Money Movement FAQs
- Am I required to register accounts held at my financial institution with MoneyHQ before making transfers?
- Unsupported Account Types
- Are there any limits to the amount of money I can send?
- How do I get started adding accounts from other financial institutions?
- How do I add accounts using the trial deposit verification method?
- How do I find out the amount of deposits made by you to get my account verified?
- How long does it take to get my accounts verified using Trial Deposit Verification?
- What do I do if the trial deposit(s) made to my account fails?
- What is an ABA routing number and how do I find it?
- How long does it take to complete a Funds Transfer?
- How will I know when a transfer is complete?
- Can I set up future dated or recurring Funds Transfer?
- Can I cancel a transfer?
- Can a transfer fail or be returned?
- How can I check on the status of my recent Transfers?
- What is a "Next Day" Transfer?
- Are there limits on Next Day Transfers?
- Next Day Transfer Service User Qualifications
No. Money HQ has conveniently enabled all your eligible accounts for Money Movement. Home accounts can be used immediately for payments and transfers.
Unsupported account types include Individual Retirement accounts (IRAs); 401K accounts; Certificates of Deposits (CDs); Loan accounts; and Business accounts for which more than one person has check writing privileges.
Once your account has been verified, the following limits will apply.
Outbound Transactions:
$25,000 Daily Limit
$25,000 Outstanding Limit
$25,000* Monthly Limit
Inbound Transactions:
$5,000 Daily Limit
$5,000 Outstanding Limit
$10,000* Monthly Limit (last 30 days)
* Outstanding is defined as the maximum dollar amount that can be outstanding (transaction pending completion). Limits apply to all your Money HQ accounts. For example, if you have three accounts, you may transfer a maximum of $35,000 per month from all three accounts combined.
If you do not have online access to the account you wish to register, or the Online Verification Method failed, you may choose to add the account using the Trial Deposit Verification method. Money HQ will make one or two small deposits into your account. You will be asked to confirm the amount of the deposits.
To use the Trial Deposit Verification method:
- Click the "via Trial Deposit" hyperlink
- Read the instructions
- Click the "Submit" button
The Trial Deposit Verification method screen is displayed. This screen contains information and instructions detailing the verification process and what the user must do to successfully complete this process. Click "Submit" to continue the trial deposit verification process.
Once you know the amount of deposits by calling your financial institution or from your account statement available online, just login to your account and click on Verify next to the account under the box. You will be taken to a screen where you can enter the amount of deposits. If the amounts entered are correct, your external account will be enabled for the service. The account will now show under the box on the Overview page.
The trial deposit transactions can be identified as from Money HQ or in your account statement. You can find out the amount of deposits made by us in a number of ways: Call your financial institution. Review the account statement available online on your financial institution web site. Review your monthly statement.
The trail deposit transaction(s), if posted successfully to your account are available within 2 business days from the day you registered your account to the Money HQ Service. Sometimes, the trial deposit verification can take longer than that based on how long your financial institution takes to post the transfer.
If the trial deposits made did not post successfully to your account, you will be notified by email. Also, when you click on Verify link next to the account from the Overview page, the link will take you a screen showing the status of the transaction as "Failed". We suggest that you double check the account credential entered. If incorrect, delete and add the account again with the correct account details.
The ABA routing number is an identification number assigned to each financial institution and each branch office. That's why the larger your institution, the more ABA numbers appear in the drop-down list on the data entry screen. It is usually a 9-digit number bound at the bottom of your check usually on the left hand side.
Take a look at your check. You'll see a printed row of numbers, usually at the bottom of the check. The ABA routing number is the nine-digit sequence that appears between the "½:" symbols.
Transfers may take up to four business days to finalize. Please note that the completion of a transfer, including the availability of funds in the destination account and access to the transaction details, will depend in part upon how quickly your institution updates your account after receiving the transfer. Full details regarding your transfer requests are viewable on your Transfer Status screen.
The funds will get posted to your destination account once the funds have been successfully drawn from your source account. Your transaction remains In Process for four business days from the day you send your request. After that, the status gets updated to "Complete," indicating a successful transaction, provided Money HQ has not received notice of any problems with the transfer.
