The External Transfer feature of BankXpress Online Banking allows you to transfer money between your Sandy Spring Bank checking and savings accounts and your accounts at other banks and credit unions in the United States. You can schedule External Transfers on a one-time or repetitive basis. External Transfers are available to individuals only.
Q. How do External Transfers work?
A. Transfers are made through the Automated Clearing House (ACH) network. Once you make your transfer request the funds are credited on the effective date. Transfers take three business days, not including the day you request the transfer. External Transfers are available to consumer accounts only.
Q. How long does an External Transfer take?
A. Transfers begin their processing the next business day after your request, provided they are made prior to the cutoff time. External Transfer requests made after the 3:00 p.m daily cutoff time do not begin processing until the following business day. The transfer is complete as of the effective date, specified when you request the transfer.
Q. What do I do if I want to cancel an External Transfer?
A. You cannot cancel a transfer if it has already begun processing. If it is still pending and has not begun processing you may cancel the transfer by clicking ‘delete’ on the transfer from the Pending Transfers page.
Q. What types of accounts can I setup for External Transfers?
A. You can setup checking and savings accounts for External Transfers. External Transfers are available to consumer accounts only.
Q. What are the ownership requirements for External Transfers?
A. You must be an owner on the accounts at both Sandy Spring and the other institution. The exception is if you are requesting an account for outbound transfer only. External Transfers are available to consumer accounts only. Sole proprietors and business accounts are not eligible for the External Transfer service. ebiz, our online banking system for business accounts has an External Transfer feature available.
Q. What is the fee for External Transfers?
A. There is no fee for External Transfers.
Q. What is the dollar limit?
A. You may transfer a total of $5,000 per transfer cycle. A cycle lasts from the time the transfer begins processing until it is completed (usually the settlement date displayed in BankXpress).
Q. How many accounts can I setup?
A. You may setup three accounts to perform both inbound and outbound transfers using your Sandy Spring accounts. You may setup one account for the purpose of sending outbound transfers only.
Q. Why would I want to setup an account for outbound transfers only?
A. In the event you have a child away at college and you would like to send money to them electronically, outbound transfers would be a good option. It still requires that you include a voided check for checking accounts and a copy of a recent statement for savings accounts
Q. How do I setup accounts for External Transfers?
A. Once you login click on the Transfer tab. Then click on the ‘Add External Transfer Account.’ Read and click to accept the terms of the agreement, then complete the online form. You will need to print off the form, sign it, and submit it to our Client Service Center along with a voided check for checking accounts, and a copy of your most recent statement for savings accounts.
Q. How long does it take to get setup?
A. After we receive your signed authorization form plus proof of ownership of the external account, we will send a prenote to your other account. The prenote allows us to electronically verify the information you input when setting up the external account, and generally takes six business days. Unless your other bank sends us any correcting information, your account will be ready to use.
Q. What happens if one of my accounts doesn’t have sufficient funds for the transfer?
A. If a debit is returned for insufficient funds we may cancel your External Transfer service.
Q. What if I have more questions?
A. Please send us a secure message when you are logged into BankXpress. You may also call us during business hours at 800-399-5919 and press 2 for our Client Service Center.