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Wires Consumer FAQs

A wire transfer is a method of electronic funds transferred from one person or entity to another. Domestic and International wire transfers will be processed through Interra’s dedicated correspondent bank and further routed through the Federal Reserve.

The exchange rate is determined by the correspondent bank at the time the wire is entered and is valid for 15 minutes.

Society for Worldwide Interbank Financial Telecommunications (SWIFT) and Bank Identifier Codes (BIC) are used to locate and identify financial institutions primarily overseas.

An International Bank Account Number (IBAN) is a series of alphanumeric characters that uniquely identify an account held predominately by banks in Eurozone countries. Clave Bancaria Esandarizada (CLABE) is a standard 18-digit number for bank accounts in Mexico.

You can obtain any of these numbers by asking the intended payee for wiring instructions.

Call Interra at 574.534.2506  to cancel your transaction. If the wire transaction is still at Interra, we can cancel it with no fees assessed.

If your wire has already been processed, we can submit a reversal request to the payee's financial institution, through the dedicated correspondent bank and attempt to retrieve the funds.

Please note:

  • Reversal attempts may go unanswered. To the extent, not restricted by law, a wire transfer is irrevocable. Interra Credit Union’s sole obligation is to exercise ordinary care in processing the wire transfer, and that the credit union is not responsible for any losses or delays which occur as a result of any other party’s involvement in processing the transfer.
  • Fees may be assessed by other financial institutions if the reversal request is successful.
  • There is no set time frame for receiving a response from the payee's financial institution. Contact Interra five business days after the initial cancellation to request an update of your inquiry.

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions. This is based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.

A Wire Transfer Pre Authorization form is necessary to establish a PIN. This form can be filled out in person at any of our Interra Credit Union office locations or you may call Interra’s Contact Center at 574.534.2506 to receive the form and instructions.

Please contact Interra by phone at 574-534-2506 or 888-432-2848, and provide us with the following information:

  • Your name
  • Interra account number
  • Phone number
  • Date of wire (if applicable)
  • Amount of wire (if applicable)

Wires are processed Monday through Friday and exclude holidays.

Domestic wires are processed until 4:00 pm Eastern time.

International wires are processed until 2:00 pm Eastern time.

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Consumer Wires

Direct Deposit

Interra provides a fast, secure and convenient way to get your money where it needs to go, or where it needs to come from, through our wire transfer service.

Sending Domestic Wires

A domestic wire is a transfer of funds within the United States and territories.

Sending International Wires

Funds wired to overseas accounts can be sent in either foreign currency or U.S. dollars. Prior to initiating a transfer, it is essential that you contact the intended payee to request wire instructions. This will limit processing delays and help ensure that funds reach the intended destination.3

Contact InterraLearn More

Receiving a Wire Transfer

Funds from an incoming wire transfer may be deposited to a savings, checking or money market savings account (MMSA).

  • Download the incoming wire instructions.
  • View the fee schedule for wire fees.
  • Funds are processed upon receipt and posted to your account the same business day if received by 4:30 pm, Eastern Time. Funds received after the cutoff time will be posted the next business day.

 

If you need additional information or assistance, please contact Interra

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1In order to send a transfer by phone, you must have an established PIN. Please contact Interra Credit Union or click the Learn More button for additional information. 
2Consumer Purpose wires are only available at Interra Credit Union's Main Office, Middlebury and Elkhart - CR 17 locations. Please call ahead to ensure staff are available to process your wire request. Consumer Purpose wires cannot be processed through a beneficiary financial institution or an intermediary bank.
3International wires transfers subject to any applicable OFAC sanctions.

Equal Housing Lender ASI

Your savings insured to $250,000 per account.  By members' choice this institution is not federally insured.