Yes, you can transfer money from your credit union to a bank account
You can move money from a credit union to a bank account in the same way you would move it between two bank accounts. The process takes a few days and involves giving your credit union the routing number and account number of the bank account where you want the money to go. Your credit union will initiate an ACH transfer — an electronic movement of funds through the banking system — and the money will arrive at your bank account within one to three business days.
The main thing to know is that credit unions and banks use the same underlying transfer system, so there is nothing special or difficult about moving money between them. You do not need to close your credit union account, and you can transfer as much or as little as you want, as often as you want.
Key Takeaways
- You can transfer money from your credit union to any bank account by providing your credit union with the receiving bank's routing number and your account number at that bank.
- ACH transfers typically take one to three business days to complete, and most credit unions do not charge a fee for outgoing transfers.
- You can set up a one-time transfer through your credit union's online banking, mobile app, or by calling or visiting a branch.
- If you need the money faster, some credit unions offer wire transfers, which arrive the same day but usually cost between $15 and $30.
How to set up a transfer through online banking or mobile app
Most credit unions let you start a transfer from your phone or computer without calling or visiting a branch. Log into your credit union's online banking portal or mobile app, look for a section called "Transfer Money," "Send Money," or "Payments," and select the option to transfer to an external account — meaning an account at a different financial institution.
You will need to enter the routing number and account number of the bank account you are sending money to. The routing number is a nine-digit code that identifies the specific bank or branch. You can find it on a check from that bank account (it is the first set of numbers on the bottom left), or you can call the bank and ask. Once you enter those numbers, your credit union will verify them, and you can choose the amount and the date you want the transfer to happen.
The first time you transfer to a new bank account, your credit union may hold the transfer for a day or two while they confirm the account exists and belongs to you. After that, future transfers to the same account usually go through right away.
Transferring by phone or in person at a branch
If you do not use online banking or prefer to talk to someone, you can call your credit union or visit a branch and ask a staff member to set up the transfer. Have your bank account number and the routing number of the receiving bank ready when you call or go in. The staff member will enter the information into the system, and the transfer will be scheduled just as it would be online.
This method takes the same amount of time as online transfer — one to three business days — so there is no speed advantage to doing it in person. The main reason to use this route is if you are not comfortable with online banking or if you have questions about the process that you want to ask directly.
Wire transfers for faster movement of money
If you need the money to arrive the same day, you can request a wire transfer instead of an ACH transfer. A wire transfer moves money through a different system and typically arrives within hours, sometimes the same day. However, wire transfers usually cost between $15 and $30, whereas ACH transfers are free or cost a few dollars at most.
Wire transfers are also harder to reverse if you make a mistake, so they are best used when you are certain about the receiving account and when the speed is worth the cost. You can request a wire transfer by phone, in person at a branch, or sometimes through online banking, depending on what your credit union offers.
What information you need before you start
Before you contact your credit union, gather the following information about the bank account you are sending money to: the account number, the routing number, and the account holder's name (which should match the name on your credit union account or be someone you are authorized to send money to). If you have a check from that account, you can find the routing number and account number printed on it. If you do not have a check, call the bank and ask for the routing number, or look it up on the bank's website.
You will also need to know how much money you want to transfer. Make sure you have enough in your credit union account to cover the amount, because if you do not, the transfer will fail and your credit union may charge you a fee for the failed attempt.
Fees and timing you should expect
Most credit unions do not charge a fee for ACH transfers to other banks. Some charge a small fee — usually $1 to $3 — but many waive it if you are a member in good standing or if you maintain a minimum balance. Wire transfers, as mentioned, usually cost $15 to $30.
ACH transfers take one to three business days. This means that if you start a transfer on a Friday afternoon, it may not arrive until Tuesday, because weekends and holidays do not count as business days. If you need the money by a specific date, start the transfer a few days early to be safe. Wire transfers, by contrast, usually arrive the same business day if you request them before your credit union's cutoff time — often 2 or 3 p.m. — though some arrive the next day.
Frequently Asked Questions
Can I transfer money from my credit union to a bank account that is not in my name?
Most credit unions will let you transfer money to an account in someone else's name, but they may ask you to confirm the relationship or the reason. Some credit unions have limits on how much you can transfer to accounts that are not yours. Call your credit union and ask about their policy before you try to set up the transfer.
What happens if I enter the wrong account number?
If you enter the wrong routing number or account number, the transfer may fail and the money will stay in your credit union account. Your credit union may charge a fee for the failed transfer. If the transfer does go through to the wrong account, contact your credit union right away — they can sometimes recover the money, but it depends on the receiving bank and how quickly you report the error.
Can I cancel a transfer after I have started it?
If you cancel before the transfer is processed, it will not go through. Once the transfer has been processed and sent to the other bank, you usually cannot cancel it. Call your credit union as soon as possible if you need to stop a transfer — the sooner you call, the better your chances of stopping it before it leaves your credit union.
Do I need to close my credit union account to move my money to a bank?
No. You can keep your credit union account open and transfer money to a bank account whenever you want. Many people have accounts at both a credit union and a bank and move money between them regularly.
Is there a limit to how much I can transfer?
Most credit unions do not have a limit on the total amount you can transfer, but some have daily or monthly limits on ACH transfers. Check with your credit union about their specific limits, or ask when you set up the transfer.