What Is A Cross Member Transfer?
Cross Member Transfers are transfers between accounts belonging to two different Royal Members.
Any accounts where you have access to send a Cross Member Transfer are listed in the To drop down list under Transfer in mobile and online banking. The accounts appear just like your own accounts, but you can only send funds to the account. You cannot withdraw funds from an account linked as a Cross Member Transfer account.
Cross Member Transfer Benefits
Because Royal is able to process the transfers internally, the funds are taken from your account and sent to the receiving account instantly. You can also schedule one-time or recurring Cross Member Transfers just like you can schedule transfers on your own Royal accounts.
You can set up Cross Member Transfers to deposit accounts, like a checking account, or to a loan or credit card account. If you make a Cross Member Transfer to a loan or credit card account, it will be processed as a payment on that person’s account.
Remember that you can only transfer funds to Cross Member Transfer accounts. You cannot withdraw funds from a Cross Member Transfer account. Anyone that you give Cross Member Transfer access to can only send money to your account(s). They will not be able to make withdrawals.
Cross Member Transfers Compared To Other Options
If you know that someone else is a Royal Member, setting up a Cross Member Transfer is usually the best way to send them money. Don’t forget that you can also grant them access to send money to your accounts.
Cross Member Transfers have several advantages over other transfer options:
- Eliminates time and cost of writing and mailing checks
- Easier than setting up a Pay a Bill payment
- Less hassle than withdrawing cash and giving it to someone
- No action is needed for the recipient to accept funds, unlike Royal’s Pay a Person option
- Cross Member Transfers are instant, with no waiting time for processing or holds
- You manage recurring transfers right from the Transfer screen in online or mobile banking, not a separate screen
Examples Of Cross Member Transfers
Some examples of Cross Member Transfers are:
- Making one-time or recurring deposits into a relative’s checking or savings account
- Making payments to your childcare provider who is also a Royal Member
- Making transfers between your personal and business Royal accounts (note: Cross Member Transfers to or from business accounts must be set up by contacting Royal)
How To Set Up Cross Member Transfers
Please contact Member Service to set up a Cross Member Transfer. Contact us now.
