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Electronic Check Clearing on 1/31/2014

Funds are Withdrawn From Your Account Faster and Look Different in CU@home®

Things move a lot faster these days. If you write a check to make a purchase, there’s a good chance retailers will deposit your check electronically. Businesses including Walmart and Costco, and utility companies such as PNM now use electronic deposit. Each business chooses whether they will deposit checks electronically or physically.

When a business deposits your check electronically, the funds are withdrawn from your account very quickly – often the same day.

If you counted on the “float” time that it took for a check to be physically deposited, your account may become overdrawn. To avoid this issue, make sure you have enough money in your account when you write the check and until the payment clears your account.

When a check is withdrawn electronically, it also impacts how the transaction looks in CU@home Online and on your statements. Even though you wrote a check, the transaction type will say “Direct Debit (ACH)” instead of “Cleared Check.” The description of the transaction is determined by the business depositing your check and no check image will appear. SLFCU does not receive the physical check, so we are unable to create an image of it. If you need an image of a check that you have written to one of these businesses, you must contact the business directly.

If a check is deposited physically, this is what it will look like in CU@home:

 Electronic Check Clearing

If a check is deposited electronically, the transaction may look like this:

 Electronic Check Clearing

PRIVILEGE PAY CAN PREVENT OVERDRAFTS

You can set up automatic transfers from savings or a CreditLine that will protect you from overdrawing your checking account. If you do not have enough money in these accounts to cover a check, SLFCU may cover the amount with Privilege Pay. This courtesy program allows an overdraft transaction to occur if your overdraft funds have been exhausted.

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