Do
I need to have a special account to use Power Pay?
All you need to use Power Pay is a checking
account at Farmers Bank. Power Pay cannot be
tied to a savings account.
How
do I sign up for Power Pay?
Simply complete a
Power Pay application and return it to the bank or
mail it to us at P.O. Box 7980, Spencer, IA 51301-7980.
An application can be found online or you may pick one
up at the bank.
How
does Power Pay work?
Your payments are electronically transferred from your Farmers Bank account to your payee's account through the Automated Clearing House (ACH) network. If your payee is not set up for electronic transfers, a check is sent via the U.S. Mail.
What
are the advantages of using Power Pay rather
than automatic payments for recurring bills?
Power Pay provides customers with the same conveniences as the automatic system, including the ability to set up and maintain recurring monthly payments. Power Pay, however, has one great advantage over the automatic payment: you control the payment amount and date. In addition, with Power Pay you can set up the payment system from the comfort and convenience of your home or office whereas with automatic payments you must contact the creditor to establish or makes changes to an automatic payment schedule. Power Pay is also a convenient option for paying companies that do not accept automatic payments.
Are
there any special requirements to use Power Pay?
Power Pay doesn't require any special software
and is available to any NetTeller Online Banking
customer. Simply fill out and return the Power Pay Application.
Can
a business use Power Pay?
Yes. Power Pay is available to both businesses
and individuals.
When
will the money be taken out of my account?
For an ELECTRONIC PAYMENT, funds are debited the same day that the payment is sent, providing it is sent by 12:00 Noon CST. Electronic payments submitted after 12:00 Noon CST are debited the next day during bill pay processing.
CHECK payment funds are debited from the account when the check clears your account at the bank.
What
if I do not have enough money in my account?
CHECK payments are handled in the same manner as a check written out of your checkbook against an insufficient balance.
ELECTRONIC payments are verified for funds availability during processing. If the funds are available, the account that you selected for the payment will be debited and the information sent on for processing. If the funds are not available, the payment will not be processed, and you will receive a message to inform you that the payment could not be sent due to insufficient funds. Each day the payment will be resubmitted for you until either you delete the payment or the funds are in the account to make the payment.
What
happens if I have a scheduled payment that falls over a
weekend or holiday?
If a SCHEDULED payment falls on a holiday or weekend, it will be paid on the Friday BEFORE the weekend, or the last working day BEFORE the holiday.
Can
I get a copy of a canceled check?
Copies of canceled checks are provided on bank statements, and you can also view them on NetTeller. In addition, you can request a copy by contacting the bank, but there is a fee associated with this request.
How
long is history retained in the "View Payment
History" section?
Payment history for active and deleted payees is retained and viewable 18 months.
When
and how are payments processed?
Payments submitted before 2:00 AM CST Monday-Friday will be processed at 2:00 AM CST.
Payments submitted between 2:00 AM CST and Noon CST will be processed at Noon CST.
Payments received after Noon CST on Monday-Thursday will be processed the next business day. Payments received after Noon CST on Friday will be processed the next business day.
All payments scheduled to go on a weekend or a holiday will be processed on the processing day before the weekend or holiday. Payments entered on the weekend or a holiday will be processed on the next business day
How
far in advance should I set up a payment to insure it is
paid on time?
For an ELECTRONIC PAYMENT, allow 3 business days from when the payment is submitted. For a CHECK payment, the check will be in the mail on the same day the payment is submitted if it is submitted before the 2:00 AM. processing. If the check payment is entered before 12:00 Noon CST, the check will be mailed the following morning. Allow 5 to 7 business days for a check payment. Please note that we have no control over the U.S. Postal Service.
How
do I know if a payee is electronic or check?
Once you have set up the payee, then you can look at the PAYEE LIST screen, and you will see a field that will tell you if the payee is electronic or check
Are
there minimum and maximum payment amounts?
Electronic payments are validated against the available account balance prior to processing, and check payments settle against your account like any other check; therefore, there is no dollar limitation on payments made through Power Pay. You are limited only by the amount of funds in your account.
Can
I postdate a single payment?
Yes, just set the payment date for any date in the
future. Single payments are actually set up into two
categories: current and future payments, which allow the
user to schedule payments in the future or for the
current date.
Can
I postdate recurring payments?
If a monthly recurring payment is set up to be paid on
the 15th and the current date is November 12th, a
payment will be scheduled for the month of November and
set up to occur the 15th of every month until the end
date is reached. However, if the payment is set to be
paid on the 15th and the current date is November 16th
the first payment will occur on December 15th.
Can
I stop a payment?
Only check payments can be stopped after the check is printed and mailed, payment history will show the check number for that payment. The stop payment would be added in the same manner as for a regular check written out of your checkbook.
What
payment frequencies are available?
You can set up payments in any of the following
frequencies.
- One
Time
- Weekly
- Bi-weekly
- Semi-monthly
- Monthly
- Quarterly
- Semi-annually
- Annually
How
many payees may I have set up?
There is no limit to the number of payees you can set up
through Power Pay. |
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