HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money is available to you at any given time. This section explains generally how and when we post transactions to your account. When processing items drawn on your account, our policy is to pay them as we receive them. We commonly receive items to be processed against your account(s) multiple times per day in what are referred to as presentment files. Each presentment file received commonly contains a large amount of a specific type of item (checks, ACH transactions, or ATM/POS transactions). It is common for each of these presentment files to contain multiple items to be processed against your particular account. When multiple items are received at the same time, the items will be paid as follows: • Checks are paid in amount order, from the lowest amount to the highest amount; • ACH items in each presentment file post credits first in the order presented, then debits in amount order from the lowest amount to the highest amount (we typically receive up to four ACH presentment files per day) • ATM/POS items are paid in the order they are presented. • Transactions performed in person, such as withdrawals or checks cashed at one of our locations or a shared branch, are generally paid at the time they are performed. The order in which items are paid is important if your account does not contain sufficient available funds to pay all of the items that are presented. If an item is presented for payment and your available balance is insufficient to pay it, we may, at our discretion, automatically transfer available funds from your designated account pursuant to the Overdraft Transfer Service, pay the item pursuant to Overdraft Tolerance, or return the item (NSF). Please understand that the above information is only a general description of how certain types of transactions are posted. These practices may change, and the Credit Union specifically reserves the right to pay items in any order, as permitted by law.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. This section explains generally how and when we post transactions to your checking account.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money is available to you at any given time. This section explains generally how and when MSUFCU posts transactions to your account.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money is available to you at any given time. This section explains generally how and when we post transactions to your account.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are generally two types of transactions posted to your account: credits deposits of money) and debits (payments withdrawn from your account). It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account. These practices may change and we reserve the right to pay items in any order we choose as permitted by law.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT.
1. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money you have and how much is available to you at any given time. This section explains generally how and when we post transactions to your account.
2. We can receive credit and debit transactions in different forms at various times each business day. We reserve the right to determine the timing and order in which such transactions are posted to your account to the extent permitted by law. We determine the order in which we process and post credits and debits to your account based on a number of factors.
3. We may pay or authorize some transactions, and decline or return others, in any order we deem appropriate to the extent permitted by law. When the available balance in your account is not sufficient to cover all of the transactions presented that day, some posting orders can result in more returned items and more overdraft and returned item fees than other posting orders.
4. Some items are received by us individually and others are received in batches at various times each business day. Items that we currently receive individually include ATM withdrawals, point-of-sale (POS) transactions, and teller transactions. These individual items are generally posted to your account as they are received by us each business day. Items that we currently receive in batches include checks drawn on your account presented by other financial institutions, “on us” checks, and ACH and debit card transactions. If multiple checks are presented on any given day in a single batch, they are cleared in the order of receipt, regardless of the check number sequence. We generally post batched transactions as they are received throughout each business day (subject to certain exceptions). For non-check batched transactions we receive at the same time on a particular business day, we will generally post those non-check batched transactions from lowest dollar amount to highest dollar amount. The order in which items are posted to your account will depend on a number of factors. For example, in connection with our item posting process, we reserve the right to: (i) establish different categories of items, (ii) establish a posting order for each category of item(s), (iii) establish different posting orders for items within each category, an...
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are basically two types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each is applied to your account so that you know how much money is available to you at any given time. This section explains generally how and when we post transactions to your account. • Credits. Deposits are generally added to your account when we receive them. However, in some cases when you deposit a check, the full amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure for details regarding the timing and availability of funds from deposits. • Debits. There are several types of debit transactions. Common debit transactions are generally described below. Keep in mind that there are many ways transactions are presented for payment by merchants, and we are not necessarily in control of when transactions are received. • Checks. When you write a check, it is processed through the Federal Reserve system. We receive data files of cashed checks from the Federal Reserve each day. The checks drawn on your account are compiled from these data files and paid each day. We process the payments from low to high dollar value. • ACH Payments. We receive data files every day from the Federal Reserve with Automated Clearing House (ACH) transactions. These include, for example, automatic xxxx payments you have authorized. ACH transactions for your account are posted throughout the day in order of receipt. • PIN-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card for which a merchant may require you to enter your personal identification number (PIN) at the time of sale. They are processed through a PIN debit network. These transactions are similar to ATM withdrawal transactions because the money is usually deducted from your account immediately at the time of the transaction. However, depending on the merchant, a PIN-based transaction may not be immediately presented for payment. • Signature-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card that are processed through a signature- based network. Rather than entering a PIN, you typically sign for the purchase; however, merchants may not require your signature for certain transactions. Merchants may seek authorization for these types of transactions. The authorization request plac...
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. This section explains generally how and when we post transactions. This information may assist you with understanding how much money you have and how much may be available to you at any given time. The processing order may differ from the order you make the transactions and could also impact your Available and Total balances. Transaction Type Description and Order “Real Time” transactions Certain transactions are considered “Real Time” transactions that occur and post to your account generally when they are initiated during the course of the day. These include for example, ATM Transactions, Teller Transactions, POS Debit Card Transactions processed through the PIN network, Wire Transfers and other account transfers you initiate in the Branch, ATM, Call Center or Bethpage Online Banking. Other “Batch” Transactions Other transactions are grouped together in batches by similar transaction types, and post to your account at various times during the day. Credits in each batch post first and debits generally post in lowest to highest amount order: ⁻ ACH credits & debits (3 files processed at various times during the day). ⁻ Bethpage online bill payments, check payments and similar items. ⁻ POS transactions processed through the MasterCard network can settle throughout the day. Bank Initiated ⁻ Bank initiated fees such as overdraft or returned check fees will generally post after the transaction to which it applies for ACH and items such as checks, or at the end of the processing cycle for online banking and POS debit card transactions. ⁻ Interest posting and automatic account transfers generally post at the end of our processing day.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. We post items in the following order : (1) credits (in the order that they are received, unless subject to a hold as explained below); (2) ATM and debit card transactions (in the order received); (3) electronic transaction (“ACH”) debits (in the order the batch of debits is received, and by settlement date from lowest amount to highest amount within each batch); (4) check debits (in the order the batch of debits is received, and from lowest amount to highest amount within each batch).
(a) There are basically two types of transactions in your account: credits (adding funds to your account) or debits (subtracting funds from your account). We generally post credits before debits if they are received at the same time.
(b) Credits. ACH credits are posted on the settlement date. Check deposits are credited to your account when we receive them. However, checks may be subject to a hold; thus, your available balance may not reflect the most recent deposits to your account. For details on the availability for withdrawal of your deposits, refer to our Funds Availability Policy.
