OCM Domestic Wires

Follow these instructions to create and initiate domestic wires from Middletown Valley Bank. 

 

Download Wire User Guide

Wires

Use this submenu to view, transmit, create, edit, and delete wires based on the user wire authorities assigned.

• Creating a One-Time Wire or Wire Template
  1. Navigate to Wires.
  2. Select Create wire.
  3. Enter the Wire name.
  4. Select Select account, and then select the associated account. You can search for accounts by account name, the last four digits of the account, or the available funds in the account.
  5. Select Add recipient.
  6. In Recipient name, enter the name of the person or business you are transferring funds to.
  7. Enter the recipient's Account number.
  8. Enter the recipient's address in the address fields within the Recipient account section.
  9. In the Receiving financial institution section, select a situation, and complete the corresponding steps.

  Using the Find institution tool

  • • Select Find institution.
    • Search for financial institutions (FIs) by institution name, routing/ABA (American Bankers Association) number, city, or state.
    • Press the Enter/Return key to display search results.
    • Select an institution from the list.

  Entering institution details manually

  • • Enter the FI's Routing/ABA number. CAUTION It is crucial that you enter the correct routing/ABA number for the wire transfer to successfully process.
    • Enter the Institution name.
    • Enter the FI's City and State.

  10. If needed, select Add intermediary institution, and then add the institution to the Intermediary financial institution section using the same steps described for adding a FI in Step 9.
  11. Select Save. Banno saves the recipient information and redirects you to the Create wire screen.
  12. Enter the amount of funds that you want to transfer in the Amount field.
  13. If needed, select Add notes to add up to four lines of notes, and then select Save. You are returned to the Create wire screen.
  14. If needed, select the Save as template check box. Use the Save as template check box to save the wire details as a template for future or recurring use. If you save a wire transfer as a template, the wire template is added to the Templates tab for the associated account on the Wires dashboard. Organization users can use the template to initiate one-time or recurring wire transfers without re-entering any details.

  If you do not save the wire as a template, the wire is moved to the History tab once it is initiated, and it cannot be edited in the future

   

• Viewing Wires

  Depending on your access to payment entitlements, you can access Wires using one of the following methods:

  1. Select Wires from the Banno main menu.
  2. Select Payments > Wires from the Banno main menu.

   

• Initiating a one-time wire
  1. Navigate to Wires.
  2. Select Account to search for and select the account associated with the wire you want to initiate.
  3. Complete one of the following.
     • Select a wire with a Ready status on the Active tab.
     • Select a wire template on the Templates tab.
  4. Review the wire details to ensure they are correct, and edit details as needed.
  5. Select Review and initiate. The Initiate wire screen appears. NOTE If you are initiating a wire from a wire template and have permission to Transmit recurring wires, a Frequency field appears. Leave the Frequency field set to Once for one-time wire transfers.
  6. Select Initiate. NOTE For wire amounts of $2.00 or more, you must complete high-risk authentication by confirming your Banno password to initiate the wire transfer.
  7. Enter your Banno password.
  8. Select Confirm password. A success screen appears to confirm that the wire has been initiated, and the process for transferring funds between financial institutions begins.
  9. Select Done.

  NOTE If you initiated a wire transfer using a template, the template is still saved on the Transfers tab, and you can reuse the template to initiate other wire transfers in the future.

• Initiating a recurring wire

  You must create a wire template before you can review and initiate a recurring wire transfer. If needed, review the steps for creating a wire template.

  1. In the navigation panel, select Wires.
  2. Select Account or the account name to search for and select the account associated with the wire template you want to initiate.
  3. Select Templates.
  4. Select a wire template from the list on the Templates tab.
  5. Review the wire details to ensure that they are correct, and edit details as needed.
  6. Select Review and initiate.
  7. From Frequency, select a reoccurring frequency for the wire transfer.
     1. Weekly
     2. Every two weeks
     3. Twice a month
     4. Monthly
     5. Every three months
     6. Every six months
     7. Annually
  8. For Schedule, select a date for the recurring wire transfers to begin.
     1. Wires with monthly or Twice a month frequencies can be set to initiate on the last processing day of the month by selecting the Last processing day check box

  Wires with monthly or Twice a month frequencies can be set to initiate on the last processing day of the month by selecting the Last processing day check box.

  9. Select Confirm.
  10. Select Ends, and then select an option.
      1. Never
      2. End on Date
  11. If you selected Ends on date, select a date, and then select Confirm.
  12. If needed, select the Save template check box. CAUTION When you select a Frequency other than Once, you must select Save template to retain the template. Selecting Save template creates a new recurring wire and retains the original template on the Templates tab. If you do not save the wire as a template, the template becomes a recurring wire, and the wire no longer displays on the Templates tab.
  13. Select Initiate. For wire amounts of $2.00 or more, you must complete high-risk authentication by confirming your Banno password to initiate the wire transfer.
  14. Enter your Banno password.
  15. Select Confirm password. A success screen appears to confirm that the wire has been initiated, and the process for transferring funds between financial institutions begins.
  16. Select Done.
• Editing a Wire or Wire Template

  Using Wires in Banno, you can edit or delete a wire with a Ready or Active status from the Wire details screen. You cannot edit or delete a wire once it has been initiated, and you cannot edit or delete wires on the History tab.

  1. Navigate to Wires.
  2. Select Account to search for and select the account associated with the wire you want to edit or delete.
  3. Complete one of the following.
     1. Select a wire with a Ready or Active status on the Active tab.
     2. ​​​​​​​​​​​​​​ Select a wire template on the Templates tab.
  4. Select a situation and follow the corresponding steps.

  Editing a wire

  • On the Wire details screen, select Edit.
  • Change the fields as needed.
  • Select Save.
  • A success message appears.
  • Select Back to return to the Wire details screen.

  Deleting a wire

  • On the Wire details screen, select Delete. A message appears asking you to confirm that you want to delete the wire.
  • Select Delete. You are redirected to the Wires dashboard, and a success message appears.

  NOTE If you delete a wire, it cannot be recovered.

• Statuses

  The Active tab displays wires that can be edited with the following statuses:

  Ready- The wire is created and Ready to review and initiate sending funds to the recipient.

  Pending - no transmit - This wire status indicates that the user is not allowed to transmit that specific wire.

  Initiated - The wire is sent and the process for transferring funds begins.

  Approval - The Approval status appears if the wire requires a second organization user's approval.

  Processed - The wired funds have been deposited into the recipient's account. In the wire details, a Transmitted date and Effective date appear:

  • Transmitted date - The date the payment is initiated for remittance to the wire recipient.
  • Effective date - The date that the recipient of a payment sees the transferred funds and the financial institutions on both sides of the transaction settle funds with one another.

  Next Day - The wire was initiated after the cut-off time. During end-of-day processing, the wire status changes to Initiated.

  Active - An Active wire is set to transmit on a future date or a recurring frequency.

  Expired - An Expired wire is a recurring wire that has passed the user-defined end date.

  Suspended - A Suspended wire is a recurring wire from an account that is no longer active.

  Denied - The financial institution declined the wire transfer.

  Problem - There is an issue with the wire transfer.