Here's how Online Bill Pay works
How much does it cost to use Bill Pay?
If Bill Pay is used at least once monthly, no fees will be assessed to your account. However, if Bill Pay is inactive during the course of a month, your account will be assessed a fee of $4.95 for each month it is inactive.
What if Online Banking goes down? Will my payments be made? Will my transfers go through?
If Online Banking and all of our backup systems were to go down, you can be comfortable that any transaction for which you had already processed, prior to the system going down, will go through. If you were in the middle of a transaction and there is some question as to whether the system has received the request, you may feel free to contact the credit union to ensure your transaction request has been accepted.
Should the payment date I give be the date the payment is actually due?
No. You need to allow seven (7) calendar lead days for the payment to reach your payee, so enter a date seven (7) days before the actual due date. Be sure to take into account that, although you can schedule a payment at any time, payments are actually sent to the payee only on business days.
How soon are the funds actually taken out of my account?
Seven (7) calendar lead days is required to process all payments. Payments that cannot be electronically submitted to a merchant are processed by check. Your account may be debited for payment seven (7) calendar days prior to the scheduled Due Date.
What happens if I don't have enough money in my account to cover a bill payment?
If your account has sufficient overdraft protection to cover the payment, we'll draw against that. Otherwise, the payment will be returned for insufficient funds.
When and how are my payments delivered and how can I ensure that my payee receives my payment on the due date?
When you schedule a payment, the payment is warehoused until it is time to process it. The time to process will vary depending on how the payment is to be made and how long it will take to get the payment to the payee. Once the system has determined that it is time to process the payment, the payment is changed to a processing status. An electronic funds transfer then processes the payment, or a check is produced and made payable to the payee. The check is then sent to the payee via regular mail. Since the system requires you to submit payment requests seven days in advance, this ensures there is sufficient lead-time to process your request and get it to the payee by the date you specify.
Why does it take a few days to process payments?
Although a number of your payees accept payments electronically, many do not. For those that do not accept electronic payments, we must send a check to that payee through the U.S. Mail. Once the payee receives it, it may also take a day or so for that payee to process the check and post it to your account. Even for electronic payments, it may take two or three days for your payment to be posted. By allowing a few days for processing and delivery, we can guarantee that your bills are paid on time.
What should I do if a payee has not posted my payment?
You need to allow a few days for your payee to process your payment. If your payee has not posted the payment to your account after a few days, notify the credit union to inquire about the status of the payment. Be sure to provide the item's reference number. The payment will then be traced and a status response will be sent to you.
How can I prove payments and transfers were made?
With each bill payment, you are given a reference number. This reference number indicates that we have received it and is used for tracking payments if a problem occurs. Payments and transfers also appear on your Register screen. Your monthly statement from your payee should also indicate the date and amount of the payment.
How will the payments be made?
We use two methods of payment: Electronic – Bill Pay sends an electronic credit to your payee or Laser Draft - a paper check is sent to your payee by mail.
Can I choose the method of payment?
No. Bill Pay will process the payment electronically if possible. If not, then an Online Check is produced. Over time, some payees who could not accept electronic payment may be able to. They will then begin being paid electronically.