How can I transfer money between accounts?

 Magnifi Digital Banking gives you several ways to move money. The right option depends on where you want the money to go. 

Transfer money between your Magnifi accounts

Use Funds Transfer to make a one-time transfer or schedule recurring transfers between eligible Magnifi checking and savings accounts.

1. Log in to Magnifi Digital Banking through online banking or the mobile app.
2. Select Menu.
3. Select Transactions, then Funds Transfer.
4. Select the account the money will come from in the From field.
5. Select the account the money will go to in the To field.
6. Enter the amount you want to transfer.
7. Select the date you want the transfer to process.
8. To schedule a recurring transfer, select Make this a recurring transaction and choose the frequency.
9. For a recurring transfer, select a start date and end date, or choose Repeat Forever.
10. Review the transfer details and select Transfer Funds.

If you have multiple Magnifi checking or savings accounts connected to the same Digital Banking login, the available accounts will appear as transfer options. This may include accounts connected across multiple memberships.

Transfers between Magnifi accounts typically process when you submit them. A slight processing delay may occur.

You can review pending and processed transfers from the Funds Transfer page or Activity Center. You can also use Activity Center to edit or cancel a transfer when that option is available.

Transfer money to or from an external account

Before you can transfer money between Magnifi and a checking or savings account at another financial institution, you must add and verify the external account.

Add an external account

1. Log in to Magnifi Digital Banking through online banking or the mobile app.
2. Select Menu.
3. Select Transactions, then Add External Accounts.
4. Enter the external account’s routing number and account number.
5. Select Checking or Savings as the account type.
6. Review and agree to the Add External Account Agreement.
7. Magnifi will send two small deposits to the external account within five business days.

Verify the external account

1. Review the external account’s transaction history and find the two small deposits from Magnifi.
2. Log in to Magnifi Digital Banking.
3. Select Menu.
4. Select Transactions, then Verify External Accounts.
5. Enter the two deposit amounts.
6. Submit the verification information.

After you verify the deposits, allow one to two business days for Magnifi to review the external account. Once the review is complete, you can use Funds Transfer to move money to or from the external account.

The Add External Account feature includes additional instructions if you have trouble locating or verifying the two deposits.

Make an external account transfer

Once the external account is available:

1. Select Menu.
2. Select Transactions, then Funds Transfer.
3. Select the Magnifi or external account the money will come from.
4. Select the Magnifi or external account the money will go to.
5. Enter the transfer amount.
6. Select the date you want the transfer to process.
7. To schedule a recurring transfer, select Make this a recurring transaction and choose the frequency and dates.
8. Review the transfer details and select Transfer Funds.

External transfers may take longer than transfers between Magnifi accounts. Timing may depend on when you submit the transfer and how the other financial institution processes or releases the funds.

External transfer activity will appear in Activity Center, where you can review the transfer and edit or cancel it when those options are available.

Send money to another person with Zelle®

Use Zelle® to send money to friends, family, and other people you trust. Magnifi recommends using Zelle® through the Magnifi mobile app.

At Magnifi, eligible consumer checking accounts can be used with Zelle®. Health Savings Accounts, or HSAs, are not eligible.

Enroll in Zelle®

1. Log in to the Magnifi mobile app.
2. Select Send Money with Zelle®.
3. Review and accept the terms and conditions.
4. Choose the U.S. mobile number or email address you want to enroll.
5. Enter the six-digit verification code sent to that mobile number or email address.
6. Select the eligible Magnifi consumer checking account you want to use for Zelle® deposits.

Add a recipient

1. Open Contacts within Zelle®.
2. Select the + symbol.
3. Enter the recipient’s name.
4. Enter the recipient’s U.S. mobile number or email address.
5. Save the contact.

Send money

1. Select Send Money.
2. Select an existing contact or add a new contact.
3. Enter the amount you want to send.
4. Add optional payment details.
5. Carefully review the recipient’s name, email address or U.S. mobile number, and the payment amount.
6. Select Send.

Only send money with Zelle® to friends, family, and other people you trust. Confirm that you entered the recipient’s information correctly before sending the payment.

You can review payments within the Zelle® tool in Digital Banking. Completed payments will also appear in the checking account’s transaction details.

For more information or details about Zelle®, visit the Magnifi Zelle® webpage and FAQs.

Frequently asked questions

Can I transfer between accounts connected to different Magnifi memberships?

Yes. If the checking or savings accounts are connected to the same Digital Banking login, the available accounts will appear in the Funds Transfer tool.

Can I schedule recurring transfers?

Yes. You can schedule recurring transfers between Magnifi deposit accounts and with verified external checking or savings accounts.

In Funds Transfer, select Make this a recurring transaction, choose the frequency, and enter the applicable start and end dates.

Can I edit or cancel a transfer?

Open Activity Center to review the transfer. Depending on the transfer’s status, options may be available to edit or cancel it.

Where can I review my transfers?

You can review internal and external transfer activity from the Funds Transfer page or Activity Center.

Zelle® payments appear within the Zelle® tool. Completed Zelle® payments also appear in the applicable checking account’s transaction details.

How long does it take to add an external account?

The two small deposits should appear in the external account within five business days. After you enter the deposit amounts, allow one to two business days for Magnifi to review the external account.

What should I do if I cannot verify an external account?

Follow the additional instructions within the Add External Accounts feature. You can also contact a Magnifi team member for assistance.

Can I use a Magnifi savings account with Zelle®?

No. Magnifi requires an eligible consumer checking account for Zelle® enrollment. Health Savings Accounts are not eligible.

The recipient may use an eligible checking or savings account at another participating financial institution.

Need help?

You can always contact a Magnifi team member for help choosing the right transfer option, linking an external account, or troubleshooting a transfer.

Visit Contact Us to chat, call, find a branch, or schedule an appointment.

To send or receive money with Zelle®, both parties must have an eligible checking or savings account. Transactions between enrolled users typically occur in minutes.

Payment requests can only be sent to enrolled Zelle® users.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.