Bank-to-Bank Frequently Asked Questions

 

Q.  What is Bank-to-Bank Service?
It is a service designed for our consumer and a small business customer that allows them to transfer to and from their Lake Elmo Bank checking account to accounts that are established at other financial institutions and brokerages in the U.S.

Q.  Who is eligible to use the LEB Bank-to-Bank Transfer Service?
The minimum requirements for this service:

  • Must have a personal or small business LEB checking account.
  • Account has to be open for 3 months or longer.
  • Account has to be in good standing.
  • An active Online Banking customer.

Q.  How do I request Bank-to-Bank Transfer Service?
Everyone has to apply and qualify for this service.  An application is available at any of our bank locations or click here to apply online.

Q.  After I apply how will I know when I can start using the service?
Once approved you will receive an email starting you have been approved with the details of your limits.

Q. Is there a fee charged with this product?
There is no fee to transfer funds to your Lake Elmo Bank account.  There is a $4.00 fee to send money to another financial institution.  The fee is waived for Relationship Checking accounts.

Q.  How long does a Bank-to-Bank Transfer take?
A transfer created before our cut-off time of 2:30 PM CST on a business day will appear in 2-3 business days.  There is a 3 day hold on the funds for an inbound transfer.  You may see the funds for a inbound transfer memo posted to your account but the funds are on hold for 3 business days to assure the funds were available in your external account.

Q.  How do I set-up a Bank-to-Bank Transfer?
Once you have been approved to use this service you may begin adding your external accounts by logging onto a Personal Computer (original set-up cannot be completed through your mobile devices) and selecting the “Bank-to-Bank Transfer” tab.  The very first time you login and use this service please follow the detailed steps provided on the pages.  If you have previously completed setting up an external account(s) then you will select the “Bank-to-Bank Transfer” tab and select “Add Account”. 

  • On the “Add Account” page you will see the details of what and where you need to add the external financial institutions name, routing and account number.  you will also enter the type of account and give it a name for you to identify when complete a transfer.
  • Select the “Submit” button at the bottom of page.  Then you will be asked to confirm the information.

Verification of the External Account

  • We will send a small direct deposit into the external account you have set-up.  It will take approximately 2 business days for the transaction to be made to your account.
  • You will have 7 calendar days from the time you set-up the new external account to retrieve the small direct deposit amount and enter under the “Bank-to-Bank Transfer” tab and then “Enrolled Accounts” on your Personal Computer.
  • There will be a verification box where you will need to enter the verification amount.  Then click on “Submit”. If you do not enter the verification amount within the allowed 7 calendar days you will need to go through setting up the external account again.

Once the verification process has been successfully completed you are ready to start using the Bank-to-Bank Transfer Services from your Personal Computer, iPhone, Android or tablet.

  • Using a Personal Computer select the “Bank-to-Bank Transfer” tab then “New Transfers”.  Using your mobile device you will simply select the “Transfer” icon.
  • Select the account you want to transfer from and to.
  • Enter the amount of the transfer.
  • Choose the frequency.  This can be  one-time or recurring payment.
  • If you wish you may enter a transfer memo that will only be shown on your history at Lake Elmo Bank.
  • Select “Submit” and the system will provide you with a confirmation number.

Q.  How can I cancel or edit a transfer?
After submitting your Bank-to-Bank Transfer there is a small 20-30 minute window of time to either cancel or edit that payment.  Once the payment has been processed there are no changes that can be made.  To edit a payment that has not been processed you would select the “Pending Transfers” option.

Q.  Why would there be a problem with my Bank-to-Bank Transfer?
The following examples are reasons why your transfer would not occur:

  • For an outbound transfer if the funds are not available in your LEB account.  The system will try each business day until the funds are available or if you or Lake Elmo Bank deletes the transfer.
  • If the inbound transfer external account has insufficient funds available.  You would have to send another transfer.
  • The account or routing number has changes on the external account.  You would have to edit the account information before sending another transfer.

Q.  Is it possible to send an international transfer?
Bank-to-Bank Transfers can only be performed within the United States.

Q.  How many external accounts can I have set-up at one time?
You may have three external accounts set-up at one time.

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