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Transfer Setup for Internet Banking

Internet Banking offers the flexibility for you to setup an recurring transfer or loan payment on your CU accounts. Follow the directions below to setup recurring payments or transfers between your CU deposit accounts and loan accounts.

  • Log in to your Internet Banking at the top of the MCFCU homepage
  • Click the “Transfer” button on the left side of the screen
  • Click the highlighted “New Transfer” link in the middle of the page
  • Fill in the transfer information:
    • Transfer Funds From (account such as savings, checking, vacation, Line of Credit, HELOC, etc.)
    • Transfer Funds To (account or a loan such as Christmas Club, auto loan, Line of Credit, etc.)
    • Amount to transfer (choose the amount to transfer)
    • Transfer date (select when the transfer happens the first time)
                                                      *selecting today’s date and “One-Time Only” for frequency is an immediate transfer
    • Memo (optional) (a description of the transfer, if needed)
    • Frequency (how often to move money between accounts)
    • Number of transfers (specify number of times to transfer or continue until you cancel)
    • Click the Submit button
  • Click CONFIRM to save your single/recurring transfer

 

If you see a red line and the wording “Transfers Below Are Setup By Credit Union” (see image below), the Credit Union has transfers setup already on your account. To remove the Credit Union system transfers, contact us by clicking “Contact Us” at the top of Internet Banking with a message to remove the Credit Union system transfers.

IB transfer CU

Examples of Transfers:

Move money to a Christmas Club on a weekly basis:

Transfer Funds From 99 SHARE MASTER
Transfer Funds To 81 CHRISTMAS CLUB
Amount to transfer 25.00
Transfer date 03/06/2015 (First Friday of a month)
Memo (Optional)
Frequency WEEKLY
Number of Transfers Continue Until Further Notice
Click Submit button (review your transfer settings)
Click CONFIRM on following screen to complete transfer

 

Move money from Line of Credit to checking account (immediate, one-time):

Transfer Funds From 01 LINE OF CREDIT
Transfer Funds To 75 SHARE DRAFT
Amount to transfer 200.00
Transfer date 03/27/2015 (Current Date)
Memo (Optional)
Frequency One Time Only
Number of Transfers
Click Submit button (review your transfer settings)
Click CONFIRM on following screen to complete transfer

 

Setup direct loan payment from a deposit account (saving/checking) on the 28th of the month (or any other day you choose):

Transfer Funds From 75 SHARE DRAFT (or any account you choose)
Transfer Funds To 01 LINE OF CREDIT (or any loan you choose)
Amount to Transfer 100.00
Transfer date 03/28/2015 (Loan Payment Due Date)
Memo (Optional)
Frequency MONTHLY
Number of Transfers Continue Until Further Notice
Click Submit button (review your transfer settings)
Click CONFIRM on following screen to complete transfer

 

The credit union can setup a sub-savings account as a reserve for you to set aside money for monthly loan payments.

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