You may have read about how other financial institutions have raised fees or changed their procedures to increase fees charged on checking accounts. In fact, a recent Bankrate study shows that bank checking fees were at an all-time high in 2009.
To help our members avoid overdraft fees, here’s how Fort Knox Federal Credit Union posts
• Direct Deposit payroll and ACH* transactions are posted as soon as we receive them.
• ATM transactions are posted in real-time when the member initiates the transaction.
That means that when the member makes a cash withdrawal from an ATM, those funds are immediately deducted from the members’ account balance at the time of the transaction.
• Check card transactions are also posted in real-time and the funds are deducted when VISA sends them to us. Remember: A hold is placed on the account immediately when the transaction occurs at the retail outlet.
• Paper checks (or share drafts) received after 3:00 p.m. are posted that day and, if necessary, reposted the next day after ACH is posted. As a standard procedure, Fort Knox Federal also reposts any share drafts that have not cleared after ACH and all received payrolls are posted.
For members to have their deposits posted to their accounts as soon as possible, we suggest
taking advantage of FREE DIRECT DEPOSIT or ACH. This is an electronic transfer of funds
into members’ accounts and the funds are immediately available. For example, when your payroll check is
automatically deposited in your Fort Knox Federal account, you will have immediate access to your money.
At Fort Knox Federal, we do everything in the member’s best interest, crediting the member's account
before debiting the account.
*Automated Clearing House (ACH) is an electronic network for financial transactions in the U.S. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. If payroll or ACH transactions are received prior to the effect date, it is warehoused and posted a little after 8:00 p.m. the day before its effective date. The employer determines the effective date of pay posting.