A Cross Account Transfer service is a digital banking feature that allows you to send money directly from your account to the accounts of other members within the same financial institution.
Based on the provided reference, the Cross Account Transfer service allows you to use Tower's digital banking to transfer money from your account to the accounts of other Tower members. This specific service facilitates internal transfers between accounts held by different members of the same credit union or bank (in this case, Tower).
Key Aspects of Cross Account Transfer (as per reference)
- Function: Transferring money between different member accounts.
- Platform: Utilizes digital banking platforms (like online banking or mobile apps).
- Scope: Limited to transfers between members of the same financial institution (e.g., Tower members transferring to other Tower members).
How It Works (General Concept)
Typically, a cross-account transfer within the same institution involves these simple steps:
- Log in to your digital banking account.
- Navigate to the transfer section.
- Select the option for transferring to another member's account.
- Enter the required details for the recipient (usually their account number and potentially their last name or other identifying information).
- Specify the amount to transfer.
- Confirm the transfer details.
This process allows for quick and often free transfers between people who bank at the same place, distinguishing it from external transfers (to accounts at different banks) or person-to-person payment apps that work across institutions.
Benefits
Utilizing a cross-account transfer service like the one mentioned can offer several advantages:
- Speed: Transfers are usually instantaneous or very quick as they happen within the same system.
- Cost-Effective: Often, these types of internal transfers are free of charge.
- Convenience: Can be done easily through digital banking platforms from anywhere.
| Feature | Description |
|---|---|
| Purpose | Transfer funds between member accounts |
| Method | Digital Banking (online/mobile) |
| Recipient | Other members of the same institution (e.g., Tower) |
| Typical Speed | Usually immediate |
| Typical Cost | Often free |
Cross account transfer, as defined in the reference, is a specific service provided by Tower through its digital banking platform, enabling seamless money movement between its members.
