Money Transfer
Transfer your Money
Need to transfer money between accounts?
FECA offers several ways to move money between your own accounts, to another FECA member, or to a different financial institution.
Transfer between FECA Accounts
You can easily move funds between your accounts online or within the mobile app.
Member to Member Transfer
Easily send money to another member with just a few clicks from your computer or the FECA mobile app.
Transfer from another bank (FI to FI)
Move funds to your FECA account from another financial institution with just a few clicks from your computer or phone.
Wire Transfer
Send money anywhere in the world quickly when needed.
What is a money transfer?
Financial institutions electronically transfer funds back and forth instead of using paper checks. These transfers allow businesses and consumers to directly transfer funds between accounts using an Automated Clearing House (ACH) or a wire transfer.
What is an ACH?
An ACH transfer is basically a more efficient and digital version of writing a check using your account number and bank routing number. An ACH is a payment made through a secure network, known as the Automated Clearing House, that allows different financial institutions to connect. Because ACH transfers can be recurring, they are used for all kinds of money transfer transactions, including direct deposit of paychecks, direct transfers between financial institutions, and automatic monthly payments.
While many ACH payments clear quickly, because of the way ACH transfers are only processed a few times a day and include precautions against fraud and money laundering, transactions can sometimes take several days to complete.
What is a wire transfer?
Wire transfers are direct transfers between two financial institutions. Wire Transfers are direct, generally immediate, one-time transfers between two financial institutions. As soon as a transfer is started, it is taken out of your account. Wire transfers are singular, one-time transactions. Each transaction requires a new authorization and a new fee.
What is the difference between an ACH and a Wire Transfer?
The main difference between a wire transfer and an ACH payment is speed and cost. Wire transfers work on individual requests and therefore are quicker than ACH transfers, which are handled in batches. However, this extra speed comes at a cost—ACH transfers are normally free, whereas wire transfers cost $15 for domestic transfers and $40 for international transfers.
Are bank transfers secure?
Money transfers are considered a safe and secure method of payment, as there is proven identity verification associated with the transfer itself. However, it is critical to ensure you know who you are sending money to. Whether you are initiating a bank transfer to an external bank account or a different account within your own, you should double-check the name of the recipient. Once a transfer is initiated it cannot be canceled!