Transfers allow you to move money between accounts in your buisness group. By defining access to features, accounts, and transactions, the business can control or restrict users' transactions. It also allows the business to set up an approval system that mirrors the account set-up on “two to sign” accounts.
There are two types of transfers that you can do through online banking: transfers between accounts in the Business Group and Inter-Member Transfers. Inter-Member Transfers allow a business to send money out to another Meridian account that is not within the related accounts of the Business Group. This could be the personal account of an employee (for small payrolls), or the account of a service provider, and so on. The receiving account must be a Meridian account. All transfers can be set to take place immediately, at a later date, or on an recurring basis.
Transfers Between Business Group Accounts
To transfer money:
If further approvals are required on the transfers that you place, advise the Business’ transfer approver that they must sign in to approve the transfer. Once all necessary approvals have been registered, a confirmation receipt will be presented. Only then is the transfer completed.