When should I use bill payment vs. wires and other types of transfers?

Between your Northern Trust accounts

Transfer Funds page

Reallocating money between your accounts at Northern Trust.

Using the Transfer Funds page is also most convenient for making payments on a Northern Trust loan from your banking account, as well as taking an advance on a Northern Trust loan and depositing the money in your banking account. You can also use the Transfer Funds page to purchase, sell or exchange Northern Funds.

The Transfer Funds page requires no set up. You can make a transfer just once or set up recurring transfers. Transfers are processed each night so money is available the next business day.

From your Northern Trust account to pay an individual or company from whom you have received an invoice

Bill Payment

Paying a bill.

For example, you can use Private Passport Bill Payment to pay your phone bill from AT&T or cell phone bill from Verizon. You may also want to use Bill Payment to make car payments and payments on other loans which are not held with Northern Trust.

Bill Payment is especially useful for recurring payments. You can set up a biller once, and automatically make a payment monthly or at whatever frequency you choose. You can even receive e-bills from some billers.

From your Northern Trust account to another individual

Bill Payment Popmoney

Sending money to someone without knowing their bank account information.

You may want to use this payment method for security reasons, such as to pay a seller of an online auction.

To/from your Northern Trust account and your account at another institution

To/from your Northern Trust account and someone else's account at another institution

To/from your Northern Trust account and someone else's account at Northern Trust

ACH
Wire

Reallocating money between your accounts at Northern Trust and other financial institutions

ACH and wire transfers are convenient options for moving money between financial institutions, especially wire transfers which are processed the same day.

To transfer via ACH or wire, you must know the account number and bank routing number where you want to send money. Once you set up your external account on Private Passport and complete the required verification to activate the account, you can use the Transfer Funds page to initiate wire and/or ACH transfers between your Northern Trust and external accounts.