Money can be wired from a Northern Trust deposit account to an account at another financial institution. There is no fee for wire transfers. In order to perform a wire transfer you must first set up a new external transfer account with 'Wire 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.
Wire Transfer Cut-Off Times:
If you submit the wire transfer before 2pm CST, the transfer will post the same business day.
If you submit the wire transfer between 2pm and 12am CST, or on a non-business day, the transfer will post the next business day.
Note: The minimum amount for a wire transfer is $500.00 and the maximum amount for a wire transfer is $1,000,000.00. Wire transfers are not available for trust check writing accounts.
You will automatically receive a system alert if a transfer fails.
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 "Transfer now" for wire transfers.
Click the Next button. The Verify page displays.
Click Submit. The Confirmation page displays.
Is there a cost for transfers?
Is there a limit on the amount I can transfer?
How do I set up an external transfer account?
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. See View Custom and System Alerts and Specify Where Alerts are Received to change the delivery location.
You can also transfer money to and from other institutions for free via ACH transfers. See Transfer Money To and From Other Financial Institutions via ACH.
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.