SAME DAY ACH
As part of an effort to improve and modernize the US 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, September 15th, 2017, we also will change the times that we apply certain electronic debit payments to your account.
Many merchants and billing companies may offer you the option to make a same-day electronic payment, such as paying your electric bill. If you agree, then the funds might be debited from your account as soon as that very same day.
Members should understand that when they authorize a merchant or biller to debit their account at North Memorial FCU, the merchant or biller should include information or a statement about the timing of the payment. If the merchant offers you the option the make a same-day payment, it might be referred to as a same-day payment, or noted that the merchant intends to collect the funds as quickly as possible.
If you have pre-authorized an electronic payment, such as a recurring mortgage or insurance payment, then very likely there will be no change to the time that these payments are posted to your account.
Members should always have sufficient funds in their account to cover every payment they make, authorize, or initiate, and they should frequently review their account statements and transactions.
As our financial lives move faster than ever before, our members have come to expect faster payments and information as a core component of good service. To that end the financial services industry has been working to modernize the systems that allow deposits and payments to move at the pace our members expect. We are doing our part to make it faster and easier for our members to make payments, and to update account balance information more frequently during the day.
North Memorial FCU has recently been contacted by Members that have fallen victim to tech support scams that initially seemed legitimate but have cost them time, money and embarassment. The situations we know about are each a little unique but similar enough that we wanted to make our members aware not to be fooled.
All of the members were contacted either through their cell phone or by a pop-up on their computer indicating their computers were 'hacked' or at risk for being 'hacked.' One of the companies identified themselves as Level 5 Cyber Security and another just said they were the Windows Tech Department. Each one ask for remote access to the member's computer and then told the member they needed to update their security...for a price.
It's all part of their plan to sell you bogus "security" or "technical support" products and services. Really, your computer is fine. They want to charge you - possibly hundreds or thousands of dollars - for software and services that you don't need and that doesn't help.
The companies either have you give them your routing and account information so they can automatically debit the fee from your account, they ask you to use MoneyGram to wire them the funds or they have even gone so far to have you purchase gift cards to give to them. To make things even more confusing they may say that they over-charged or under-charged you and try to have you re-make the payment or try to sell you a more expensive package.
What makes these schemes scary is that not only do they get your money and you have no new security or protection on your computer but now you are at more risk since they have had control of your computer and may have gotten access to online accounts, passwords and personal infomation let alone planted malware for future attacks on your computer.
Do not let this happen to you.
- If you receive a call from an unknown phone number asking a Yes or No question do not answer - hang up.
- NEVER give out your personal account information. Legitimate tech support companies will ask for a credit card number. If you do, contact the credit union right away so we can close your account and re-open it with a new account number.
- Do not purchase these services if you get a random call. Legitimate businesses will have a website, can be researched and will not have you going to Wal-Mart to make payments to them.
- If you have fallen victim to one of these scams please take your computer to a professional to ensure there is no malware installed.