Same Day Payments Coming Soon!
As part of an effort to improve and modernize the U.S. payments system, you may have already noticed a change in the times during the day that we apply electronic Direct Deposits to your account. This change was made to help provide you with faster access to funds for same-day Direct Deposits to your account. Beginning on Friday, Sept. 15, 2017, we also will change the times that we apply certain electronic debit payments to your account1.
Many merchants and billing companies may offer you the option to make a same-day electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day. For example, if you have a bill due on the 25th of the month, the billing company might allow you to call or use its website on the morning of the 25th to make an on-time payment. Your funds will then be debited from your account on the 25th. While these types of payments won’t be reflected on your account balance as quickly as your debit card and ATM transactions, you will have access to more accurate information about your actual available account balance more frequently throughout the business day.
These electronic debits are commonly known as Direct Payment, Direct Debit, ACH Debit, Electronic Check or e-Check, and similar terms. They are different from your debit card payments and ATM transactions.
What is changing?
Currently Direct Deposits are posted multiple time per day while debit transactions are posted to accounts once per day. As of September 15, 2017, debit transactions will be processed multiple times per day.
What will I need to do?
You should always have sufficient funds in the account to cover payments you make, authorize, or initiate. Frequently review your account statements and transactions.
If you should have any questions regarding these changes, please reach out to the credit union at (920) 233-9096. We are more than happy to explain these changes to you.
63rd Annual Meeting was held March 2, 2017
Winnebago Community Credit Union, a not-for-profit financial institution with branches in Oshkosh and Neenah, held their 63rd Annual Meeting on Thursday, March 2, 2017. The Elks Club in Oshkosh hosted the event where over 100 member/owners re-elected incumbent board members Kimberly Schug and John Sheehan.
Board Chairman, Thomas Geske, gave an overview of credit union activities and accomplishments. In his speech, Geske conveyed to members the credit union experienced strong loan and asset growth in 2016 to over $92 million in assets and $74 million in loans. Winnebago Community Credit Union serves 7,100 plus members who live or work in Winnebago, Fond du Lac and Outagamie counties.