FREE Online Bill Pay — Pay your bills quickly and easily online. Make up to 45 bill payments each month through our Online Banking website. And best of all, it's FREE!
Four easy steps to begin using Bill Pay:
- Visit www.velocitycu.com and log on to your online banking account
- Click on the "Online Bill Pay" link
- Set up information for each bill payee by clicking on the "Add a Payee" button and filling in the required information
- Select whether you want to simply pay a bill once or set up an automatic recurring payment to a payee. You can also save payee information for bills that can be paid whenever you wish.
Be sure to schedule payments based on the day you want the funds debited from your account. As always, Velocity's Online Bill Pay is free to our members.
User Tips and Information
- What do I need to get started paying my bills with Velocity Credit Union Online Bill Pay
You will need your Velocity Credit Union member number, an active checking account, Internet access, a voice banking/Online Banking personal identification number (PIN), and secure Internet browser software like Internet Explorer (version 6.0 or newer with Java plug-in) or Mozilla FireFox (version 3.00 or newer). You can apply for a new checking account by contacting our Contact Center. You may request a Online Banking password by contacting Member Services at (512) 469-7119.
- What kinds of bills can I pay electronically through Online Bill Pay?
You can pay almost any kind of bill on a one-time, recurring, or automatic basis. Only payments to local, state or federal governments are excluded. You can pay retailers, credit card companies, utility companies and even local providers like your plumber, flower shop or dentist. Some of these payees will receive electronic payments from our system, others will receive a paper check in the mail.
- What does it cost to use Online Bill Pay?
Velocity's Online Bill Pay is free to our members. You can pay as many bills as you like up to the system limit of 45 different payees. However, you may incur other charges and fees subject to use of the Velocity Online Bill Pay service such as insufficient funds fees, or expediting fees. See our fee schedule for a complete list of fees and service charges.
When you enter the Online Bill Pay system and click to accept the terms of our Service Agreement, you are signing up for the service. If you wish to cancel the service, you may do so online through the "Other Services" section of the Online Bill Pay system, or you can call us to cancel.
- Do I have to have a checking account to use Online Bill Pay?
- Are there any tips I should know about when I enter information about payees?
Yes. For each company, individual or organization you want to pay using the Online Bill Pay system, you will be required to enter information regarding the payee name, address, account name, account number, telephone number, etc. It is very important that this information is accurate and complete. Incomplete or inaccurate information is one of the most common reasons why some bills might not be paid on time, even though our system originates the payment on time.
NOTE: Our system may automatically update your payment address if it locates a faster processing center. These updated addresses are verified on a continual basis to ensure your payment is directed to the appropriate processing center.
Here are some other tips that can help ensure accuracy:
- Have your bills in front of you before you begin entering payee information. The Online Bill Pay system has a time-out feature that will disconnect you if you take too long to enter the information
- Type your payee information in ALL CAPS
- Don't use dashes, parentheses, periods or commas in phone numbers or addresses
- Don't abbreviate payee names. Always enter the complete name for the payee just as shown on your bill or invoice
- If you have a non-toll free phone number for the payee, please give it. These phone numbers are sometimes more reliable than "800" numbers
- Make sure the information you enter matches your payee's billing information exactly
- Do all of my bills get paid by electronic transfer of funds to the payee?
No. Only some payees can receive funds electronically such as credit card companies, national firms or major retailers. Others must be paid by check. Velocity Credit Union's Online Bill Pay system maintains a list of those payees that can receive money by electronic transfer and automatically routes your payments to them. Currently, about 50% of the payees on our system can receive electronic funds. For other payees, our Bill Payment system prints a check that is sent to the payee by mail.
- How long after I originate a bill payment before the bill is actually paid?
In general, payments that can be paid by electronic funds transfer will be received by the payee within 2 business days. Payments that must be sent by check require up to 5 business days. Our Bill Payment system always suggests how many days to allow for a particular payment you make. It is up to you to make sure that you have allowed enough time for the payment to arrive on time.
- When are funds withdrawn from my account for Online Bill Pays?
When you use the system to pay bills, you will specify a date to process your payments (the "origination date"). This date could be today or some day in the future you designate. Your payments will be initiated on that day, or the next business day to it, and the day funds will be withdrawn from your account when payments are initiated. Payees will receive the funds 2-5 business days after they are withdrawn from your account.
- Are the payments that I make processed instantly?
No. Our systems process payments once per business day in a single "batch." So, transactions may not appear on your account history right away.
- What happens if I don't have sufficient funds in my account to pay the bills I originate?
If you have overdraft protection set up on your checking account, funds may be automatically transferred from your savings (share) account. If you do not have overdraft protection or if no funds are available, then your bills will not be paid. The Credit Union will mail you a notice when this happens and you will see a special warning notice on your computer screen the next time you sign-on to the Bill Payment program. You will also be subject to fees for insufficient funds. Therefore, it is very important for you to ensure that funds are available when needed to pay bills.
- Can I check the status of payments and payment history?
Yes. The system provides tracking of past payments for manual and automatic recurring payments.
- What kinds of receipts or documentation are provided with Online Bill Pays?
Your Online Bill Pay transactions will be available for you to review through our Online Banking or through voice banking once the payments are processed (normally on the next business day). Online Bill Pays are also itemized on your account statements each month. Each transaction carries a trace number than can be used to quickly research and verify your payments. If you like, you can also print out screens from your computer as you set up and pay bills on the Bill Payment system, but these are not official documentation for Credit Union purposes since they can be changed and edited by others.
- Am I protected against loss of funds due to errors with electronic transactions?
Your rights and responsibilities under law are outlined in the Federal Reserve Board's Regulation E which governs a variety of electronic transactions. In general, you are protected from loss providing you are responsible in reading your account statements and reporting problems or errors promptly. You were provided with a Regulation E disclosure when you opened your account with us. You may request another copy by contacting our Contact Center or by email.
- When using Electronic Bill Paying, is it necessary to wait until each screen loads completely before moving to the next step?
Yes. It is best to wait until each screen finishes downloading before moving to the next step. At times, the system will miss information and require you to input the information again if you go through the steps too fast.
- Is Online Bill Pay secure and safe to use?
Velocity Credit Union Online Banking services use state of the art, 128-bit, SSL browser encryption to secure all information transmitted between your computer and ours. No security system is 100% foolproof, but 128-bit SSL encryption makes it virtually impossible for an unauthorized person to intercept or view any of your Online Banking information. Browser encryption security is considered by some to be much safer than the traditional ways that consumers use to pay bills and exchange information such as writing checks, sending payments in the mail, handing your credit card to a stranger, carrying cash, etc. For more complete information on Internet security issues, click here.
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