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River Valley Credit Union

  1. Exactly what equipment and software do I need to access On-Line Banking?
  2. Is the Internet safe and secure for online banking?
  3. Can anyone else see my account information? Is it out in the public?
  4. What if On-Line Banking goes down? Will my payments be made, will my transfers go through?
  5. How long does it take for a payment to reach my payee?
  6. What type of accounts are included in On-Line Banking?
  7. Can I have more than one checking account linked to On-Line Banking?
  8. How current is this information?
  9. Should the payment date I give be the date the payment is actually due?
  10. How soon are the funds actually taken out of my account?
  11. What happens if I don't have enough money in my account to cover a bill payment?
  12. When and how are my payments delivered and how can I ensure that my payee receives my payment on the due date?
  13. Why does it take a few days to process payments?
  14. What should I do if a payee has not posted my payment?
  15. How can I prove payments and transfers were made?
  16. Will I be charged the monthly service fee even if I don't make any payments?
  17. How will the payments be made?
  18. Can I choose the method of payment?
  19. Does On-Line Banking work with other accounting software (i.e., Quicken®, Quickbooks®)?

 

Question #1
Exactly what equipment and software do I need to access On-Line Banking?

Answer:
You'll need an Internet service provider and Browser software which supports Secure Sockets Layer (i.e. IE 8 and higher non-compatibility, Firefox 14 and higher, Safari 5, Chrome 20 and higher. The latest browser version is recommended).


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Question #2
Is the Internet safe and secure for online banking?

Answer:
Yes. This is a common concern with banking and commerce on the Internet. Data on the Internet is safeguarded by encryption as it moves between systems. Data residing on a system can only be accessed by using an authorized sign-on ID and Password.

Any kind of breach in the security of our systems would be a serious business issue for the bank. Our success depends on our ability to manage these systems safely and to continue to earn your trust as our member. Please be assured that we will take every measure possible to protect the financial information and resources you have entrusted to us.

You can help safeguard your information and the credit union systems by protecting your Sign-On ID and Password. A proper combination of your Sign-On ID and Password is the only way to get access into your account. Please be careful to keep this information secure.


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Question #3
Can anyone else see my account information?

Answer:
Your online account information is available through access methods which have been rigorously tested for their secure access. The information is not public. Only you can access it using your Sign-On ID and Password.


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Question #4
What if On-Line Banking goes down? Will my payments be made, will my transfers go through?

Answer:
If On-Line Banking and all of our back up systems were to go down, you can be comfortable that any transaction for which you had already processed, prior to the system going down, will go through. If you were in the middle of a transaction and there is some question as to whether the system has received the request, you may feel free to contact the credit union to ensure your transaction request has been accepted.


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Question #5
How long does it take for a payment to reach my payee?

Answer:
Each payment made by On-Line Banking will be processed either by check or by electronic funds transfer. It will usually take approximately two business days for the payment to reach your payee, always refer to the approximate arrival date referenced when you set your payment up. Payments made by check, however, will be delivered via the postal service. Delivery could take several days depending on where the payment is to be sent. The safest thing is to always schedule your payments at least seven business days ahead of the date they are due. This will ensure that the payment will be made and processed in time.


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Question #6
What type of accounts are included in On-Line Banking?

Answer:
You can access the following types of accounts:
  • Checking
  • Savings
  • Loan
  • CD's/Investment


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Question #7
Can I have more than one checking account linked to On-Line Banking?

Answer:
Yes. You can link all of your checking accounts to On-Line Banking.


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Question #8
How current is this information?

Answer:
Each time you log into your account using your member number as your Sign On ID, your balances will be updated.   


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Question #9
Should the payment date I give be the date the payment is actually due?

Answer:
No, the process date you choose will be the date that the funds will be withdrawn from your account and it will indicate the approximate arrival date of your payment.


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Question #10
How soon are the funds actually taken out of my account?

Answer:
The funds will be withdrawn from your account on the process date that you choose when you set up your payment.  


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Question #11
What happens if I don't have enough money in my account to cover a bill payment?

Answer:
If your account has sufficient overdraft protection or Overdraft Privilege to cover the payment, we'll draw against that (and any applicable fee will be charged). Otherwise, the payment will be rejected for insufficient funds (and any applicable fees will be charged).


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Question #12
When and how are my payments delivered and how can I ensure that my payee receives my payment on the due date?

Answer:
It depends on how your payee is set up to receive payments.  It they are set up to receive electronic payments it will usually take 2 business days for them to receive your payment.  If they are not set up to receive electronic payments your payment will be sent by check through the US Postal service and will usually take 5 business days.  You will be made aware of the estimated arrival date when you set your payment up.    


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Question #13
Why does it take a few days to process payments?

Answer:
Although a number of your payees accept payments electronically, many do not. For those that do not accept electronic payments, we must send a check to that payee through the U.S. Mail. Once it is received by the payee, it may also take a day or so for that payee to process the check and post it to your account. Even for electronic payments, it may take two or three days for your payment to be posted. By allowing a few days for processing and delivery, we can guarantee that your bills are paid on time.


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Question #14
What should I do if a payee has not posted my payment?

Answer:
You need to allow a few days for your payee to process your payment. If your payee has not posted the payment to your account after a few days, send an online message to the Bill Payment Desk to inquire about the status of the payment. Be sure to provide the item's reference number. The reference number is displayed on the Pay Bills screen under the "Ref #" column. The payment will then be traced and a status response will be sent to you.


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Question #15
How can I prove payments and transfers were made?

Answer:
With each payment and transfer, you are given a reference number so you know we received it. In addition, payments and transfers will appear on your transaction register so you can see they posted. You'll also continue to receive your monthly statement in the mail from your payee.


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Question #16
Will I be charged the monthly service fee even if I don't make any payments?

Answer: 

You will only be charged the monthly fee if you do not make a payment during a 30 day period.

  
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Question #17
How will the payments be made?

Answer:
We use two methods of payment:
  • Electronic - On-Line Banking sends an electronic credit to your payee and electronically debits your checking account the date you schedule as the 

    process date.

  • Laser Draft - will send a paper check to your payee and the funds will be withdrawn from your account on the date you schedule as the process date.


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Question #18:
Can I choose the method of payment?

Answer:
No. On-Line Banking will process the payment electronically if possible. If not, then an Online Check is produced. Over time, some payees which could not accept electronic payment may be able to. They will then begin being paid electronically.


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Question #19
Does On-Line Banking work with other accounting software (i.e., Quicken®, Quickbooks®)?

Answer:
On-Line Banking was designed to be compatible with these popular software products. You can access the export capability from the Reports screen.