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When and how are payments processed?
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What happens if my scheduled payment falls on a weekend or holiday?
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Can I use Bill Pay if I live outside the United States?
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How long is the history retained in the View Payment History section?
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How far in advance should I set up a payment to ensure it is paid on time?
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Are there minimum and maximum payment amounts?
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Can I have multiple payments to the same payee on the same day?
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Can I stop a payment?
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Who can I pay through Bill Pay?
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How many payees may I set up?
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Can I edit Payee addresses?
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How do I know if a payee will receive payments electronically or by check?
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What payment frequencies are available?
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When can you edit the dollar amount on a scheduled, recurring payment?
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Can I postdate recurring payments?
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Can I postdate a single payment?
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Are there any merchants I cannot pay through Bill Pay?
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When will the money be taken out of my account?
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What if I do not have enough money in my account?
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Can I pay with my savings account?
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Is there a fee for using Bill Pay?
When and how are payments processed?
Payments are processed once a day. They are processed at 1:00 pm eastern, noon central standard time. Payments will be posted as scheduled. Scheduled payments that fall on a weekend or holiday will post the next business day. Payments that are newly entered on a weekend will be processed the next business day.
What happens if my scheduled payment falls on a weekend or holiday?
If a scheduled payment falls on a holiday or weekend, it will be paid the previous business day.
Can I use Bill Pay if I live outside the United States?
Yes! Your Loyola Credit Union account is linked to Bill Pay, so you can use the system even if you reside outside the United States. However, the system does not allow payments to payees located outside the United States.
How long is the history retained in the View Payment History section?
Payment history for active and deleted payees is retained and viewable indefinitely.
How far in advance should I set up a payment to ensure it is paid on time?
For an electronic payment, allow 3 to 4 business days from when the payment is submitted. For a check payment, the check will be mailed on the same day the payment is submitted. Allow about 5 to 7 days for the check payment.
Are there minimum and maximum payment amounts?
Electronic payments are first validated against your current account balance, and check payments settle as any check you would write. You are limited only by the funds that are available in your account.
Can I have multiple payments to the same payee on the same day?
At this time there is nothing that checks for multiple payments for the same amounts going to the same vendor on the same day.
Can I stop a payment?
Yes. After the check is printed and mailed, payment history will show the check number for that payment. The stop payment would be added in the same manner as for a regular check written from your checkbook. Electronic payments, however, cannot be stopped once they are initiated.
Who can I pay through Bill Pay?
You can pay anyone in the United States, whether it is a person or a company. You simply set up the payee, and initiate the payment.
How many payees may I set up?
There is no limit to the number of payees you can set up.
Can I edit Payee addresses?
No. Once an address is entered, it stays with that payee. In order to change the payee address, you will need to recreate the payee with the proper address.
How do I know if a payee will receive payments electronically or by check?
Once you have set up the payee, look at the payee list screen. You will see a field that tells you if the payee is electronic or check.
What payment frequencies are available?
You can set up payments on a weekly, biweekly, semimonthly, monthly, quarterly, semiannual, or annual basis.
When can you edit the dollar amount on a scheduled, recurring payment?
You may edit the dollar amount the business day after the scheduled payment date.
Can I postdate recurring payments?
You can select a future date for payments to begin, but once you are within that schedule, payments will continue to recur.
Can I postdate a single payment?
Yes. Simply set the payment date for a valid future date.
Are there any merchants I cannot pay through Bill Pay?
No. Any merchant in the processor’s database is paid electronically. If the merchant is not in the database, they can be paid via check. When you set up a payee, you will see whether or not the merchant is in the database, so you will know if the merchant will receive electronic payments or checks.
When will the money be taken out of my account?
Electronic funds created before noon central time are debited the same day the payment is sent. If the payment is created after noon, it is sent the next business day. Check payments are debited from the account when the check is presented as payment. This can depend on when the payee deposits the check.
What if I do not have enough money in my account?
Check payments are handled the same way as a check written from your checkbook. If the funds are not in your account when the check is presented, the check will bounce and cause an NSF fee. Electronic payments are verified against your account balance prior to being sent. If the funds are not available, the payment will not be processed. You would then receive a message informing you the payment could not be sent due to insufficient funds.
Can I pay with my savings account?
Payments cannot be processed using a savings account; Bill Pay can only be used to withdraw from a checking account.
Is there a fee for using Bill Pay?
Our Bill Pay Service is FREE as long as you make a minimum of two (2) Bill Pay transations per month. If you make less than 2 payments per month, you will be charged a fee of $7 per month.