|
||||||||||
 |
||||||||||
|
||||||||||
 |
Online Bill Pay Frequently Asked Questions
What is Online Bill Pay?
Online Bill Pay lets you schedule and make payments online through Online Banking.
- You can pay anyone, anytime, anywhere in the United States, from your mortgage lender to your newspaper carrier.
-
You can also set up repeating payments, such as a car payment or rent.
- You can schedule payments in advance.
How does Online Bill Pay work?
There are two basic steps involved in using Online Bill Pay to make payments:
- Set up your payees
- Schedule payments
When you first begin using the service, add the payees to whom you want to make payments, to your payee list. You only need to set up each payee once. Each time you make a payment, you just choose a payee from your payee list and enter the payment information.
How secure is my bill payment and personal information?
Online Bill Pay uses several methods to ensure that your information is secure.
- Access ID and Password: Your password is a unique identifier that only you know. As long as you don't share your Access ID and Password with anyone else, no one can sign in as you.
- SSL: Online Bill Pay uses SSL (secure sockets layer) which ensures that your connection and information are secure.
- Encryption: Online Bill Pay uses 128-bit encryption to make your information unreadable as it passes over the Internet.
Who can I pay using my Online Bill Pay service?
You can pay anyone in the United States that you would normally pay by check or automated debit, with the following exceptions:
- State and Federal tax payments
- Court-ordered payments
What is a payee?
A payee is any company, service or individual you make payments to. Payees can be billers (anyone who bills you, such as your phone company or credit card company) or individuals (such as your landlord or newspaper carrier).
Do I need to contact the payees I decide to pay using Online Bill Pay?
No, you do not need to contact your payees if you use this service. Each of your payments are sent with your payee account number and payment information, and the payees are able to credit your account appropriately.
Which of my accounts can I use to pay my bills?
You may use any consumer checking account to pay your bills.
Can I pay bills from more than one account?
Yes. Choose one of your accounts from the Online Banking screen and enter your payment information. Then choose My Portfolio and click on another account to pay bills from.
Are all my payments made electronically?
Many of your payments are made electronically while other payments are made by check. For example, some payees, such as individuals, cannot receive electronic payments, so a check is printed and sent to the payee.
How far in advanceshould I schedule my payments?
Online Bill Payment services will eliminate the time-consuming chore of writing and mailing checks, but you still need to provide enough lead time so your payments get to the payee on time.
Schedule your payments to be paid at least seven to ten business days before the actual payment due date. For example, if you have a bill due on Monday, the 15th of the month, schedule the payment's pay date as Thursday, the 4th of the month or earlier (seven business days prior to the due date on the bill). The pay date is the day the payment is scheduled to be paid. You can enter the payment instruction on or before Thursday, the 4th of the month up until 4:30 p.m. After 4:30 p.m. central time, the payment will be processed on the 5th of the month. Example of the process:
- Thursday the 4th: The money is debited from your checking account.
- Friday the 5th: Payment instructions are sent to PrincetonEcom, the company who processes the electronic payments.
- Monday the 8th: (Which is the next business day) PrincetonEcom sends the payment electronically or makes a check and puts it in the mail.
The payee will receive your payment on or around Monday, the 15th of the month.
How long does it take before a payee receives my payment?Scheduling pay dates sufficiently in advance of the due date allows enough time for the payee to receive and post the payment to your account. Although most payments will reach a payee within seven to ten days, some payees may take longer to post the payment. Whether the payment is electronic or sent by mail, payees sometimes need a minimum of two days to credit your account after receipt of the payment. As you become more familiar with an individual payee's posting habits, you can adjust your bill payment dates accordingly. It is important to note that the date you schedule a payment to be made is the date your account is debited and NOT the date the merchant will receive the payment.
**For first-time payments you may want to allow 10 - 14 business days. After checking your next month's billing statement, you will have a better feel for how many days in advance to schedule your future payments.**
If my payment date falls on a Saturday or Sunday, what should I do?
Electronic payments are not processed on Saturdays or Sundays. So, if your payment is due on Sunday, the 15th of the month, count back at least 7 business days from the previous Friday the 13th. In this example, schedule your payment to be made by Wednesday the 4th.
ow will I know what payments have been made?
Once a payment has been made, it will be clearly itemized on your checking account statement. You can view this activity online with Online Banking.
When is the money drawn from my account?
The funds for the payment are drawn from your account on the scheduled pay date. Keep in mind that you should always have funds available to cover the payment on the scheduled pay date.
What if I set up a payment and wish to stop the payment from being processed?
You will have up to 4:30 p.m. central time on the payment date in order to change your scheduled payment. Once the payment is made, you will need to discuss the matter with the payee.
To change your payment information, click on payee name, make your changes to the payment and choose "Update Payment Information".
To delete a payment, please contact our Customer Service department at (888) 294-2183 before noon central time the day the transaction is to be processed.
What happens if I set up a payment but do not have funds in my account?
Unless your Online Bill Pay account and/or linked overdraft protection plan has sufficient funds, or credit availability to pay the bill on the payment date, we will not be obligated to make a payment. Your payment will not be processed until funds are available in your account.
How do I change payment amounts?
You may change your payment up to 4:30 central time on the day your payment is scheduled to be sent. Click on your payment, change the amount then click "Update Payment Information".
Q: Should I enter my online Bill Payment in my paper check register?
A: Yes. Enter your Online Bill Payments into your check register just like you would an ATM withdrawal or a regular check.
What do I do with the remittance part of the statement that I used to mail back with my payment?
You don't need to do anything with your remittance - payees do not need that portion of your statement. All the information you provide when scheduling a payment is sufficient for the payee. If you like, you can keep the statement for your own records. Initially, you can use your bill statements to set up your payee list and to find your payee account numbers.
** IMPORTANT: If your payment remittance slip contains a bar code - we suggest you call the payee to verify the address to send payment to. Some payees using barcodes will process payments at a different location. **
What do I do if I have a problem with a payment?
If you have a problem with an electronic bill payment, you may contact our Customer Service department at 1-888-294-2183. We will research the bill payment problem on your behalf.
What happens if I need to submit proof of payment to a payee?
If you need to submit proof of payment to a payee, simply contact us at 1-888-294-2183. We will research the bill payment and get you the information you need.
How should I make my payments to The RiverBank personal or mortgage loans? Is it better to use the transfer function or bill payment option?
To expedite your payment of RiverBank loans, including mortgages, it is recommended that you use the Transfer function of Online Banking rather than making electronic bill payments.
