What are ACH Electronic Funds Transfers?

• ACH Electronic Funds Transfers are the automatic electronic transfer of funds from your checking or savings account to a financial institution to which you authorize a payment.  

Do I need a computer or Internet access to use ACH Electronic Funds Transfers?

• No.  You don’t need a computer or Internet access to use ACH Electronic Funds Transfers.  Once you set up ACH Electronic Funds Transfers, your transfers are processed automatically – on time, every time.

Whom should I notify to cancel ACH Electronic Funds Transfers?

• You will need to call the financial institution that originated the ACH Electronic Funds Transfer at least 2 business days before the transfer is scheduled to occur.

How do you set up ACH Electronic Funds Transfers?

• To make an automatic payment at another financial institution or to transfer money between accounts at the same financial institution an ACH transfer form must be filled out and given to the credit union with a copy of a voided check (if to/from another financial institution).

Where do I send the ACH Electronic Funds Transfers form?

• Send your ACH Electronic Funds Transfers form to OCFCU.  OCFCU will contact you to let you know that your request has been processed and the start date for your electronic transfers.
• email requests – customerservice@ohiocatholicfcu.com   Your email address must already be on file with OCFCU.
• fax requests – (216) 663-8610
• mail requests – 13623 Rockside Road, Garfield Hts., Ohio 44125

Is there a fee to set up ACH payments?

• There is a onetime set up fee per ACH Electronic Funds Transfers payment request. (see Fee Schedule)

Is there a fee to stop or change ACH payments?

• An ACH Stop Payment fee applies for any changes. (see Fee Schedule)

What if I don’t have enough money in my account when the ACH Electronic Funds Transfers is posted to my account?

• You are obligated to have the money in your account for your ACH Electronic Funds Transfers in the same way that you must have funds in your account if you write a check.  If you do not have enough money in your account, you will be may charged a fee by OCFCU.  (see Fee Schedule)

 Smart Money Tip – Save on postage and protect your credit score by setting up ACH Electronic Funds Transfers. 

What if the wrong amount of money is taken from my account?

• Problems with ACH Electronic Funds Transfers are rare and generally easy to correct.  If you do encounter this problem, notify the financial institution that set up ACH Electronic Funds Transfers.  Your account is protected against unauthorized payments under Federal law.

What should I do if I think an unauthorized debit has been made to my account?

• You should monitor your account on a regular basis and if you think a payment has been made in error, contact the financial institution that set up the ACH Electronic Funds Transfers and the financial institution which receives the payment.
• Your financial institution will advise you of their procedures and the specific actions that will be taken to resolve the problem.  In most cases, any error can be resolved quickly.  Your account is protected from unauthorized debit transactions by the NACHA Operating Rules and Federal Regulation E – a strong set of consumer protections.