Factoring

Factoring

Transfer money with TruckSmarter

  • Updated

If you have already connected your banking account to TruckSmarter, you can easily move money to and from your TruckSmarter account. Specifically, you can transfer money to other depository-type accounts (checking or savings) via ACH or wire.

💡 If you have not connected your bank account to TruckSmarter, please follow the steps described here: Link your bank account to TruckSmarter.

Transfer money out of your TruckSmarter account

Transfer money into your TruckSmarter account

Understanding transfer types

Wire and Instant transfer fees

View past transactions

 

Transfer money out of your TruckSmarter account

First, navigate to the Factoring tab, the Banking menu, and then select the Send money button.

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Enter the Amount in dollars, select the account you want to send money to, and choose your Transaction type (ACH transfer or wire transfer). In the example above, we are transferring $100 out of TruckSmarter and into our personal savings account (titled Plaid Saving) via wire transfer. Please note the fees associated with wire transfers.

💰 The transfer Amount cannot exceed a total of $25,000 per day. For more information about amount limitations for transfer types, please see Transfer and ATM limits.

Make sure to review all of the details before confirming the transfer. After confirming your details, TruckSmarter will initiate the transfer of money out of your TruckSmarter account. 

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Transfer money into your TruckSmarter account

Navigate to the Factoring tab, the Banking menu, and then select the Add money button. In the example below, we are transferring $100 out of our personal checking account (titled Plaid Saving) and into our TruckSmarter account via ACH.

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After reviewing your transfer details, tap the Confirm button to initiate the transfer into your TruckSmarter account.

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Understanding transfer types

The speed of your money transfer will depend on which transfer type you select. Please note the following differences between ACH and wire:

Transfer type Time to complete Fee
ACH Deposited next business day* if requested before 4pm Eastern FREE
Wire Same day if requested before 4PM Eastern Time $15 fee
Instant Transfer** Instant 7 days a week 1.5% of transfer amount

* Business days do not include the weekend, but this can vary across banks. Some banks may receive ACH deposits on Saturday for transfers initiated the day before (Friday). For most cases, you should expect funds to finish transferring on Monday. 

** Only works to bank accounts set up in the same name as your TruckSmarter account.

 

Wire and Instant Transfer fees

There is a $15 fee for wire transfers out of your TruckSmarter Checking Account. ACH and wire transfers into TruckSmarter are free. Instant transfers are charged a 1.5% fee of the amount transferred.

ACH vs. Wire or Instant Transfer

If your transfer can wait 1-3 business days, select ACH. It's free and does not require a minimum amount of dollars to be used. Your ACH transfer should show up the next morning if requested before 4pm EST Monday through Thursday. After 4pm EST or on Fridays and the weekends the transfer can take 2-3 days to complete.

If you need your money transferred out within one business day, choose the wire transfer option. Please note that a $100 minimum is required to use wire transfers. Wire transfers requested before 4pm EST Monday through Friday should arrive the same day. If requested after 4pm EST Monday through Thursday they will arrive the following afternoon. For requests on the weekend they will arrive the following Monday afternoon.

If you need money transferred out instantly to another bank account set up in your name you can use the Instant Transfer option. Instant transfers work 24/7 for a 1.5% fee that is deducted from the transfer amount. Learn more here in the Using the Instant Transfer Option article.

Ways to minimize costs

We know sometimes waiting 1-3 days for a transfer is not an option, so here are a few ways to minimize costs.

1. Consolidate transfers

If you're transferring several times a month, consolidate some of these transfers so you're incurring fewer fees per month.

2. Use your TruckSmarter Checking Account

Keep your money in your TruckSmarter account and use your TruckSmarter Debit Card wherever Visa is accepted. Transfers into this account are 100% free.

3. ACH transfers

If possible, use ACH for free!

We hate hidden fees, and we do our best to keep you in the know. Check out our pricing page anytime for a list of all fees.

4. Understand transfer timelines

ACH will be deposited to your account the following morning if requested before 4pm EST Monday-Thursday. Wire transfers will be same day if requested before 4pm EST Monday-Friday. Be aware of the time your are requesting a transfer, so you can select the cheaper option based on how quickly you need your funds.

🚨 Some banks charge an inbound wire transfer fee. This fee is not from TruckSmarter, but rather from your banking institution. Please check with your bank for any inbound wire transfer fees they may incur.

 

View past transactions

You can review your past transactions by navigating to the Factoring tab, opening the Banking menu, and then tapping the See more button. Inflows to your TruckSmarter account will be notated with a plus (+) sign and outflows will be notated with a minus (-) sign: 

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