EFFECTIVE SEPTEMBER 15, 2017
As of September 15, 2017, the Federal Reserve began processing most electronic payments, also known as ACH debits, the same day they are transacted. This change may result in payments coming out of your UTFCU accounts faster than before. This is an industry-wide change and all financial institutions are adjusting electronic payment processing times to accommodate this change.
How can you prepare for the upcoming change?
Knowing your account balance is key. Your available balance shows you how much money is available for electronic payments. View your balance online, via the UTFCU mobile app, or via the TeleTrans automated banking system at (865) 971-1971.
Take a moment to review your scheduled payments to ensure your account balance can support those payments. If you don’t already utilize overdraft protection, establish this service so that funds can automatically be transferred if needed. To learn more about overdraft protection options, visit any UTFCU branch or give us a call.
Not sure if you use ACH debits? Here are some examples:
• Automatic bill payment that use your routing and account numbers. (Utilities, insurance payments, recurring bills, etc.)
• Handwritten checks to companies that process your payment electronically.