What is Automatic Bill Pay?

• Automatic Bill Pay is the automatic transfer of funds from your checking or savings account to a company to which you authorize a payment. It is usually used for recurring bill payments.

What types of companies and organizations offer Automatic Bill Pay?

• Many companies offer Automatic Bill Pay to manage recurring payments, i.e. utilities, cable TV service, and health club dues.

Are there any other names for Automatic Bill Pay?

• Some companies may refer to this process as automatic bill payment, automatic debit, electronic bill payment, or direct debit.

Do I need a computer or Internet access to use Automatic Bill Pay?

• No. You don’t need a computer or Internet access to use Automatic Bill Pay. Once you set up Automatic Bill Pay, your bills are paid automatically – on time, every time.

Whom should I notify to cancel Automatic Bill Pay?

• You will need to call the companies that send you bills and cancel each Automatic Bill Pay with them.

How will I know the date and the amount of the payment will be deducted from my account?

• You will receive your monthly statement from the service provider showing the date and the amount the payment will be debited from your account or a scheduled payment date and a fixed amount may be established when you enroll.

Will I still get a monthly bill from the companies?

• For most monthly bills, the answer is yes. Ask your billing company this question to be sure. Some companies may send a yearly payment summary for your records. You may want to consider requesting an electronic bill copy instead.

Will Automatic Bill Pay cost me money?

• No. One of the benefits of Automatic Bill Pay is that it will save you time and money in postage, checks, and even late fees.

What if I don’t have enough money in my account when the Automatic Bill Pay is posted to my account?

• You are obligated to have the money in your account for your Automatic Bill Pay 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 may be charged a fee by OCFCU.

What if the wrong amount of money or an unauthorized debit is taken from my account?

• Problems with Automatic Bill Pay are rare and generally easy to correct. If you do encounter this problem, notify the company you paid. Your account is protected against unauthorized payments under Federal law.