Money can be transferred from a Northern Trust deposit account to an account at another financial institution, or from an account you own at another financial institution to a Northern Trust deposit account, via ACH. There is no fee for ACH transfers, however, in order to perform an ACH transfer you must first set up a new external transfer account with 'ACH Transfers' capability. Once you've set up the new external account, it will be in 'Pending' status until you complete the required verification steps to activate the account.
If you set up an external account that you own, you will be required to verify your account ownership in order to activate the account. There are two ways to verify that you own the account:
o Use Instant Account Verification – Simply enter your online login credentials for the external account, and we can verify your account ownership in seconds.
o Use “test deposits” – We’ll make two small deposits (each less than $1.00) into your external account within 2-3 business days. (Note: we’ll also make a withdrawal from your account to cover the total amount deposited.) You must return to Private Passport and enter the correct deposit and withdrawals amounts.
If you set up an external account that belongs to someone else, you will be required to call the Private Passport Help Center to verify your identity in order to activate the account.
ACH Transfer Cut-Off Times
If you submit the ACH transfer before 3pm CST, the transfer will post the next business day.
If you submit the ACH transfer between 3pm and 12am CST, or on a non-business day, the transfer will post in two business days.
Note: The maximum amount for an ACH transfer is $200,000. ACH transfers are not available for trust check writing accounts.
You will automatically receive a system alert if a transfer fails, as well as when there is only one recurring transfer left.
Navigate to Banking -> Transfer Funds.
Select an account in the 'From' drop-down list.
Note: Only external transfer accounts that have been set up online and activated will be available in the 'From' and 'To' fields. The external accounts you own will appear in the 'From' and 'To' fields, while the external accounts that belong to someone else will appear in the 'To' field only.
Select an account in the 'To' drop-down list.
Click the Next button. Additional fields display to enter transfer details.
Select "Specify date" for ACH transfers. (This step is only applicable when transferring from a Northern Trust account to an account at another financial institution. When transferring from an account at another financial institution to a Northern Trust account, this is the only option presented.)
Select the timing of the ACH transfer by choosing "Next available date for ACH transfer", "Future Date", or "Set up a recurring transfer."
If you select "Future Date", choose the date.
If you select "Setup a Recurring Transfer", choose the next date, frequency, and number of occurrences (or select the "Unlimited occurrences" checkbox).
Click the Next button. The Verify page displays.
Click Submit. The Confirmation page displays.
Create custom alerts to get notified when transfers post to your account. See Create Custom Alerts.
You will automatically receive a system alert if a transfer fails, as well as when there is only one recurring transfer left. See View Custom and System Alerts and Specify Where Alerts are Received to change the delivery location.
You can also wire money to other institutions within the same business day. See Wire Money to Another Financial Institution.
Money can be transferred between your brokerage account and a linked banking account. See Transfer Money To and From Your Brokerage Account.
Track the status of your transfers. See View Completed, Pending and Failed Transfers.
Modify future or recurring transfers. See View, Change or Delete Future or Recurring Transfers.