Butterfield Online - How To: Beneficiaries and Templates
Pre-set beneficiaries and templates are
helpful for recurring transactions. This feature will save you time when funds have
to be sent to the beneficiary.
To set up a beneficiary click
“Beneficiaries” on the menu along the
left-hand side of your screen.
Click “Add New” in the Beneficiary
Maintenance screen.
Enter Beneficiary name and their e-mail
address (optional). In this example we will
use “Joe the Handyman”. Select the user
that the beneficiary will be used by, and
click “Submit”.
Information Classification: Public
The Bank of N.T. Butterfield & Son Limited | www.butterfieldgroup.com
65 Front Street, Hamilton HM 12, Bermuda Tel (441) 295 1111 | Fax (441) 292 4365
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Review the information and click
“Confirm” or “Change”.
This will take you to a ‘Status Message‘
stating the new beneficiary was created
successfully.
You may add a template now or at a later
time. Let’s add a template now.
Lets say the beneficiary, Joe the
Handyman, cuts your lawn every month
and he wants payment made to another
bank located in Bermuda.
Enter a template name, in this case “Lawn
Service”.
Select Transaction Type “Domestic Fund
Transfer” (see “Transfers” and “Wire
Transfer” in the How To section for more
details).
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Butterfield Online - How To: Beneficiaries and Templates (continued)
Enter the beneficiary’s address
and payment details. Note: You will need
to know the beneficiary’s account number
and bank name.
Click “Add” when complete.
Review and confirm or change the
information. When all is correct, select
“Confirm”.
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This will take you to a ‘Status Message‘
stating the new template was created
successfully.
Here’s a tip: You may add different
templates to a beneficiary account, for
example, creating a “Internal Transfer”
template to pay Joe in his Butterfield
account for other services such as
painting, or set up a template to pay at a
different time.
Let’s transfer funds to a beneficiary. In this
example we will use Joe the Handyman
for lawn service, previously set up (see
Beneficiaries in the How To section).
Click on “Transfers” and select “Domestic
Funds Transfer”, as Joe’s lawn service
template was set as paying “another local
bank”.
Note: Beneficiaries can have multiple
templates. You just have to select
the most appropriate type for your
transaction.
Select “Transfer to Existing Beneficiary”.
Select the beneficiary and payment
template, which in this example is “Joe
the Handyman” and “Lawn Service”. As
you can see the information automatically
fills the page from the existing beneficiary
and template.
You can modify all the information here
and select a payment schedule.
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Butterfield Online - How To: Beneficiaries and Templates (continued)
Let’s say you have taken a one-year
contract with Joe, in which you have
to pay the first day of each month for
the lawn service and elect to pay him
automatically.
Select “Standing Instruction”.
Select the Transfer Frequency. In this case
“Monthly”, first transfer date and last
transfer date respectfully.
Click “Submit”.
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Butterfield Online - How To: Beneficiaries and Templates (continued)
“Change” or “Confirm” the information.
Upon selecting “Confirm”, the standing
instruction will be initiated with
Butterfield. You may print the confirmation
page for your records.
You have now completed the process on
how to pay an existing beneficiary and set
up a standing instruction.
You can view or modify your standing
instructions in the “Standing Instructions”
section.
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