Electronic vs Check Payments
BNC’s WealthManager Bill Pay is unique in the fact that it can create check or electronic payments. As more and more customers are using the bill pay product we thought it would be pertinent to discuss the difference in the two types for our customers.
CHECK PAYMENTS:
Check payments can be sent to anyone. They are an actual physical check
that clears your checking account. You will have an image of the check to
view each month.
A check payment is cut and put in the mail the day you submit it. (Monday thru Friday by 11 a.m. CST) You must allow at least 5 –7 business days mail time to make sure your payment arrives on time to the vendor.
Check payments do not debit your account until the day the check clears. You can put stop pays on the payment just like a regular check. The check can cause your account to become overdrawn and will be subject to the same penalty fee.
ELECTRONIC
PAYMENTS:
Our system will allow electronic payments to certain vendors. To
see if your payee qualifies for electronic payment you will need to use
the “Search Electronic Payee List” feature when you initially set
up your payees.
If the payee is not listed then you will have to send a check payment.
An electronic payment debits your account the day you submit it and credits the vendor in 2-3 business days. If the funds are not available when it tries to debit your account it will not go. The system will keep trying to draw the funds until they become available each day. There is no penalty fee for this.
Once an electronic payment is submitted you cannot put a stop pay on it. If the payment is returned you will be notified the next day by the online banking specialist. Electronic payments can be returned by the vendor at any time. Some common reasons for returns are invalid account number, invalid length of account number, or no account.
QUESTIONS?
Contact our Online Banking Support at...
701-250-3017
(Bismarck, ND)
toll free 1-800-BNC-BANK
or click here
to send a secure email
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