External Transfers
We understand you may keep money in multiple places for a variety of reasons. We’re here to help you manage all of your finances, conveniently, smoothly and safely. With Bank of Utah’s external transfer service, you can move your money to and from accounts at different financial institutions.
You can set up external accounts and schedule transfers in online banking or in the Bank of Utah mobile app.
How to Transfer Funds
1. Link your external account to your Bank of Utah account.
In online banking, go to the "Services" tab and click "Add External Account."
In the mobile app, go to "Menu," click on "Services" and then "Add External Account."
The online form will ask you to provide the following to start the process:
- Account number
- Routing number
- Account type (checking or savings)
Look for two small micro deposits (random deposits of $1 or less) to be deposited
to your external account within five business days.
Once you receive the deposits, note the amounts and log back into online banking.
Return to the Services tab and enter the amounts. This will verify and activate
your external account.
2. Verify and activate your external account.
In online banking, go to the "Transactions" tab and click "Transfers."
In the mobile app, click the "Transfer Funds" icon at the top of the page.
Select the accounts you’re transferring money from and to, enter the amount of the transfer,
the date and include a memo if you’d like. (If you want to set up an automatic, repeating transfer,
check the "Make This a Recurring Transaction" box and fill in the details.)
Review your information and hit "Transfer Funds."
Frequently Asked Questions
Where Do I Find the Routing Number and Account Number for My External Account?
The routing number is the first set of numbers printed on the bottom of your checks, on the left side. Your account number is the second set of numbers printed on the bottom of your checks, just to the right of the routing number. You can also find your account number on your account statement.
What is a Micro Deposit?
Micro deposits are small, random deposits, less than $1, that are used to verify your external account. When adding an external account, you will be sent two micro deposits. You’ll need to note the amount of each and confirm the amounts back to us during the verification process.
How Much Money Can I Transfer?
There is a $5,000 per day limit on external transfers in Bank of Utah’s online banking system. Your other bank may have a different transfer limit.
How Long Do External Transfers Take?
External transfers typically take 24 to 48 hours to process and complete.
Does an External Transfer Cost Money?
Bank of Utah does not charge a fee to make external transfers.
Can Transfers (One-Time or Recurring) Be Canceled?
Yes. Both one-time and recurring transfers can be canceled as long as they have not been processed. If you need to cancel a transfer, be sure to do so before the date the transfer is scheduled.
