What is an External Transfer and how do I sign up?
The External Funds Transfer feature is available through the Online Banking product. This feature allows transfers to and from accounts that are not with BancorpSouth. This is not a substitute for wire transactions because of limits imposed (look at External Transfer Limits) and the time factor. This type of transfer can take and average of 2 to 4 business days. These transfers utilize the ACH system. It is a convenient and inexpensive way to move funds into and out of your BancorpSouth accounts. To initially set up all accounts, access your Online Banking and click on External Transfer located on the green tool bar. The set up process takes 2 to 4 business days. Even BancorpSouth accounts must be set up. You must be an owner of both accounts to transfer. Transfers into a BancorpSouth account can be done at no charge. There is a $2.50 fee for each transfer from BancorpSouth to another bank's account. The description that shows on your account history will have "A2A transfer".
What is a scheduled transfer?
A scheduled transfer is a way of automatically moving money from your checking/savings account to another checking/savings account. The scheduled transfer can be set to withdraw weekly, bi-weekly, monthly or on a particular day each month.
To add a scheduled transfer to your account, visit your local BancorpSouth location and they will be glad to assist you with this request.
You can also set up a scheduled transfer within your online banking product. Simply decide when you want the transfer to take place and what accounts you want the transfer to come from and to be applied.
