No matter where you are in the world, Digital Banking from Armed Forces Bank can ensure you have access to all your account information and banking needs right at your fingertips. Whether you use your computer, tablet or smartphone. Whether you’re home or abroad.
Digital banking can help put you in control of your finances. And we make it easy to transfer money whenever you need it.
The Benefits of Digital Money Transfers
While transferring money digitally can be quite useful, many service members and their families find it even more important when serving away from home -- even if you’re still in the United States. And it’s especially convenient when you’re overseas. For example, imagine you’re currently stationed in Japan. And your nephew is graduating from high school back in the U.S.
Though you wish you could, you’re not able to head home for the occasion. But you want to give your nephew a monetary gift, just like you did for his older sister when she graduated a few years ago. You could send a check in the mail, but it could take weeks to arrive, or even get lost in the international postal system. What are your other options?
With digital money transfer, your problem is solved. You can use Armed Forces Bank’s Digital Banking features, or a variety of 3rd-party apps, to make a transfer to your nephew’s bank account. Or to your sister’s account, who can then withdraw that money as a gift for her son on your behalf. No matter the miles between you, it’s fast and easy.
Internal and External Money Transfers
Our new Digital Banking features make it easier than ever for you to transfer funds from one account to another. Whether it’s someone else’s account, or another one of your own.
1. Log into the mobile app or mobile browser.
2. Select the Transfers icon.
3. Select the account you’d like to transfer funds from.
4. Then, select the account you’d like to transfer funds to.
5. Enter the amount you’d like to transfer, then select Continue.
6. On the next screen, confirm the details of your transfer. Select Cancel to return to the previous screen and edit any details. Select Transfer to submit your transfer request.
7. Once you submit your transfer, a confirmation screen will confirm the transfer is complete and will provide a reference number for your records.
External (ACH) Transfer:
1. Sign in to the app.
2. Tap Transfer.
3. Tap ACH Transfer.
4. Tap Template and select a transfer template.
5. Tap Amount to modify the transfer amount, if necessary. By default, the app displays the amount specified in the template you selected in the previous step.
6. Tap Date and select an available date from the calendar, if necessary. By default, the app selects the first available business date.
7. Tap Note to add a comment or note regarding the transfer (optional).
8. Tap Transfer.
9. Verify the transfer details and then tap Confirm.
10. If the transfer requires multifactor authentication (MFA), the Security Challenge screen appears. Complete the security challenge, if the system presents it, and then tap Done.
11. The system submits the transfer for final verification and processing and then displays the Successfully Submitted screen
About Peer-to-Peer Payment Systems
Transferring money directly between two people’s bank accounts is often called a “peer-to-peer” payment. It’s sometimes abbreviated as P2P. While Armed Forces Bank offers the option to transfer funds to external accounts listed above, we’re making it easier than ever.
P2P payment apps make it convenient for friends and family members to pay each other directly, quickly, and easily. You may know that restaurants in other countries often aren’t as keen on splitting checks as they are in the U.S. But there’s no need to worry. With P2P payment systems, one person can pay the bill, and the rest can send their payments directly to that person. The same goes for a variety of other situations in which you want to send a direct payment to a friend or family member.
What happens after the payment is made? The user receiving the money can choose to transfer it to their bank account, or leave it in their P2P account. Then, the next time they need to pay someone, they can use that money directly rather than drawing from their bank account,
P2P payment systems are useful in so many situations, so it’s no surprise these apps have caught on. According to PR Newswire, more than 75% of Millennials, 69% of Generation X, and 51% of Baby Boomers have used P2P apps. Nearly half of all Millennials use P2P payment systems at least once a week.
How Secure is P2P?
Of course, it’s good to be careful about entering your financial data into any app. Trusting your gut and being vigilant can protect you from financial scams and fraud. However, the major P2P payment apps encrypt your financial information to ensure your security.
When it comes to using P2P payment systems, it’s usually best to only pay people you personally know. Some apps may include buyer protection if you’re making a purchase, but not all apps provide the same level of security. No matter which system you use, pay attention to your intended recipient to make sure it’s the right person. Accidentally send a payment to the wrong account, and you might not get your money back.
Here are a few steps you can take to ensure your safety and security when using P2P systems:
- Add a PIN.
- Set up multifactor authentication.
- Sign up for transaction notifications.
- Link a bank account, credit card, or debit card.
Your P2P Payment Options
Some popular P2P payment apps include Zelle, Paypal, and Venmo. Each of these apps are online money-transferring platforms, allowing you to send funds straight to someone’s bank account. Once you enroll, all you need to send money is the preferred email address, mobile number, or username of your recipient. Then, you simply enter the amount you want to send them.
When you send money to a recipient who is already enrolled, the money will go directly into their bank account, typically in minutes. If they aren’t enrolled yet, they will get a notification explaining how to receive the money simply and quickly.
Using your Armed Forces Bank debit card as the payment method for services like Venmo may help the money move to your recipient faster. Be sure to check with your favorite P2P service providers for terms and conditions.
Note: Some P2P payment systems may only include the option to make transfers in U.S. dollars.
More Options for Your Digital Wallet
While we’ve recently launched our partnership with Zelle, it isn’t the only new payment system available for Armed Forces Bank clients. You can also take advantage of Apple Pay, Apple Cash, and Google Pay.
With Apple Pay, iPhone users can link a credit or debit card to their Wallet app. From there, they can pay for goods and services with the tap of their phone or Apple Watch. Then, they can use Touch or Face ID for user authentication. Google Pay operates similarly for Android users.
Apple Cash is also in the Wallet app, but functions more like a P2P payment system where you can send money directly to other Apple Cash users. Just remember that your recipient must also be an iPhone user in order to receive the money.
Improving your Digital Banking Experience
At Armed Forces Bank, we’re committed to providing the best user experience for our valued service members and their families. That’s why we’re always working on improving our Digital Banking services to fit your needs.
- Streamlined Access - More intuitive experience that works similarly across all devices -- mobile, tablet or desktop.
- Enhanced Alerts - Set up, customize and manage alerts the way you want with ease.*
- Mobile Deposit - Deposit checks for free in a snap – safely and securely from a mobile device.** Available on iPhone or Android.
- Secure Messaging - Reach us for questions about your account on any device through secure messaging.*
* Message and data rates charged by your mobile phone carrier may apply.
** Deposits are subject to verification and not available for immediate withdrawal.
*** Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.