External Transfers FAQs
What are External Transfers?
You can use External Transfers to transfer funds between your accounts held at Commerce Bank, and your accounts held at other Financial Institutions. You can also use the service to transfer funds to deposit accounts owned by other people (third party bank accounts). Commerce Bank processes Electronic Transfers via the Automated Clearing House (ACH) network.
How much do External Transfers cost?
To learn more about the charges applicable to External Transfers go to the "Transfer Funds" page within External Transfers and select the "From" and "To" accounts as well as the delivery speed. Next to the delivery speed click on the information icon to see what fees are applicable.
How much money can I transfer per transaction and per rolling 30-day period?
Once your accounts have been verified, you will be able to transfer funds as detailed within External Transfers. Please note: When transferring funds, your Available Balance must not fall below our required minimum. Please contact Customer Service for further information.
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 "Transfers" then "External Transfers".
If you’ve not yet signed up, you will then be prompted to do the following:
• Step 1: Read and accept our Terms and Conditions.
• Step 2: Confirm your phone number.
If you’ve not yet signed up, you will then be prompted to do the following:
• Step 1: Read and accept our Terms and Conditions.
• Step 2: Confirm your phone number.
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 Commerce Bank. 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.
You will be required to verify your accounts that do not reside at Commerce Bank. 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.
What are the different ways in which I can verify my external accounts?
• Online Account Verification: We can often verify the new account with the institution immediately via the Internet if you choose that 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.
• 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, Commerce Bank 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 the External Transfers service, go to the "Preferences" page and click on the "Verify" 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" on the Preferences page.
• 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, Commerce Bank 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 the External Transfers service, go to the "Preferences" page and click on the "Verify" 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" on the Preferences page.
Why do I have to verify my external accounts?
The account verification procedures are safeguards that help us make sure that only you can add accounts to this service.
Can I make changes to my account portfolio after the initial set-up?
Absolutely! You can easily add or delete accounts held at other Financial Institutions from the Preferences page.
How often will I have to go through the account verification process?
For your protection, we will ask you to complete the individual account verification process for each account you wish to add from another Financial Institution.
Which accounts are eligible for External Transfers?
Most Commerce Bank 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-Commerce Bank 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 institution if you’re not sure.
• Investment 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 Commerce Bank will be auto-enabled for External Transfers. All your other external accounts will require you to complete our simple account ownership verification process.
At this time, you can add the following non-Commerce Bank 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 institution if you’re not sure.
• Investment 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 Commerce Bank will be auto-enabled for External Transfers. All your other external accounts will require you to complete our simple account ownership verification process.
Which account types are not eligible for External Transfers?
The following accounts are not eligible for Commerce Bank External Transfers:
• Individual Retirement Accounts (IRAs)
• Custodial and/or Trust Accounts
• Business Accounts
• Certificate of Deposits (CDs) or other time-based accounts
• Loan Accounts (including credit card and equity accounts)
You may have other accounts that are ineligible for this service due to restrictions specific to your Financial Institution(s). If in doubt, please contact your Financial Institution.
• Individual Retirement Accounts (IRAs)
• Custodial and/or Trust Accounts
• Business Accounts
• Certificate of Deposits (CDs) or other time-based accounts
• Loan Accounts (including credit card and equity accounts)
You may have other accounts that are ineligible for this service due to restrictions specific to your Financial Institution(s). If in doubt, please contact your Financial Institution.
Can I add Third Party bank accounts to External Transfers?
Yes, you may add third party bank accounts (i.e. a bank account owned by someone else) to External Transfers. To add a third party bank account, the owner of the account must provide you with their bank account details and email address. Also, you may only transfer funds to third party bank accounts, not from them.
Can I transfer funds into someone else’s account?
Yes. You may add someone else’s account as a third party account and use the service to transfer funds directly into their account.
Can I set up a funds transfer now to be executed at a future date?
Yes, you may schedule a funds transfer up to a year in advance.
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.
Can I transfer money internationally?
No, the Funds Transfer service does not provide the ability to transfer funds internationally.
What are Delivery Speeds?
The delivery speeds which are available to you can be found on the Transfer Funds page. Once you select an account in the "From" field, the Delivery Speeds available for that account will be presented. Next to the Delivery Speed(s), the date by which the transfer will be completed, and any fees associated with that Delivery Speed, will also be presented.
How long does it take to complete a transfer?
Below is the Funds Transfer schedule:
| Standard Delivery (3 Business Days) | |
|---|---|
| Requested by 12:00 AM CT cutoff time on: Destination account credited on: | |
| Monday | Thursday |
| Tuesday | Friday |
| Wednesday | Monday |
| Thursday | Tuesday |
| Friday | Wednesday |
| Saturday | Wednesday |
| Sunday | Wednesday |
Based on the receiving bank’s Availability of Funds scheduled.
| Next Day Delivery (Next Business Day) — Must qualify for Next Day Delivery | |
|---|---|
| Requested by 7:00 PM CT cutoff time on: Destination account credited on:* | |
| Monday | Tuesday |
| Tuesday | Wednesday |
| Wednesday | Thursday |
| Thursday | Friday |
| Friday | Monday |
| Saturday | Tuesday |
| Sunday | Tuesday |
Based on the receiving bank’s Availability of Funds scheduled.
How are third party account transfers in External Transfers different from Popmoney?
Third party account transfers in External Transfers leverage Popmoney to make account to account transfers. If you don’t have the third party bank account information, you can use Popmoney for transferring funds to someone else using different methods.
If you are a Popmoney user:
• Third-party accounts added in External Transfers are also available in Popmoney.
• Limits for transferring funds to third party account are shared with Popmoney limits.
• Fees for transferring funds to third party accounts are the same as Popmoney fees. Third party account transfers created in External Transfers are shown in External Transfers Activity and third party account transfers created in Popmoney are shown in Popmoney Activity.
If you are a Popmoney user:
• Third-party accounts added in External Transfers are also available in Popmoney.
• Limits for transferring funds to third party account are shared with Popmoney limits.
• Fees for transferring funds to third party accounts are the same as Popmoney fees. Third party account transfers created in External Transfers are shown in External Transfers Activity and third party account transfers created in Popmoney are shown in Popmoney Activity.
Do account transaction limits and/or fees assigned by my financial institution apply to External Transfers?
Yes. In all cases, limits and conditions placed on account transactions by individual financial institutions apply to transfers executed through External Transfers. Please note that your external account financial institution may charge fees. We recommend that you contact your external account financial institution to determine whether restrictions and/or conditions, including fees, pertain to transactions made into or out of any of your accounts.
Why do I have to validate my email address?
Validating your email address ensures that we have an accurate email address on file for you. You will be receiving email communications about your External Transfers activity and it is important that these emails are delivered to your current email address.
How do I validate my additional email address?
Your newly added email address will be listed as "Awaiting Validation." For security reasons, you will be asked to confirm this email address before it is activated for use. You will automatically be sent an email message, containing a Validation Code, to the new address. When this email arrives, return to your email address list, click "Validate" for the appropriate address, and copy the Validation Code from the email message into the data entry field. When you click "Submit", your new email address will be validated and ready to use.
Disclosures:
† To send an email that contains confidential information, please visit the Secure Message Center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
The information provided on this website is not meant as a recommendation or endorsement of any specific security or strategy. An individual’s situation can vary; therefore the information provided above should be relied upon only when coordinated with individual professional advice.
