Rapid Transfers – The faster way to move your money.
Members can now enjoy near-instant “me-to-me” transfers through Digital Banking!
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Transfer money between your High Point FCU account and debit cards at other financial institutions
To access Rapid Transfers, select “Transfer” in digital banking. From the menu options, select “Rapid Transfer” and follow the steps to add a card from another financial institution. You will be required to enter a verification code that will be sent to the phone number associated with your account.
Frequently Asked Questions
What type of Transfers can be made?
Rapid Transfers lets you perform “me-to-me” transactions only – such as emergency fund transfers or transferring funds between personal bank accounts.
What is the difference between Rapid Transfers and External Transfers?
Rapid Transfers and External Transfers both allow you to move money between accounts, but the main difference is the speed and processing method. There are fees associated when using Rapid Transfers, whereas there are no fees associated with External Transfers.
Rapid Transfers use the debit card network to move funds, allowing transactions to be processed 24/7/365. Transfers that traditionally took several days can often be completed in seconds.
External Transfers use the traditional ACH (Automated Clearing House) network to move money between accounts at different financial institutions. ACH transfers generally take 1–3 business days to process and may not be available outside normal processing times.
What are the fees to use Rapid Transfers?
You will incur a small fee when using this service. The fee is a percentage of your transaction and will be disclosed to you prior to submitting your transfer. The fees are charged by a third party, not the credit union, and are nonrefundable.
How is this different from products like Venmo®, CashApp®, and Zelle®?
Rapid Transfers are near-instant “me-to-me” transfers that allow you to quickly move money between your High Point FCU account and another account you own at a different financial institution. Venmo®, Cash App®, and Zelle® are designed as “peer-to-peer” payment services, allowing you to send money to other people rather than transfer funds between your own accounts.
What if there aren’t enough funds to cover the transaction?
If there are not enough funds, the transaction will fail and you will receive an error message.
How much can I transfer?
There is a $10,000 daily limit (inbound and outbound transactions.) High Point FCU can receive any amount up to $10,000 dependent on the other financial institutions Point of Sale limit. If the transaction does not go through, the other financial institution’s Point of Sale limit tied to the Debit Card may be less. The daily limit resets at 12am CT.
What if I change my mind? Are the Rapid Transfers able to be reversed?
Rapid Transfers are final and cannot be reversed. Before completing the transfer, you’ll see an estimated fee and be given the option to confirm or cancel the transaction. If you have not yet confirmed the transfer, you can still cancel it at that stage.
Is the Rapid Transfer service secure?
There are multiple security measures used to verify your identity and validate your accounts when adding a new card. In addition, this service is only accessible through your secure digital banking platform, helping ensure that your information remains protected.