account to Account (A2A) External Transfer Form and return it with a voided check to either your local branch or by mail:
Attention: Online Banking
40 S. State Street
Newtown, PA 18940
Who needs to sign the External Transfer Form?
All the signers on all the accounts in your Login ID must sign this form. To see a list of the accounts, log in to Online Banking. To find out who the signers are on your accounts, contact any branch.
What types of accounts can be added?
You can add checking, savings, and loan accounts. For checking accounts, we require a voided check. All external accounts must be in your or another signer’s name. This cannot be used as a payroll or collections system for your small business.
Are there any limits to how much money I can send or take?
Transfers are limited to $2,500.00 per Login ID per day, $5,000.00 per week, and $10,000.00 per month.
Is there additional security for these transactions?
Yes, you will need to use the One-Time Pin system when performing an External Transfer. This means that before executing an External Transfer, you will be sent a six-digit code either to your text messages or via a recorded phone call. This code will then need to be entered into the Online Banking system. Once your external account is added, you will be required to enroll in the One-Time Pin system upon your next login.
Wait, I thought I could already do this using Bill Pay!
Bill Pay gives you a way to send money to any person or business in America. It is not designed to send money to an account at another bank. When you instruct the Bill Pay company to send a check to a bank, it is sent without a deposit slip. The receiving bank may deposit the check, but the Bill Pay company does not recommend this.
How long will it take for the funds to arrive?
If the transfer is submitted before 4 PM on a business day, it will be available on the next business day by 9 AM. If you miss the 4 PM cut-off, it will post the following day.
What if I have more questions?
The Online Banking department has answers. Don’t hesitate to call them for help at 215-579-3415, option 2.
For more information about the terms and conditions of External Transfers see The First National Bank of Newtown’s External Transfer Agreement.
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