ACH Transfers
Wire Transfers
Moving funds from one financial institution to another is possible with wire transfers, whether you are moving funds into or out of M-O FCU. A wire transfer allows you to move funds to another account in the same city, across the country, or even send funds across the globe. Wired funds may be received the same day, if sent prior to the cut-off time, and depending on the destination of the wire.
When sending or receiving a wire, there is information that must be gathered before a wire transfer can be completed, please call (605) 353-9977 and ask for the wiring instructions. Often, there are fees associated with both sending and receiving a wire, so be sure to ask what those fees are (or refer to our Rates & Fees page to learn what M-O FCU's fees are). Also, once a wire has been sent, there is no getting it back. Please be sure you know the person to whom you are sending funds.
Mobile Transfers
Member-to-Member Money Transfer
Using E*Teller allows you to transfer money between your M-O FCU accounts and other M-O FCU member's accounts. This can be to give your child their allowance, give your aunt money for the upcoming family reunion, pay your brother back for lunch, give your niece/nephew a monetary birthday gift, pay the neighbor for mowing the yard, or any reason under the sun.
Payment Services
A personal payment service allows you to send and receive money to or from just about anyone, regardless of their financial institution. Easily and securely pay the babysitter or your landscaper, let friends pay you back for dinner, or collect your roommate's share of the rent, all online. You can conveniently send, receive and request money with an email address or mobile phone number. The recipient gets an email or text message with instructions to deposit the funds into their account using a personal payment service. Funds can be transferred by using your M-O FCU debit card, credit card, and/or directly from your M-O FCU account.
Some of the companies that offer these peer-to-peer money transfers are Popmoney, Zelle, PayPal, Square Cash, Google Wallet, etc. There are fees associated with using these services, often less than a wire transfer, so be sure to check out all the details before choosing which payment service company you would like to use.
Direct Deposit
Direct Deposit
With direct deposit your payroll gets deposited directly into your account on the morning of your payroll date. By having your paychecks setup for direct deposit it saves you a trip to the credit union or sending your check through the mail - you don't have to worry about losing a paper check. Not only does this work for payroll, but for bonuses, reimbursed travel expenses, social security and VA benefits, and so much more.
Using direct deposit, you also have the option to set up automatic loan payments to one or all of your loans with M-O FCU. So when your payroll gets deposited, any loans you have with M-O FCU are automatically paid - this can take the hassle out of remembering to make your loan payments on time.
Payroll Deduction
Payroll Deduction
Payroll deduction is an amount of money withheld from an employee's payroll check for a specific purpose: loan payments, savings, insurance premiums, etc. At M-O FCU you can use payroll deduction in a variety of ways. You have the ability to make loan payments without even having to think about it, so you never have to worry about remembering to make a payment or falling behind. Saving can also be very easy with payroll deduction; you can set money aside into your own account, or help build your children or grandchildren's college savings - no matter how often you get paid you can set up payroll deduction.
Direct deposit is required to utilize payroll deduction, but if the company you work for doesn't offer direct deposit there are other ways, such as automatic payments/transfers, to help you do many of the same things as payroll deduction.