About Recurring Transfers

A recurring transfer is a scheduled transfer for a fixed amount at regular intervals. For recurring transfers, we check the user’s available balance before processing the transaction. If there are insufficient funds in the source account, the scheduled transfer does not occur, and the source account is not overdrawn. When this happens, we send the user an email notification that we were unable to process the transfer and why. This email notification is not configurable by your institution.

Recurring Transfers for Loan or Credit Payments

If your institution has Prevent Overpayment for Credit Accounts = true in Institution Settings, when the recurring transfer amount is greater than the outstanding loan/credit balance, the transfer does not occur. When this happens, we send the user an email notification that the transfer was blocked, asking them to create a new one-time payment that is equal to or less than the outstanding loan balance. This email notification is not configurable by your institution. Until the user changes their recurring transfer, the payment will continue to be blocked if there is zero existing loan balance, and the user will receive a daily email notification. If the loan balance is fully paid and payments are no longer required, the user should delete the recurring transfer.

Recurring Transfers on Closed Accounts

If the user has paid off and/or closed the account or loan, the recurring transfer will automatically expire on the date of the next scheduled transfer. For example, if the user paid off their loan on 4/15/24 and the next transfer was scheduled for 5/1/24, the recurring transfer would expire on 5/1/24. Optionally, your staff can manually expire the recurring transfer for the user in the Admin Platform. Go to Scheduled Transfers for instructions. The user can also delete the recurring transfer.

View Transfer History

You can view a customer or member's scheduled transfers and external transfer history in the Admin Platform. To do this, select Customers/Members and open the user's profile. Scroll down to the Scheduled Transfers or External Transfer History sections. For more information, go to User Profile.