ACH Frequently Asked Questions
ACH Direct Payment Frequently Asked Questions
Provide Trinity with written authorization to collect money from your account for the amount of the payment. You may also be asked to provide a voided check to verify your financial institution routing number and your account number information. Trinity will provide you with an authorization form for you to sign and return. NOTE: You should keep a copy of the written authorization for your records.
Generally, no. Over 13,000 financial institutions in the United States are members of the ACH network; a very small number of institutions are unable to participate in ACH transactions.
On the predetermined due date, Trinity will instruct your financial institution to deduct the amount due from your account. Your financial institution then withdraws that amount and forwards it electronically to Trinity for credit to its account.
The payment will be shown on your monthly account statement from your financial institution. The statement will indicate the payment date, the amount, and that Trinity received the payment.
If the payment amount varies each billing period, Trinity must mail you a written payment notice at least ten calendar days before the scheduled payment date.
Contact Trinity immediately, to verify the amount.
Yes. Simply notify your financial institution, either orally or in writing, up to three business days before the scheduled payment date. If you call your financial institution, you may also be required to provide a written request within 14 days. Some financial institutions may charge a fee for each stop payment. As a courtesy, you may also want to inform Trinity that you are stopping a payment. Keep in mind this only stops one payment. If you want to revoke your authorization for all future payments, you need to contact Trinity in writing. If a payment is still deducted automatically from your account, contact your financial institution.
The steps required to discontinue Direct Payment should be disclosed in the initial authorization form that you sign. You need only follow these instructions if you no longer want to pay your bills with Direct Payment. In general, revocation notices should be submitted at least one billing cycle prior to the desired date of termination.
Notify your financial institution immediately. You have up to 60 days from your account statement date to notify your financial institution in person, by telephone, or in writing of an unauthorized payment or an incorrect payment amount. If you notify your financial institution in person or by telephone, you may also be required to provide written confirmation within ten business days to investigate and resolve a matter; the financial institution must credit the amount in question to your account during the investigation.
No. Only the information on the authorization form you signed to begin Direct Payment is available to Trinity. Trinity does not have access to your account balance or any other information about you that is maintained by your financial institution.
Trinity needs a check to obtain accurate information regarding the financial institution and customer account number in order to collect the payment electronically.
Trinity provides two payment deduction dates. They are listed on the authorization form.
It depends on the date Trinity receives your authorization and where your account is in the billing cycle. You can call Trinity for a precise answer for your account.
If you want to continue to participate in Trinity’s Direct Payment program, you should provide Trinity with information about your new account. When you open an account at a new financial institution, the financial institution should be advised that there are one or more Direct Payment relationships in existence.
If the amount of the bill varies monthly, Trinity must mail you a written payment notice at least ten calendar days before the scheduled payment date. This should give you plenty of time to make a deposit or notify the company that they should not charge your account. If a charge goes through and funds on deposit are insufficient, the charge will be returned to Trinity just like a returned check, and Trinity will employ normal collection efforts.
Most financial institutions, including credit unions and savings and loans, can participate in this program. To verify that your financial institution is participating in the Automated Clearing House (ACH) and can accept your Direct Payment transaction, call a customer service representative at your institution.
Depending on the particular company, you can specify your checking or savings account at any bank, savings and loan, or credit union that offers Direct Payment. Call a customer service representative at your financial institution to verify which of your accounts is eligible for Direct Payment transactions.
Variable payment amounts can be deducted with Direct Payment. For example, utility bills often vary each month, yet most companies are capable of offering Direct Payment. Trinity will simply mail you a billing statement, ten days in advance, of the amount that will be deducted from your account to cover that particular month’s bill.
The best way to maintain the confidentiality of transactions from a joint account holder is to open another single account. A Direct Payment can be deducted from any checking account that the consumer authorizes.
Trinity College of the Bible and Theological Seminary Privacy Policy Please be advised that all information given to Trinity is kept confidential to the utmost efforts. The only reason Trinity would give your name and address to someone would be for collection efforts through the Trinity Abetment Department. In no way will your personal information be sold or given to another entity. We are held by the federal government’s rules and regulations of the amended Family Education Rights and Privacy Act (FERPA) of 1974. The rules and regulations of the Department of Health, Education and Welfare, Privacy of Parents and Students, provide students with certain rights regarding education records.
