External Transfers

Using Online Banking, you can transfer funds between your Marblehead Bank linked deposit accounts and certain deposit accounts at other financial institutions within the U.S. (international transfers not supported). You’ll need to set up and verify each of your non-Marblehead Bank accounts that you wish to use for External Transfer Services. You agree that you will only attempt to set up and verify accounts for which you have the authority to transfer and withdraw funds. You must be enrolled in Marblehead Bank Online Banking to access External Transfers. To set up an external transfer, you will need you will need the ABA/Routing number and your account number at the other financial institution.

For checking accounts, the account and routing number can be found at the bottom of your check. For savings accounts, this information may be found at the bottom of your deposit slip. If you need help locating this information please contact your financial institution.

External transfers are processed after 7:00 p.m. EST on the date they are scheduled (the “processing time”). Sufficient funds need to be available at the processing time. If you transfer funds into the account you have with us, the funds are credited to your account on the next business day but may not be available for use until we receive the funds from the other financial organization. Total processing time may take up to two (2) business days or five (5) business days for accounts less than thirty (30) days old. If you transfer funds from your account with us to another institution, the funds will be available for withdrawal in accordance with the funds availability policy of the institution(s) holding the account that received the funds.

External transfers can be initiated on either a one-time or recurring basis. The recurring transfer feature may be used when a set amount is transferred at regular intervals. One-time future-dated or recurring transfers scheduled for a weekend or non-business day will be processed on the next business day.

Future-dated and recurring transfers can be canceled prior to the processing time on the business day before the scheduled transfer date. However, if the transfer’s status is “In Process” or “Processed,” the transfer may no longer be cancelled.

Incoming and outgoing transfers do not incur a fee. However, we reserve the right to charge additional fees at a later time and will notify you if we do so as required by law.

Limits apply to the total of all external transfers for all accounts. Any transfer initiated on a day that is not a business day counts toward the applicable limit for the next business day. We may change limits on external transfers at any time. Any decrease in dollar limits will be subject to notice, as required by law, but you agree that we may reduce your limits stated above without prior notice upon occurrence of a Disqualifying Event (as defined below).

External transfers are available to all customers, but you agree we may cancel your right to make external transfers, without prior notice, upon the occurrence of a “Disqualifying Event,” which includes the following:

• You have had an overdraft, an over-limit item, or an item returned for insufficient funds with respect to any Marblehead Bank account during the current or three (3) prior calendar months.
• Any of your accounts with us are not current or are not in good standing, as determined by the Bank from time to time in its sole discretion.

You shall be solely responsible for the accuracy and completeness of transfer instructions transmitted to us. We shall not be responsible for any errors in the transfer instructions or requests for cancellation or amendment of transfer instructions transmitted to us by you, and your sole recourse for erroneous or unauthorized transfers or instructions received by us from a third-party processor acting on behalf of you is against such third-party processor and not against us.

Transfers between account(s) with us and account(s) at other financial institutions (foreign account) are accomplished through an automated clearing house (ACH) debit and credit. The debit applies to the account that funds are transferred from and the credit to the account the funds are transferred to. You agree that each such ACH transaction you initiate complies with all applicable laws and the Operating Rules and Guidelines of the National Automated Clearing House Association (NACHA).

If a transfer request describes the receiver or recipient inconsistently by name and account number, payment may be made on the basis of the account number even if it identifies a person different from the named receiver or recipient. In addition, if a transfer request describes the receiving depository financial institution inconsistently by name and identification number or routing number, payment may be made on the basis of the identification number or routing number even if it identifies a financial institution other than the named receiving depository financial institution.

If you transmit a transfer request that instructs us to debit or credit an account at a financial institution that does not participate in an ACH association, we may reject the transfer request and use reasonable efforts to notify you of the rejection.

Please call Customer Service at (800) 475-1871.