Starting with a new financial institution can feel a lot like the first day at a new job—there’s a lot to learn. Just like with any new role, things will quickly become more familiar, and you’ll soon feel right at home here at Elements! We’re here to help you make that switch as comfortable as possible.
If you’re a new member at Elements, it’s important to have funds in your account(s) before you take advantage of our many perks and services. It’s also a good idea to have your personal finances all in one place. This will help you simplify bill payments and make it easier to manage your savings and checking accounts. Elements has created a guide to help you move your money with ease.
Making the Switch
1. Create a List of Your Direct Deposits and Automatic Withdrawals/Payments
Your list should include any recurring income, bill payments, or transfers from your former account. This may include:
- Direct Deposits
- Government Benefits
- Mortgage/Rent Utilities
- Credit Cards
- Loans
- Retirement and Investments (incoming and outgoing)
Need help getting started? Use our New Account Checklist to help you switch your account(s).
2. It’s Time to Update!
Once you’ve formed your lists of deposits and payments, it’s time to begin the transfer. Luckily, Elements has an online tool to make the process easier for you.
Go to your online banking > Select the “Tools and Services” tab > Then select “Direct Deposit Switch.”
(Please note that not all companies can be found, and you may have to enter yours manually to make the switches yourself.)
- Start with direct deposits such as work, government benefits, Social Security, child support, and/or alimony payments.
- If possible, reschedule any automatic payments, including mortgage/rent, utilities, credit cards, and loans.
- Switch any subscription accounts to your new accounts. Visit CardSwap in the “Tools and Services” menu of online banking to set up recurring payments.
3. Prepare to Move Your Funds Over
The process of moving your money is simple, and there are several options available. Before you move any funds, it’s important to check your old account for any pending transactions. Here are various ways you can transfer funds to your new Elements account:
Online/Electronic Transfers: Thankfully, the digital world has made it easier than ever to transfer money. All you need to do is set up a connection between your two accounts before you make a transfer.1
If you’re already enrolled in Elements Online Banking, then the most seamless option is to log in there and select "Transfers & Payments" Menu and then "Manage External Accounts" to connect your Elements account with your other financial institution(s). You’ll need your account number and routing number for the other institution.
If you’re not yet enrolled in Elements Online Banking, log in to your other bank’s website or mobile app and choose to make an external transfer. To initiate the transfer, you’ll likely need to enter your Elements Financial account and routing number to link your accounts. For easy reference, our routing number is: 274073834.
Once verified and confirmed, you can easily transfer money between the two accounts. (Double-check with your bank to see if they have daily transfer limits.2)
In-Person External Transfers: If you prefer face-to-face transactions, you can initiate a transfer of funds by sitting down with a representative at the other financial institution and giving them your Elements account and routing numbers. (Remember: It takes three to six business days for the funds to appear in your Elements account using this method.)
Remote Check Deposits: For those who prefer a classic approach to payments, you can always write a check from your other account and make a remote deposit using the Elements mobile banking app. (Remember: The daily deposit limit is $15,000 using Remote Check Deposit.)
Wire Transfers: This may be your best option if you’re moving a large sum of money from another institution into Elements, especially if you are transferring money from an overseas or foreign account. The good news is a wire transfer can be completed in as little as a few hours, but it often includes a fee — anywhere from $5 to $25 or more. Learn more about Wire Transfers.
CardSwap: This tool is worth repeating because it easily updates your payment information all in one place for recurring charges and purchases. The best part? – it’s already built into Elements online banking and the mobile app. Learn more about CardSwap.
Shared Branching & ATMs: You can also deposit funds by bringing cash or checks to any of our branches or deposit-taking ATMs nationwide. You can find a convenient location near you by searching our website or using our mobile banking app to find the closest branch or ATM.
Many financial institutions still require you to visit a branch to close your accounts. If this is the case for you, the quickest option would be a wire transfer or an old-fashioned cashier’s check. Once you've successfully transferred all your funds over, you can close your old account and embark on your journey to financial success here at Elements.
Have questions or need assistance with transferring money to Elements? Our credit union experts are always here for you. Contact Elements Financial for support of all your financial needs, including how to make the funds transfer process easy for you.
1) Nerdwallet
2) There are no restrictions on the amount you can transfer to Elements during your initial 30 days of membership. After 30 days, the transfer limits to Elements accounts are: $5,000 per transaction, $10,000 per day, and $50,000 per month. If you are transferring funds to another financial institution, the transfer limits are: $1,000 per transaction / $2,000 per day / $10,000 per month.
3) Forbes