The transfer status screen provides an up-to-date status report of all your Inter-Institution Transfer requests over the past twelve months. Each transfer request is displayed along with the date and status of the transaction. You can see at a glance whether a transfer is complete or still in progress. You'll also know right away if we're unable to successfully execute a transfer, with full details about the transaction just a click away.
No. Neither transaction is supported.
Yes. You can cancel your request anytime before 7 PM Eastern Time. Once your transfer request has been transmitted for processing, you cannot cancel the transaction. We recommend executing a second transfer between the same two accounts sending the funds back their point of original (in effect reversing your first transfer). It is simple to cancel the transaction before the cut off time. Just click on the Cancel Link next to the transaction on the Overview page and follow the simple instructions.
Yes. A transfer will be returned if the funds cannot be posted to your account. The most common reasons for failed or returned transfers are:
- Entering an incorrect account number or bank ABA routing number
- Lack of sufficient funds in the source account
- Exceeding the dollar limit for an individual transaction, total transactions per calendar month, or outstanding transfers (transfers that you've initiated but which haven't been finalized)
You will be notified by e-mail if we have received a "Return" message on your transaction indicating that the transfer has not been completed. Full details will be available on your History screen.
Click History from the navigation bar. You'll arrive at your History page, where you'll see a table listing your Inter-Institution Transfer requests over the past twelve months. The screen shows:
- The reference number of each transaction
- The date you requested each Inter-Institution Transfer
- The origin account (Inter-Institution Transferred from)
- The destination account (Inter-Institution Transferred to) of each
Inter-Institution Transfer
- The dollar amount of each transfer
- The current status of each transfer
- The following outlines the different statuses.
PENDING We have not yet received confirmation of a successful transaction. This process generally requires 3 business days. You may see an indication of the transaction in the account balance of the source account but not the destination account of your Inter-Institution Transfer.
COMPLETE The transfer is confirmed. The transaction will be reflected in your account balances with your institutions as a withdrawal from your source account and a deposit in your destination account. It's a good idea to verify the transaction with your financial institutions.
REJECTED We were unable to remove the funds from the source account or place the funds in your destination account. Typical causes of failed or returned Inter-Institution Transfers are 1. Incorrect account number or bank ABA routing number provided during the account setup. 2. Lack of sufficient funds in the source account. If we receive return due to non-sufficient funds (NSF) in the source account, we'll automatically try the transaction a second time. A Inter-Institution Transfer will be designated unsuccessful only after a second NSF return. You will be notified by email if we receive a return notice on your transaction indicating the transfer cannot be completed.
COMPLETE (Return) Occasionally, we'll receive a return from the ACH system indicating a problem with the transaction after the normal 3 business-day waiting period. This designation indicates that we received the return notice after having already designated the Inter-Institution Transfer as COMPLETE
It is possible that you'll see a record of the debit on the account statement of your source account. If this does occur, the funds will automatically be returned to that account, appearing as a credit on your account statement.
A Next Day Transfer is a transaction that is completed in one business day. Both the debit and credit leg of the transaction settle the next day. The availability of funds in the destination account depends in part upon how quickly the FI updates the account after receiving the Next Day Transfer.
Yes. There are limits on Next Day Transfers.
$2,000 Daily Limit
$2,000 Outstanding Limit
$5,000* Monthly Limit
*Outstanding Limit means the maximum dollar amount that can be outstanding (transactions not complete).
There are certain qualification rules that have to be met before an end user is allowed to perform a Next Day Transfer.
The qualification rules are as follows:
The end user must be in good standing with Money HQ. "Good standing" means the user has never had a failed payment or transfer on record with Money HQ.
The qualification rules for an Outbound Next Day Transfer:
The end user must be in good standing with Money HQ. "Good standing" means the user has never had a failed payment or transfer on record with Money HQ.
The balance of the host account after the Outbound transfer must be greater than $750.
The qualification rules for an Inbound Next Day Transfer:
The end user must be in good standing with Money HQ.
The foreign account must record an Inbound transfer of $500 or more in the past 60 days.
Some fees may be associated with transactions completed using MoneyHQ. Fees will be disclosed at time of transaction prior to completion.
