Electronic Payments Overview
Electronic payments and transfers are fast, low-cost methods of moving funds from one person or company to another person or company. Through UltraBranch Business Edition, your business can take advantage of online ACH payments, federal tax payments, and wire transfers.
Some processes involve the use of federally-governed tools which are used by the Federal Reserve Bank and other financial institutions nation-wide. These include the Automated Clearing House (ACH), the Electronic Federal Tax Payment System (EFTPS), National Automated Clearing House Association (NACHA), and Fedwire®. NACHA requires that you obtain and maintain an annual copy of the NACHA Operating Rules.
A note about transaction timing
The federally-regulated EFTPS, ACH and Fedwire systems only operate on banking business days. So even though UltraBranch Business Edition allows you to create and save tax payments, ACH batches and wires on weekends and holidays, they will not be transmitted until the next banking business day. Therefore, all submission and receipt timings regarding such payments assume banking business days.
- An ACH is like a batch of electronic checks paid at one time to different people, who may bank at different financial institutions.
- An ACH is intended to handle multiple transfers in a single batch, which makes it ideal for payroll processing or other recurring payments.
- ACH batches are typically used for future-dated settlements.
- An ACH batch must be created and funded by the specified business account at least one full business day before the funds are required by the payee.
- It may be possible to reverse a single ACH entry and recapture funds if the reversal is completed within five days following the ACH effective date.
- Security questions are required when submitting all outgoing ACH transactions.
Bill Pay is fast, easy and secure. Make payments to anyone quickly, with one-day payment options for many companies. Bill Pay works with your Alaska USA checking account. You access it through Ultra Branch Business Edition and it's easy to set up. There is a $5.95 monthly service charge for unlimited transactions.
A Stop Payment Order is a request where a member instructs the credit union to refuse payment on an unpaid check or a pre-authorized debit which the member previously authorized.
A stop payment order may be placed on any unpaid check electronic check (preauthorized draft), or preauthorized debit (ACH) prior to the payment posting. Once a payment has posted, it cannot be "stopped". Stop Payment Orders received before 10:30 p.m. Alaska time will be effective immediately. Orders received after 10:30 p.m. may be effective the following calendar day. This Stop Payment Order will be in effect for two years. If this stop payment is for a temporary check (counter check) and you have received more than one set of temporary checks, all checks with the number you enter will be stopped.
If you placed a Stop Payment on a blank check(s) and later locate it, be sure to release the Stop Payment Order before you use it. The stop payment fee is waived on Stop Payment Orders placed through Ultra Branch Business Edition.
To stop preauthorized debits, please contact the Member Service Center at (800) 525-9094 or (907) 563-4567 or visit a branch office.
- A tax payment is a type of ACH payment.
- Only federal taxes can be paid.
- In UltraBranch Business Edition, there is a separate section for tax payments, since specialized payment forms are used.
- Before you can submit a electronic tax payment, you must enroll in the federal government’s EFTPS system.
- Funds are sent by FedWire®
- Wires are typically used for making single transfers with same-day settlement
- You must authorize an additional “release” of funds after you set up a transaction
- Security questions are required when submitting all outgoing wire transactions.
- Wires can be sent the same day they’re created as long as the wired funds are available in the specified business account before 12:30 p.m. of the day the wire is to be sent
- Wires created after 12:30 p.m. must be dated the following day.
- Wired funds are withdrawn from the business checking account when the wire is sent.
- Wires cannot be reversed.
You can transfer funds to other accounts using Ultra Branch Business Edition. There is no maximum amount that you can transfer when the accounts are under the same name and Tax ID number or when you have set up consolidation.
You can transfer funds to another member's Alaska USA checking, savings, money market, or loan account using Ultra Branch Business Edition. Access the "Transfer Funds" tab in UltraBranch Business Edition to enter the last name, account number, and account type of the recipient. The maximum aggregate dollar amount per transfer is $2,000.00 per day.
Limits and Approvals
To help you maintain control over your budget, all electronic payments are subject to company and user specific limits. It is very important to review electronic payments pending approval on a regular basis.