E-Pay Processing Change
Effective May 16, 2006
Beginning Tuesday, May 16, there will be a change in the timing of e-pay
payment funds being debited/withdrawn from member accounts. Payment
funds will now be automatically debited from member accounts on the next business
day vs. same day. This change only affects when funds are debited
from your account, not the processing of your payments - your
scheduled payments will continue to be processed same day and merchants will
still receive their payment within 2 business days for electronic, 5 business
days for paper. To help ensure minimal confusion, we encourage you to review
the following Q&A. As always, feel free to contact us by phone or email
should you have further questions.
Frequently Asked Questions
I scheduled a payment for today. In the past, it was debited from my account by 2 p.m. that same business day. I don’t see it posting today and it’s already 4 pm. Should
I set it up again?
No. The merchant or payee payment will be processed tonight, but the money will be debited from your account the next business morning. In the case of payments scheduled on Friday, your account will be
debited on Monday morning. Your merchant will still receive their payment
timely but your account will not be drafted until the next Business day. (Example: payment scheduled to pay Duke Power on 5/17/06 for $100 will appear on 5/18/06 as ACH Withdrawal PPD/Duke Power/ Electronic pmt.)
What if I didn’t wait for the money to come out of my account the next business day and I authorized ANOTHER payment to come out tomorrow. What
can I do?
You can return to E-pay and cancel the future-dated duplicate payment before 2 pm OR if the payment has already been made, you can contact the merchant to get your credit balance returned.
How can I be assured the payment was sent?
Return to E-pay and check the payment history. This will show the dates and amounts for paid items. The only delay is in the funds withdrawal from your Sharonview account.
What happens if I schedule a payment on Friday
and have insufficient funds on Monday morning – will you reject
the payment?
No. Normal Overdraft Protection rules will apply. If you do not have overdraft coverage, your account will be drawn negative and a fee charged.
Will the E-payment continue to appear as “HOME BANKING PAYMENT”on
my account detail and regular statement?
No. Transactions will now appear as all other Automated
Clearing House (ACH) postings. For example: An American Express payment of $100 will show as “ACH Withdrawal” PPD/ American Express/Electronic pmt.
What if a merchant claims they have not received payment?
As before, allow 2 business days for electronic payments and 5 business days for paper remittances to be received. If it’s been longer, then return to E-pay to submit a research request.
How do I submit a research request?
Select the payment history option listed under E-pay. Pull in the payment in question. Click the detail button and the research request option will appear.
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Federally Insured by NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
