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To register, login to your Online Banking, click Transfer Funds and select External Transfers.
Funds transfer (Inter-Institutional Transfers) is available within Personal Online Banking and allows you to transfer funds between your Presidential Bank account and accounts in your own name at other Financial Institutions or brokerage houses.
Standard transfers require up to 4-business days to process.* Premium transfers occur the next business day if initiated before 8PM ET.
There is no charge for incoming or outgoing Standard transfers. Premium transfers are $7.50 each for incoming or outgoing transfers.
The debiting account will be charged for the transfer amount requested PLUS any applicable fees.
Standard transfers have a cut-off time of 1:00 AM ET. Premium transfers have a cut-off time of 8:00 PM ET. Transfers initiated after this time will be considered received the next business day.
Your Overall Limit is the total available outstanding amount at a point in time for all types of transactions, including inbound/outbound transactions. Your Daily and Rolling 30 day limits still apply to each individual type of transaction as listed below.
Standard transfers have a daily limit of $15,000.00 and a monthly limit of $25,000.00. Premium transfers have a daily limit of $2,000.00 and a monthly limit of $5,000.00. Exceptions require prior approval by Presidential Bank and are granted on a case-by-case basis.
The monthly limit is based on a rolling 30-day period. For example, during a 30 day month, if you transfer $1,000.00 on the 6th and $1,000.00 on the 8th, you will have $1,000.00 available again on the 6th and another $1,000.00 available on the 8th.
*This includes the day the transfer is initiated assuming the cut-off time is made (1AM ET for Standard and 8 pm ET for Premium).
When a new transfer is attempted, a rolling 30-day period is used to calculate funds available for transfer. All transfers made within the last 30 days are subtracted from the 30 day Period Transfer Limit to determine the funds available. When the daily limit is met, another transaction cannot be scheduled until the first transaction has settled and is no longer outstanding. Settlement normally occurs in 4 business days for Standard Transfers and 1 business day for Premium Transfers.
Your contact will receive the money in 3 business days if you're sending money to someone who has used Popmoney and turned on Automatic Deposit or if you have provided your contact's bank account information.
If you are sending the payment via email or mobile, your contact must provide his/her bank account information; s/he will receive the funds 3 business days later.
Your contact will receive the money the next business day if you're sending money to someone who has used Popmoney and turned on Automatic Deposit or if you have provided your contact's bank account information.
If you are sending the payment via email or mobile, your contact must provide his/her bank account information by 10 PM Pacific Time in order to receive the funds the next business day.
Number of transaction monthly limits: 30
Number of transaction daily limits: 15
Minimum transaction amount: $10.00
What do these limits mean?
Each transfer: The maximum amount you can transfer in a single transaction, using the service you are considering and the 'From' and 'To' accounts identified.
Daily: The maximum combined amount you can transfer during a business day. Any recurring transfer that may fall on a weekend or federal holiday will count toward the prior business day's daily limit.
Monthly: The maximum amount you can transfer in a rolling 30-day period. The monthly dollar limit includes all transfers that are processed within a rolling 30-day period. All transfers made within the past 30 days are subtracted from the monthly dollar limit to determine the total amount of funds permitted to transfer.
Personal limit: There are two personal limits that you must observe.
Number of Transactions: You may send a maximum of 15 payments to an email address or mobile phone per day, and a maximum of 30 payments to an email address or mobile phone in a rolling 30-day period.
*APY = Annual Percentage Yield
Presidential Bank reminds you that email@example.com is NOT a secure means of communication. Please refrain from including personal information such as account numbers, Tax ID/Social Security numbers, passwords, etc. We encourage you to maintain contact with us through our Secure Email service, located within Personal Online Banking. Help us keep YOUR personal information PRIVATE!
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