Posting Order

Whitefish Credit Union's electronic payment procedures

Payment Order of Items:

The law permits us to pay items (such as electronic payments and automated money transfers) drawn on your account in any order. To assist you in managing your account with us, we are providing you with the following information regarding how we process the items drawn on your account. The order in which items are paid is important if there is not enough money in your account to pay all the items that are presented, and it may affect the total fees assessed to your account. 

All deposits, except deposits for interest earned on the account, are posted before any account withdrawals are posted.  Account withdrawals are posted in the order they are received, regardless of payment type or amount, at the time the batch posting file is processed.

No policy is favorable in every instance. If an item is presented without sufficient available funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed on our fee schedule. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or conducting transactions without sufficient available funds and incurring the resulting fees. A fee will be imposed for overdrafts created by checks, ACH, Point-of-Sale, ATM withdrawals, in-person withdrawals, or by other electronic means.

 

ACH Transactions:

To ensure an ACH DEBIT or ACH CREDIT posts to your account correctly, you are required to provide the merchant/payroll company/business with your proper ACH Account Number and the Whitefish Credit Union routing number.

Whitefish Credit Union Routing Number: 292178012

Your ACH Account Number is your Whitefish Credit Union Account Number followed by the four-digit share suffix. This information is found on your account statement. If your share suffix is less than four digits then you must add leading zeros.

 

Example

Whitefish Credit Union Account Number: 54321

Checking Account Share Suffix: 10

ACH Account Number: 543210010

 

Common Share Suffixes

Regular Share Savings: 0000

Checking Account: 0010

Secondary Sub-Savings: 0002

Secondary Checking: 0012

 

ACH Transaction Processing:

If a member fails to provide the correct ACH Account Number to the vendor for processing, Whitefish Credit Union will make every reasonable attempt to process the transaction on the correct account. If ACH Account Number does not include a four-digit account suffix, or if the ACH Account Number is inaccurate, Whitefish Credit Union will process the transaction in the Regular Share Savings account unless the following conditions are present:

Members with at least one checking account

All ACH Debits will be posted to the primary checking account.

All ACH Credits will be posted to the primary share savings account.

Members with more than one savings account and without a checking account

All transactions will be posted to the primary share savings account.

Whitefish Credit Union reserves the right to delay or reject an ACH transaction due to receiving an incorrect ACH Account Number.

 

Regulation D:

Regulation D is a Federal Reserve regulation that sets out requirements for financial institutions in the United States. It is more familiar to the public as the regulation that limits monthly withdrawals from a savings account.

Regulation D states that no more than six such transactions per statement period may be made from an account by various "convenient" methods, which include electronic checks, debit card payments, and automatic transactions such as ACH transfers or electronic bill payment. The regulation does not limit transactions made in person, at an ATM, by mail, or by telephone request for a mailed cashier’s check.

 

Regulation D & ACH Processing:

If you exceed your Regulation D withdrawal limit in a Share Savings Account, and if you have a Checking Account on the same account with sufficient available balance, Whitefish Credit Union may pay the ACH debit from your Checking Account.

 

Right of Offset:

Whitefish Credit Union holds the right to transfer funds from one share to another share on the same account if an electronic item is paid and that payment leaves the share in an overdrawn status.

 

Available Balance:

Your checking account has two kinds of balances: the actual balance and the available balance. The actual balance is the amount of money that is actually in your account at any given time. It reflects transactions that have posted to your account, but it does not include transactions that have been authorized and are pending. Your available balance is the amount of money in your account that is available to you to use without overdrawing your account.

The available balance takes into account holds placed on deposits and pending transactions (such as pending debit card purchases) that have been authorized but that have not yet posted to your account. We use your available balance to determine whether sufficient funds are available when transactions attempt to clear the account and for determining whether to charge an overdraft or NSF fee.

Importantly, you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. While your available balance reflects holds on deposits and pending transactions, it may not reflect outstanding electronic checks and automatic bill payments (or other outstanding transactions) that you have authorized but that have not yet posted to your account. Be aware that holds placed on your account for pending electronic transactions, such as hotel or rental car deposits, reduce your available balance and may cause your account to become overdrawn.