In a continuing series on money literacy, this post covers the basics of transfer functions.
Once the notifications are established the next step in how to manage money is to setup and configure funds transfers. There are 3 basic transfer types. Manual transfers, Scheduled transfers, and Reoccurring transfers. Financial Center Online provides these basic functions and adds some special features to them.
The Manual transfer is just like it sounds. A member executes an on demand transfer between accounts. This is the most basic function and can usually be accomplished through a variety of channels - online, phone, and at ATMs.
Reoccurring transfers allow for the transfer to be executed again in the future. These are characterized by setting a frequency and an ending date. For example, transfer $750 from Savings to checking on the 1st of every quarter. More specialized reoccurring instructions might be, transfer $800 from Money Market to Checking on the 15th of every month for the next 6 months.
The Schedule transfer allows the member to set a future date for a transfer to occur. Many times these scheduled transfers can also behave like a Reoccurring transfer.
Financial Center Online offers a variety of options for accomplishing transfers. One-time (Manual) Transfer, Scheduled Transfer, Reoccurring Scheduled Transfer, Recurring Transfer, and Automated Distribution. The next post will discuss each of these options and where they may be most beneficial in managing account balances.