Who can I pay through Online Bill Payment?
Using First Reliance online banking, you can pay anyone in the United States from the next door neighbor, to the utility company, to the bank and even a child in college across the country.
Who is a Payee?
A payee is anyone to whom you would pay a bill or send a check. The most common payees include utility companies, your landlord, mortgage company, department stores, and credit card companies. Payees also can include individuals such as the person who mows the lawn, the local grocery store, and your favorite charitable organization.
When will the money be taken out of my account?
If the Bill Pay is by paper check, allow up to 10 or more business days. If the Bill Pay is an electronic payment, the funds are debited at noon on the scheduled payment date or the next business day.
What if I do not have enough money in my account?
If the Bill Pay is by paper check, it may be paid, taking your account into the negative or it may be returned. In either case, your account will be charged the standard Non-sufficient Funds fee. If the Bill Pay is an electronic payment, the bill will not be paid until funds are available. If more than 3 business days have passed without sufficient funds, the payment is voided.
How late in the day can I enter, edit, or delete a payment?
You may add, edit or delete payments Monday through Friday (excluding holidays) up until 1:00 p.m. EST the day the payment is scheduled. Anything entered between 1:00 p.m. EST on Friday and 11:59 a.m. EST on Monday will be posted with Monday’s transactions.
What happens if I have a payment scheduled for a weekend day or a holiday?
Scheduled payments that occur over a weekend will be processed on Monday. Any new payments that are entered after 1:00 p.m. EST on Friday, scheduled for the upcoming weekend, will be processed on Monday. Holiday processing is done the business day immediately following the holiday.
Can I use First Reliance Online Banking to Make a Bill Payment from outside the U.S.?
Yes, as long as you have a bank account with First Reliance Bank and access to the Internet.
How long are the history records retained in the payment HISTORY section?
Payment History records are kept for a minimum of one year.
How far in advance should I set up a payment to insure it is paid on time?
Check payments should be scheduled at least10 business days in advance of the payment due date. Electronic payments should be made 3-5 business days in advance. You may want to set up a payment to yourself so you can see how the process works.
Are there any minimum and maximum payment amounts?
Yes. The minimum amount you may make a payment for is $0.01. There is no maximum amount for Bill Pay as long as you have collected funds in your account.
How far in advance can I schedule payments?
You may schedule payments up to 90 days in advance of the first due date. Recurring payments can have an end date of any year in the future.
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 have multiple payments to the same payee on the same day?
You can make multiple payments to the same payee as long as the payment amounts are different. For your protection, the system will not pay duplicate items in the same day.
Can I stop a payment?
Yes, but only for Bill Payments made by paper check. Bill Payments which initiate an electronic payment cannot be stopped. To stop a payment made by paper check, obtain the check number by viewing the Online Banking Bill Pay history then place a stop payment online or by visiting a local First Reliance Bank branch office.
What does the “status” field indicate on the payment HISTORY page?
- Payment Pending – The payment has been processed, but not yet sent.
- Payment Processed – The payment has been processed and sent.
- Hold – The payment has a research request on it and has not been processed.
- Stopped – You have requested the payment to be stopped. It cannot be processed again.
How many payees may I have set up?
You can set up to 99 payees through the Internet.
Can I edit vendor addresses?
No. You will have to set up a new vendor with the correct address and delete the old one.
How do I know if a merchant is electronic or check?
Once you have set up the vendor/merchant, look at the VIEW PAYEES screen to see how the payment will be sent.
Can I set up recurring payments?
Yes. You can set up recurring payments in the following frequencies:
Will the memo field that I fill out when setting up a payment be passed on to the merchant?
No. The memo field is for your personal records, however the account number that you entered when you added the payee to your Personal Payee List is printed on the check. This allows the payee to know which account to apply the payment to.
How much does Online Bill Payment cost?
Online Bill Payment is totally FREE with First Reliance Bank.
What is the difference between a transfer and a bill payment?
A transfer refers to the ability to move funds between individual accounts that are linked to you, such as savings and checking. A bill payment takes the place of writing a check.
How will I know what payments have been made?
Through the Online Banking System, you will be able to view the transaction on your screen. The payment will also appear on your monthly bank statement. Keep in mind that we only make the payments you authorize, you are in control of your account at all times.
Do I need to contact my payees to tell them I’m using Online Bill Payment?
No. Using Online Bill Payment will not change the way your payments are credited or how money is moved through your accounts.
Should I enter my Online Bill Payment transactions into my check register?
Yes. Enter your online bill payments into your check register just as you would an ATM withdrawal or a regular check payment. That way, you’ll be able to properly reconcile your checkbook with your statement each month.
Will I still have a floating period of time when my payment is posted by the payee, but the funds do not clear my account for a couple of days?
For electronic payments, the day you tell us to pay the bill, the payment will come out of your account. For bill payments by paper check, float will apply as it does with any check.
What is my Due Date?
The due date is the day your payment must be received by the payee, not including your grace period. The due date is usually located in the bill you receive in the mail from the payee.