Fourth Quarter 2016
Electronic Payment Changes
Changes will soon be coming to how electronic
payments known as Automated Clearing House (ACH) payments are processed. An ACH payment is a form of electronic payment that allows financial institutions to transfer funds to and from other financial
institutions. Although you may not realize it, many of your everyday banking tasks utilize this service.
In the past, ACH transactions have generally only been processed once a day. Because of this, an ACH
transaction could take several business days to clear your account. For example, if you gave a merchant
permission to debit your account for a payment, the funds wouldn’t actually leave your account for one to two business days. Financial
institutions are now moving to a process called “Same Day ACH” which will cause ACH
transactions to be processed three times per day. This means ACH transactions could
be processed and funds taken from your account all within the same business day.
Community
Shred and
E-Cycle Days
ServU and Swarthout Recycling
would like to help you safely
dispose of your paper confidential
documents.* Bring up to five (5)
cartons of documents per person.
ServU and Swarthout staff will greet
you at your vehicle to help empty
the cartons. You can watch as your
documents are shredded for peace
of mind.
In the past, we have been able to deposit direct deposit funds into members accounts
one day before the actual pay date. Due to the new “Same Day ACH” process, we are
now required to post direct deposits on the actual pay date. For some members,
this may mean their direct deposits are now being posted one day later than they
were in the past.
Old electronics will also be
accepted for recycling, so clean
out your basements and closets!
Accepted items include televisions,
radios, VCRs, DVD players, cell
phones, and more.
What should you do to prepare for these changes?
• Ensure that funds are available in your account before you authorize an ACH payment or make a payment using a check. Checks could clear the same day you write them.
• Pay attention to actual pay dates for your direct deposit. This date may be
different from what you are used to in the past.
• If you have any questions, or need more information, please contact us!
This event is free to all community
members, but please consider
bringing non-perishable food items
for donation to the Food Bank of
the Southern Tier. Help us fill their
shelves before the holidays!
Pocket Your Payment
October 15th
Administrative Office in Erwin
Wouldn’t it be nice to have extra cash for holiday expenses, heating bills, or just to have fun? ServU can help! Qualifying
borrowers may SKIP their Nov. 2016, Dec. 2016 or Jan. 2017
loan payment(s) and pocket the cash! Pocket Your Payment forms will be available in any ServU office and on our website at
www.servucu.com in mid-October. Completed forms can be returned to any ServU office in person or via mail.
Pending approval. Your loan(s) will resume normal payment schedule the
following month. If you skip your loan payment(s), the term of the loan(s) may increase and interest will continue to accrue on the unpaid balance. The interest is deferred to future payments.
By skipping a payment(s) on your loan(s), the total amount you pay for finance charges on your loan(s) could be
greater than stated on your loan disclosure(s). If you purchased Guaranteed Asset Protection (GAP) for your loan,
this skip request may affect the amount paid at the time of a GAP claim. A fee of $10 per loan is a finance charge
and will be deducted from your share savings account for this service at the time this request is processed. This
offer does not apply to Visa Credit Cards, any Real Estate Loan including “PLUS” Loans or Student Loans.
Access our website at www.servucu.com
October 22nd.......Bath Office
October 29th......Hornell Office
9:00 AM to 12:00 PM
*ServU cannot be held liable for any documents
you shred that possibly should not have been
destroyed.
New Online Banking System
Did you know? Frequently Asked Questions: • You can add your ServU Visa Credit Card as an
outside account in FinanceWorks and view balances
right from online banking.
Why does online banking sometimes ask to send me an
authentication code when I log in?
If you are logging in from a new PC or device, or from a device that
the system does not recognize, you are required to go through an
enhanced authentication process called multifactor authentication.
The purpose of this process is to protect your identity and your
account by limiting who has access to your online banking
accounts. Adding this extra step provides a way to ensure that it is
really you that is logging in, and not a criminal logging in with your
credentials.
How do I prevent the system from asking me to verify my
identity every time I log in?
After you input the verification code, you have the option of
registering your computer or device by clicking the button labeled
“Yes, register my private computer.” If you are using a public
computer such as a computer at a library or your employer, you
should not register that device as a private computer.
I told the system to register my computer, why do I still get
prompted to verify my identity when I log in?
There are several reasons why this could happen:
- Your PC or device settings are set to delete history or cookies after you close out a webpage.
- Your PC or device has an anti-virus program that will delete the internet browser history and/or cookies when you close out the browser.
- You are logging into the online banking system from a new
device, or a device that you have not previously used to log into online banking.
• You can place a stop pay on a share draft directly
through online banking. When signed into your
online banking account, click on the “Additional
Services” tab and choose “Stop Payment.”
• Members have the ability to rename the accounts
within their online banking. Ex: Sally’s Checking,
Vacation Club, College Savings, etc. These
nicknames only apply to online banking. Your
accounts will show their original names on your
monthly statement. To change the names of your
accounts, click on “My Settings” then “Other
Settings” then “Rename and Hide your accounts.”
• You can hide accounts that you do not use, or do
not wish to view on your “My Accounts” page. To
change the names of your accounts, click on “My
Settings” then “Other Settings” then “Rename and
Hide your accounts.”
• With Mobile Check Deposit on the ServU Mobile
App, you can deposit checks directly to your
Savings, Share Draft Checking or Debit Card
Clearing Account.
• Bill Pay users can edit their notification email
preferences by clicking on the Bill Pay tab when
signed into online banking. They will then click the
“Edit Reminder and alert preferences” link on the
bottom right side of the page.
Scholarship Opportunities
Graduating high school seniors can apply for two great opportunies for college
funding again this year! Applications will be available in ServU offices, www.servucu.com
and in school guidance offices in mid October. Applicants must be a current ServU member.
NYS Credit Union League Scholarship
$500 or $1000 awards given to students with high academic achievements and
considerable school/community involvement. Application deadline: December 30, 2016
ServU Smart Saver Award
$500 awards are given to students demonstrating a variety of extra-curricular activities
and consistent academic performance. Application deadline: March 10, 2017
Holiday Closings
Credit Union Members can save on a variety of
services with Love My Credit Union Rewards.
www.lovemycreditunion.org
Columbus Day
Monday, October 10
Veterans Day
Friday, November 11
Thanksgiving
Thursday, November 24
Christmas
Monday, December 26 (observed)
Federally Insured by NCUA. We do business in accordance with the Federal Fair Housing Law.
ServU is an equal opportunity employer.
Christmas Club Accounts
Christmas Club Account
balances will
be transferred to
the primary
savings account on
October 12th, 2016. Let the shopping begin!