Yes, we provide clients with the ability to transfer funds to and from deposit accounts held at Grasshopper Bank and other financial institutions at no cost. “External transfer” is a feature of online and mobile banking that allows you to transfer funds between accounts that you own. To send money to another individual or company, you may do so via bill pay, wire, or P2P payments.
External transfers are accepted within the United States and processed on the date you specify via the Automated Clearing House (ACH) network and subject to our transaction cut off times. External transfers submitted after the transaction cutoff time, and/or scheduled to process on a weekend or holiday, will be processed the following business day. If further information is required to process your transfer, we may reach out for additional verification. Once an external transfer is submitted and processed, it can take up to 5 business days to be credited to the receiving institution.
To learn more about external transfers, sending/receiving ACH payments, and limitations based on the transfer method you utilize when moving funds to and from your account, refer to our blog post here.
For additional information, please refer to our transaction cutoff times.