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Frequently Asked Questions
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Convenience Services
Bill Payment Is there a charge for Automatic Bill Payment? How does the Automatic Bill Payment service work? Is there a limit on how many accounts I can set up? Can I choose the date that I want my bill payment check to be sent? If I am paid bi-weekly, can I still participate in this service? What happens to the money in the account if there are 5 payroll weeks in the month? Will my payroll deductions be deposited in my regular savings account? What if I’m not working or my Payroll deduction is not enough to fund the Bill Payment account? What if I have bills that I want you to pay but the monthly payment changes? How do I make changes to the payment information? Can I close the account at any time? Does this account earn interest? Is there a charge for Automatic Bill Payment? There is a fee of $0.75 per bill payment check. How does the Automatic Bill Payment service work? First, we start by setting up payroll deduction to a bill payment account. To calculate the amount of the payroll deduction, we take the regular payment amount, add 75 cents and divide the amount by 4. This amount is the amount that will come out of each net check and be automatically deposited in your bill payment account. Is there a limit on how many accounts I can set up? No. Can I choose the date that I want my bill payment check to be sent? We recommend that your check be prepared at least 7 days prior to the payment due date. However, if you would like us to send it sooner we can. If I am paid bi-weekly, can I still participate in this service? Yes, your payroll deduction will be completed every 2 weeks instead of weekly. Payroll deduction amounts would be calculated in a similar fashion discussed above, except the regular payment amount plus 75 cents would be divided by 2 instead of 4. What happens to the money in the account if there are 5 payroll weeks in the month? Some months have more pay periods than the 4 (or 2) used to estimate the payroll deduction. This will result in excess funds in your bill payment account. You may withdraw excess funds after the payment has been executed for that month. Will my payroll deductions be deposited in my regular savings account? No. The bill payment accounts are separate accounts from your regular savings accounts at the credit union. Payroll deduction will go into each bill payment and/or savings account. What if I’m not working or my Payroll deduction is not enough to fund the Bill Payment account? It becomes your responsibility to deposit the funds that your account is short before the disbursement date or your payment will not be mailed. A Non-Sufficient Funds letter will be sent to you. If this happens twice during a 6-month period the account will be closed and no new Automatic Bill accounts can be opened for 6 months. No. If you need to withdrawal funds for any reason and the funds are not in excess of the regular payment, the account must be closed for 6 months. No. You may keep the coupon book/statements for your records. We print your name and account number on the checks. What if I have bills that I want you to pay but the monthly payment changes? Our bill payment program requires a consistent amount. We cannot change your payment every month when you use the bill payment program. How do I make changes to the payment information? Call us if there is a change to the payee address or your account number. If the payment amount has changed, you will need to come to the credit union to adjust your weekly payroll deduction. Can I close the account at any time? Yes. Does this account earn interest? No. |
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