External Transfers

What are External Transfers?

A bank transfer is a transaction that moves money from one bank account to another. External transfers are transfers of money between your Resource Bank accounts and your accounts at other U.S. financial institutions.

What types of accounts are eligible for External Transfers?

Currently, you can add checking accounts and savings accounts held at any bank or credit union nationwide that are able to accept ACH transfers. Accounts at other U.S. financial institutions (External Accounts) will require you to complete our simple account ownership verification process.

Please note that eligible accounts held at Resource Bank will be auto-enabled for External Transfers, including:

• Most Resource Bank personal and business checking, savings, and money market accounts.
• Resource Bank Loan Payments (regular payment only) can be made from a validated External Account.
• Non-signers are not authorized to have External Transfer capability.

What types of accounts are not eligible for External Transfers?

The following accounts are not eligible for RB External Transfers:

• High School Checking (minor not eligible, but parent/legal guardian is)
• Minors, when an owner on an account
• Individual Retirement Accounts (IRAs)
• Custodial and/or Trust Accounts
• Certificate of Deposits (CDs) or other time-based accounts
• Credit Card and/or Equity Accounts
• External Loan Accounts (RB Loan Accounts can only receive funds)

You may have other accounts ineligible for this service due to restrictions specific to your non-RB Financial Institution(s). If in doubt, please contact the Financial Institution.

How much do External Transfers cost?

Resource Bank does not charge a fee for this service. Please check with your non-RB Financial Institution(s) to inquire about their fees.

Why do I have to validate my External Accounts?

Our account validation procedures are in place to protect your funds. We've enabled safeguards to help us make sure that only you can add accounts to this service.

When establishing a new External Account, two small deposits and one combined withdrawal will be available for validation the following business day.

How long does it take to deliver an External Transfer?

The standard delivery is a four (4) business day processing window for sending and receiving funds. Any request after the cutoff time of 4:00 pm CST will begin processing the following Business Day.

How much money can I transfer?

The maximum dollar amount allowed for transfers out of Resource Bank is $10,000.00 per transaction. The maximum dollar amount allowed for transfers into Resource Bank is $5,000.00 per transaction. The Bank reserves the right to impose limits on the amount(s) on transfer that you transmit and to modify such limits from time to time.

Can I set up an External Transfer now to be executed at a future date?

Yes, you may schedule an External Transfer up to a year in advance.

Can I set up an External 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 set up a transfer into someone else's account?

No, we do not allow third-party bank accounts (i.e., a bank account owned by someone else) for External Transfers. At this time, we allow transfers into accounts with like ownership only. You must be the signer on both the RB and External Account.

Can I transfer money internationally?

No, the External Transfers service is for U.S. financial institutions only.

What is the difference between an External Transfer Account and an Outside Account?

Both External Accounts and Outside Accounts are non-RB accounts linked to your RB Digital Banking. External Accounts are transactional, meaning money can be transferred between accounts.

Outside Accounts are a feature of our My Spending service. Outside Accounts are always in view-only status, providing a one-stop, real-time view of your total finances within RB Digital Banking. Read more about My Spending.