- How much does Bill Pay cost?
Southern Lakes Bill Payment product is currently being offered at no charge to our members who do 3 or more bill payments per month. Members who do less than 3 bill payments per month will be charged $5.00 per month effective March 1, 2016.
Check our current Fee Schedule for other fees that may be associated with Bill Pay.
- How do I sign up for Bill Pay?
Go to the Southern Lakes website at www.southernlakescu.org and if you are already an online banking member-you can go to the page labeled Online Services. Click on the option: Apply for SLCU Bill Payment. Click on "I agree" after you've read the disclosure and fill in the information on the form. Submit the application and you'll be notified at the e-mail address you provided when the product has been activated on your account.
If you are not yet an online banking member-you will need to click on the option: Apply for SLCU online. Click on "I agree" after you've read the disclosure, fill out the online application. When you have completed your SLCU online signup you will need to click on the option: Apply for SLCU Bill Payment. Click on "I agree" after you've read the disclosure and fill in the information on the form. Submit the applications and you will be notified when it is all complete.
- How do I login to Bill Pay?
The Bill Pay product is incorporated into the online banking product. You will sign in to online banking with the ID and initial password provided by the Credit Union. You will be prompted to change your password the first time you login. You will see the Bill Payment menu as soon as you are logged in fully to the online product.
- Who can I pay with Bill Pay?
You can pay virtually ANYONE in the United States with the Bill Pay product. If they can't accept payments electronically you can schedule a check to be mailed to pay that bill.
- Are there any bills I can't pay with Bill Pay?
Yes, you can not pay Child Support, Collection agencies or any Government agencies, such as the I.R.S. with the Bill Pay product. Payments may not be remitted to security companies such as Ameritrade for stock purchases. Payments may not be sent outside of the United States.
- When does the money come out of my account?
Bill Payment requests made prior to 12:00 noon on Mon-Fri will be taken from your account the same day. Bill Payment requests made after noon Mon-Thu will be taken from your account the next day. Bill Payment requests made after noon on Fri will be taken from your account on Mon.
- What happens if I don't have enough money in my account?
Bill Pay will look at your overdraft accounts and do transfers if available. If you have Member Privilege-Bill Pay will attempt to process the payment using that service if the funds are available. You will be responsible for any fees associated with the transfer or the use of Member Privilege, if applicable. The Bill Pay system will keep trying to pay the payee until one of the following occurs: 1) The money is available to make the payment 2) The payment is canceled by the member 3) The payment date expires. (if the member set an expire date on the payment when initially created)
- Can I get a copy of a cancelled check done using Bill Pay?
Yes. Please call the credit union at 262-694-1600. You will need to provide information about the transaction and your online banking ID number. There may be a fee associated with the request. Please see the current Fee Schedule for check copy fees in effect.
- How long is the history kept in the Bill Pay VIEW PAYMENT HISTORY section?
The current history retention is 18 months.
- When and how are payments processed?
SLCU will process payments on the business day (generally Monday through Friday, except holidays) you designate the payment is to be processed, provided the payment request is received prior to the cut-off time set by SLCU which is currently 12:00 noon CST. Bill payment requests received after the business day cut off time or at any time on a non-business day will be processed on the next business day. SLCU reserves its right to change the cut-off time by giving you notice of a change.
- How far in advance should I set up a payment to make sure it's paid on time?
You must allow all at least five (5) business days, prior to the due date, for each bill payment to reach the payee. It is the responsibility of the member to activate recurring payments. It is our recommendation that additional days be allowed for payments traveling more than four (4) states away.
Some Payees are not set up to accept electronic payments. In these cases, a check will be sent by mail. Please allow seven (7) to ten (10) business days for a check to be delivered to the payee.
- Are there any minimum or maximum payment amounts?
Minimum payment must be .01. Maximum is limited by the funds available in your account.
- How late in the day can I edit or delete a payment?
Any Bill Payment can be edited or deleted provided you access the Service prior to the cut-off time on the business day prior to the business day the Bill Payment is going to be initiated. It is your responsibility to check your online banking account to verify payments were processed and not rejected.
- Can I stop a payment?
Bill Payments submitted by electronic transfer can not be stopped once they have been processed and deducted from your account. However, it may be possible to place a stop payment on a Bill Payment made by check if the check has not cleared on your account. Contact SLCU with your request. If we are unable to stop a Bill Payment, you must resolve any disputes directly with the payee.
- What payment frequencies are available?
The available frequencies are: One-Time, Weekly, Bi-Weekly, Monthly, Semi-Monthly, Quarterly, Annually, and Semi-Annually.
- How many Payees may I set up?
There is currently no limit to the number of payees you may set up to pay.
- Can I have multiple payments to the same payee in the same day?
- Can I edit the payee addresses?
No. You must delete the payee with the incorrect address and set it up as a new payee with the new address information.
- How do I know if the payment is done electronically or by check?
You can look at the VIEW PAYEE LIST and you will see whether the payee type is Electronic or Check.
- Will the memo field that I fill out when setting up the payment be passed on to the payee?
The memo field will only be passed on to those payees that are receiving a check payment. It is not passed on to those receiving electronic payments.