Common use of Transfer Services Clause in Contracts

Transfer Services. See your Member Services Agreement for additional terms and conditions that apply to Transfer Services. You may transfer funds between your accounts, from other financial institutions to your accounts and from your accounts to deposit and investment accounts in other financial institutions. A “Transfer from Another Institution” moves funds into an account at NASA Federal Credit Union or to a NASA Federal Credit Union installment loan or mortgage from an account outside NASA Federal Credit Union. A “Transfer to Another Institution” moves funds from an account at NASA Federal Credit Union to an account outside NASA Federal Credit Union. You will need to register each of the non-NASA Federal Credit Union accounts that you wish to use for these transfers. You agree that you will only register accounts for which you are an owner and have the authority to transfer funds. It may take up to five (5) business days to establish a connection with other financial institutions. Note: Some accounts outside of NASA Federal Credit Union cannot be set up to receive funds. The following types of transfers can be processed: • Transfers from an account are immediately deducted from the account’s available balance. • Immediate or scheduled one-time transfers and recurring transfers can be made from a NASA Federal Credit Union checking, savings, money market, or line of credit to most NASA Federal Credit Union accounts. • Transfers can be made from a NASA Federal Credit Union checking, savings, money market, or line of credit account to some deposit and investment accounts outside of NASA Federal Credit Union. • Payments to mortgages may only be made on a one-time basis. • Other transfers can be made on a one-time or recurring basis. One-time transfers may be immediate or scheduled for a future date. The recurring transfer feature may be used when a set amount is transferred at regular intervals. For example, $100 transfers from a checking to a savings account that occurs every 2 weeks.