Wire Transfers
Wire transfers move funds between institutions. Credit unions can wire funds to, and from, a financial institution for deposit into your MY CU Services’ settlement account or at the institution of your choice.
Domestic Wires
Your credit union can transfer funds, on behalf of your members, to any financial institution capable of receiving funds. Credit unions can also wire funds to other institutions to complete purchases, such as investments.
The cut-off time for submitting and approving domestic wires is 4:30 p.m. ET for same-day transfers.
Domestic wires can be set up as recurring templates for credit unions that do wires with the same instructions on a periodic basis.
International Wires
An international wire transfers funds from your credit union to another financial institution across international boundaries.
All international wires must be initiated and approved through our online system. The deadline for initiating and approving international wires is 3:00 p.m. ET for same-day processing.
Funds can be sent in U.S. dollars or foreign currency. Exchange rates are available in our online system.
If your credit union is interested in more information, please contact our sales team at (888) 985-7280 or sales@mycuservices.com.
Third-Party Wires
Wires have long been a staple within the financial industry. Members move money frequently, and with you as their wingman, they can make transfers swiftly and securely. So, why not have a wires wingman of your own?
With MY CU Services’ Third-Party Wires service, we can be that wingman! We’ll help you perform wire transfers through your Federal Reserve account by acting as your service provider.
How It Works:
The process is simple – rather than completing the wires through the Federal Reserve directly, your credit union can initiate transfers through MY CU Services’ streamlined and user-friendly online EFT platform.
MY CU Services will set up your credit union’s routing and transit number to serve as your Fed account within the EFT platform. During the initiation process, your credit union will select the third-party wire option, which will pre-populate your Fed account number. The wire will then be directed to the Federal Reserve for processing as the sending institution. Finally, funds will be automatically debited from your credit union’s Fed account.
Benefits:
- Simplifies the wire transfer process through our convenient online platform.
- Allows for automatic debits from your Fed account.
- Ability to send and receive service messages through the online application.
- Support of knowledgeable staff who understand the wire process.
- Seven-year wire retention.
- Transaction search and export capabilities.
- Potential for cost savings.
Third-Party Wire Details:
The cut-off time for submitting and approving third-party wires is 5:00 p.m. ET for same-day transfers.