Product Updates
Introducing Funds Verification for Online Banking and Bill Payment
July, 2008
Independent Bank announces it will introduce funds verification for online banking and bill payment customers. This process ensures payments are processed without delay. Beginning at 9 pm, July 25, 2008, funds verification will allow payments that have passed balance verification to be processed before midnight on the scheduled business day. This means that before the payment is processed, the balance of the account will be verified.
If sufficient funds are not in the account on the date payment is scheduled, the payment may be delayed, canceled or returned. It’s critical for customers to ensure that payments are made only when a sufficient balance is available in their accounts. Other important customer notes include:
- Due to possible delays in electronic or postal delivery, it’s important to allow adequate processing time. This is detailed in the Online Banking Agreement.
- Payments creating an overdraft may be subject to overdraft fees.
- Payments returned or cancelled will generate an email notification; customers must be sure to provide the bank with their most current email address.
This is just another way Independent Bank ensures that payments are sent timely and securely.
