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. 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 for further 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 checks 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 the order of receipt in the data file. • 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 places a hold on funds in your account when the authorization is completed. The “authorization hold” will reduce your available balance by the amount authorized but will not affect your actual balance. The transaction is subsequently processed by the merchant and submitted to us ...
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. This section explains generally how and when we post transactions to your checking account.
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. In general, there are two types of transactions that affect your account: credits (deposits into your account) and debits (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.
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 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 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. Most deposits are added to your account when we receive them. Credits to the account may include deposits such as cash, checks, ACH, and remittances. In some cases, deposited funds may not be made immediately available for use. Thus, the available balance may not reflect the most recent deposits into the account. For details on the availability of funds, see the Truth in Savings and Funds Availability Disclosure. • Debits. There are several types of debit transactions. The most frequent types of debit transactions are described generally below. Keep in mind that there are many ways transactions are presented for posting to your account and we are not necessarily in control of when transactions are received. • Checks. Most checks are processed through the Federal Reserve System. We receive data files of cashed checks from the Federal Reserve each business day. The checks drawn on your account are compiled from these data files and posted to your account each business day. We process these payments from low to high dollar value. • ACH Payments. We receive and process multiple data files throughout each business day from the Federal Reserve including ACH transactions. These also include automatic bill payments you have signed up for. Each file we receive is processed separately during each business day. Within each ACH data file, ACH debit transactions for your account are grouped together and posted in low to high dollar value. • Point of Sale (POS) Debit Card PIN Transactions. These are transactions in which you use your debit card to make a purchase and you enter your personal identification number (PIN) at the time of the sale. These types of debit card purchases are similar to ATM withdrawals because money is usually deducted from your account immediately (reducing your balance and your available balance) at the time of the transaction. However, some POS PIN transactions are not presented for payment immediately; it depends on the merchant. • Point of Sale (POS) Signature Debit Card Transactions. These are transactions in which you make a purchase with your debit card and you may be asked...
HOW TRANSACTIONS ARE POSTED TO YOUR ACCOUNT. There are basically two types of transactions in your account: credits (deposits of money into your account), and debits (payments out of or money withdrawn from 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. 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. 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. Credits. Most deposits are added to your account immediately when we receive them. The first $200 from a deposit of checks will be available on the first business day after the day of deposit. The remaining funds will be available on the second business day after the day of deposit. There may be extended holds on checks over $5,000. Thus, your available balance may not reflect the most recent deposits to your account. For details on the availability for withdrawal of your deposits, see the Truth in Savings Act Disclosure. Debits. There are several types of debit transactions. Each type of debit transaction is described generally below. Keep in mind that there are many ways transactions are presented for payment by merchants, and Mission Fed is not always in control of when transactions are received.
