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Money Transfer Options

Get your money where you need it--when you need it there--with these convenient money transfer options from Principal Bank.

(Some transaction limits and/or fees may apply - see the Terms and Conditions (PDF: 142 KB) and Fee Schedule (PDF: 158 KB) for more information.)

Principal Bank Transfer Options
Service: Money Movement
Use this service to:
  • Transfer money between your Principal Bank accounts
  • Transfer money between Principal Bank accounts and your accounts at other financial institutions
  • Send money to family and friends
  • Make your Principal Bank loan payment
How long to complete a transfer?
  • Transfers between Principal Bank accounts are completed in real time
  • Transfers between your Principal Bank account and accounts at other financial institutions are completed in 3 business days
Which Principal Bank accounts can I use?

Checking, savings, money market, loan (incoming, for your monthly Principal Bank loan payment)

Additionally, you can do the following between Principal Bank accounts:

  • Transfer from your Principal Bank HELOC to another Principal Bank deposit account
  • Transfer from your Principal Bank HSA to another Principal Bank deposit account
Dollar amounts allowed:

Inbound transfers:
Monthly[1] - $5,000
Daily - $2,500

Outbound transfers:
Monthly[1] - $25,000
Daily - $15,000

Recurring transfers available? Yes
Cost:
  • Free for inbound transfers and transfers between Principal Bank accounts
  • $3-$11 for outbound transfers
Method: Online
Anything else I need to know?
  • You must be enrolled in online banking to use Money Movement
  • To transfer money to a third party, you will need the third party account number and bank routing number
[1]
Monthly (rolling 30-day period)

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Service Wire Transfers:
Use this service to: Send money quickly to a family member, friend, or other third party
How long to complete a transfer? Same day if placed Monday-Friday by 3:30 pm (Central time)
Which Principal Bank accounts can I use?

Checking, savings, money market, line of credit, IRA[2], IDA, CD, HSA

Dollar amounts allowed: Limited to available account balance
Recurring transfers available? No
Cost:

$20 domestic + sales tax

$40 foreign + sales tax

Method: By phone (1.800.672.3343) or by mail
Anything else I need to know? Mailed or faxed signed requests are required for some transactions
[2]
IRA accounts require distribution form with original signature (faxes also accepted)

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Service: Online BillPay
Use this service to:
  • Pay your bills
  • Send payments to any individual or business
How long to complete a transfer? An interactive calendar is provided to show you the earliest date the payment can be received by the biller; you select the date the payment must be received
Which Principal Bank accounts can I use? Checking
Dollar amounts allowed: No limit; however, overdrafts are subject to NSF/OD fees and payments may be returned
Recurring transfers available? Yes
Cost: Free
Method: Online
Anything else I need to know?
  • Payments may be made electronically or by check by the BillPay processor
  • You must be enrolled in online banking to use BillPay
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Service: Automatic Clearing House (ACH)
Use this service to:
  • Set up CD interest deposits and IRA distributions to your checking or savings accounts
  • Pay your Principal Bank loan
How long to complete a transfer? 2-3 business days
Which Principal Bank accounts can I use?
  • IRA for scheduled distributions
  • CD for monthly interest payments
  • Loan account for recurring monthly payments
Dollar amounts allowed: Available account balance
Recurring transfers available? Yes
Cost: Free
Method:
  • To set up automatic loan payment with ACH for your Principal Bank loan, download the ACH authorization form from the website, complete and mail to Principal Bank
  • For IRA distributions, (an IRA Distribution form can be downloaded from the website) complete and mail to Principal Bank
  • CD interest deposits can be set up through the Contact Center (1.800.672.3343)
Anything else I need to know?
  • You may also choose to set up preauthorized ACH payments from your accounts by contacting certain companies directly (such as utilities)
  • You can set up preauthorized ACH credits to your account, such as direct deposit for your paychecks, by contacting your employer directly
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Service: Telephone Transfers
Use this service to: Transfer money between your Principal Bank accounts
How long to complete a transfer? Transfers between Principal Bank accounts are completed in real time
Which Principal Bank accounts can I use? Checking, savings, money market
Dollar amounts allowed: Limited to available account balance
Recurring transfers available? No
Cost:
  • Free if completed using Interactive Voice Response (IVR)
  • $3 if completed by Personal Banker
Method: By phone using IVR or by speaking to a Personal Banker (1.800.672.3343)
Anything else I need to know? Accounts must be enabled for telephone access and you need to have a PIN established to use the IVR
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Have a question?
Contact a bank customer service representative 7 days a week from 7 a.m. to 9 p.m. (Central Time), excluding holidays,
at 1.800.672.3343 or via e-mail.

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