Why did you transfer money from my external bank account? (2024)

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Why did you transfer money from my external bank account?

There are a number of reasons why we may have transferred money from your external bank account to Stash:

  • You initiated a manual transfer (such as a purchase with a transfer), a manual transfer to your Stash banking account1, or a transfer to your Portfolio cash.
  • You have recurring transfers set up.
  • Your monthly or yearly Stash subscription fee was charged to your externally linked bank account.

To see why a specific transfer was made in your Stash banking account:

  1. Login to the Stash app.
  2. Tap your initials (iOS) or hamburger icon (Android) in the upper-left corner.
  3. Scroll down to the View Activity section and tap Bank Account.1
  4. Scroll down to the Your Transactions section to view your transactions. To view all of your transactions, tap See All.

To see why a specific transfer was made in your Invest portfolio:

  1. Login to the Stash app.
  2. Tap your initials (iOS) or hamburger icon (Android) in the upper-left corner.
  3. Tap Portfolio in the View Activity section.
  4. Tap the Portfolio you want to view the activity for. Here you’ll see a record of every transfer from your externally linked bank account, including the amount, date, and type. You can download these records as a separate PDF document to review.

If you see something in your account history that doesn’t match any of these scenarios, we’re here to help. You can contact Support here and they’ll be glad to answer all your questions.

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Why did you transfer money from my external bank account? (4)

Why did you transfer money from my external bank account? (5)

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Why did you transfer money from my external bank account? (2024)

FAQs

What does transfer from external account mean? ›

Here's a brief summary of the two: External account transfer. This is a transfer of funds between an account you own with us, and an account you own at another financial institution. Linked external accounts. This is when you link accounts you have at other financial institutions to your mobile and online banking.

Are external bank transfers safe? ›

Bank transfers are usually a very safe way to accept payment from customers, with less risk for businesses compared to credit card payments. On the customer side, however, there's a risk of wire transfer fraud.

Can an external bank transfer be reversed? ›

Once your External Transfer request has been processed, you cannot cancel the transaction. Your best bet is to create a second transfer between the same two accounts sending the funds back to their point of origin (in effect reversing your first transfer).

How do I check who transferred money to my account? ›

Many banks offer mobile banking apps that allow you to check your account activity and transaction history. Here's the process: Open your bank's mobile banking app and log in securely. Navigate to the “Transactions” or “Account Activity” section.

What are the benefits of external transfers? ›

Benefits of External Transfers

Avoid time-consuming checks or branch visits. Set up automatic, recurring transfers. Schedule transfers in advance.

What is an example of an external transfer? ›

A bank-to-bank transfer, also known as an external transfer, is the process of getting funds from an account at Bank A to another at Bank B. External transfers that are electronic or utilize the internet can expedite getting money to someone else's account by eliminating the need to physically move cash between banks.

Does external transfer count as direct deposit? ›

Qualifying Direct Deposits do not include peer-to-peer payments or ACH transfers (funds transfers) from your external accounts.

What are the risks of bank transfers? ›

The biggest risk to a bank transfer is transferring to the wrong person. Due to how airtight and one-way a bank transfer is, once the money has been sent, it cannot be reversed. Therefore, it's crucial that you make sure that your details are correct before sending anything.

Is Zelle an external transfer? ›

Zelle is a peer-to-peer money transfer app that allows users to move funds from one bank account to another. It's among a growing number of mobile payments apps that allow you to pay another person with the click of a button, even if they have an account at a different bank.

Can I get my money back from a bank transfer by mistake? ›

Remember that most banks adhere to the "wrong recipient's consent" policy in case of incorrect transfers. This means that your bank will contact the wrong recipient's bank, who will then contact their customer seeking their consent to return the funds. If the other party agrees, the refund will be made.

Can a scammer reverse a bank transfer? ›

By the time you realize you've been a victim of bank transfer fraud, it's usually too late. Scammers have received the money, transferred it to another account, and disappeared. Falling victim to phishing, pharming, or CEO fraud unfortunately doesn't qualify for reversing a wire transfer.

Can you recall money from a bank transfer? ›

Contact your bank and let them know about the accidental payment and it will arrange for the money to be returned. Can I reverse a bank transfer - or can my bank? Online payments, like Faster Payments, transfer money in real-time. Once a payment has been made, you can't stop or reverse it.

Can someone transfer money from my account without me knowing? ›

If someone has your bank account and routing number, they could make unauthorized ACH transfers and payments, create counterfeit checks and even launder money through your account.

Can someone transfer money from my account to theirs? ›

A wire transfer is another option for transmitting money to someone else's bank account. Wire transfers can be done at banks, credit unions, or providers such as Western Union or Wise. To conduct a wire transfer, you'll usually need the account number, routing number and name of the recipient.

How can I find out if someone transferred money into my account? ›

You may be able to see a copy of the deposit slip in your online banking app or on your monthly statement if you get one. If not, you can ask the bank to show you a copy. They may be able to tell you whether the deposit was done in-person, by mail, by wire transfer, or at an ATM.

What is the difference between an internal and an external transfer? ›

A bank transfer can be internal, meaning the transfer occurs between accounts at the same bank, or external, with funds transferred between accounts at two different banks. Bank transfers offer convenience since you don't have to withdraw cash to move funds.

Is an external transfer the same as direct deposit? ›

Wire transfer times are extremely fast when sent domestically. Transferred money can be deposited as quickly as the same day, but domestic wire transfers are still much more expensive than direct deposit, with higher fees that can apply on both sides of the financial transaction.

What is the difference between ACH and external transfer? ›

An ACH transfer goes through an interbank system for verification before it's completed. A wire transfer goes directly and electronically from one bank account to another without an intermediary system. ACH transfers typically have lower fees than wire transfers have.

What is an external transaction? ›

External transactions

These involve the trading of goods and services with money. Therefore, it can be said that any transaction that is entered into by two persons or two organizations with one buying and the other one selling is considered an external transaction. It is also called a business transaction.

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