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About Fast Electronic Fund Transfer (EFT) Check Payments

Last Updated: Fri, 25 Apr 2014 > Related Articles

55 rated this

Summary

Questions about Electronic Fund Transfers answered.

Solution

How is a check payment processed?

When you provide a check as payment, you authorize Cox to make a one time electronic fund transfer (EFT) from your account, using the information from your check. An EFT may debit your account as soon as the same day you make your payment and you will not receive your check back from your financial institution. 

What is an Electronic Fund Transfer?

Electronic Fund Transfer is the term used to refer to the process in which we instruct your financial institution to perform a one-time transfer of funds from your bank account to Cox Communications.

What is an accounts receivable payment? Am I paying by check?

No. An accounts receivable entry is a form of electronic funds transfer or electronic payment made using the Automated Clearing House (ACH) Network. You are not making payment by negotiating a check but instead are presenting the check to provide bank information for collection.

Will money be taken from my bank account each month to pay my bill?

No. This is not a recurring transaction. You will still need to continue to pay your bill each month. Each electronic funds transfer will occur one time only for the amount of the check that you mail for that month’s payment

Will I still need to mail my payment each month?

Yes. You will need to continue to pay your bill each month. Each electronic funds transfer will occur one time only for the amount of the check that was sent in for payment.

Will Cox keep the information on my check and use if for other payments?

No. The information contained on that check will be used only one time for bill payment and will not be used for any other purpose.

Will the check that I wrote still appear on my bank statement?

The electronic fund transfer will appear on the account statement that you receive from your financial institution. However, the transfer may be in a different place on your statement than the place where your checks normally appear. For example, it may appear under other withdrawals or other transactions. The transaction detail on your bank statement will include payee name Cox Communications, your original check number and the amount of the payment. You will not receive your original check back from your financial institution

What happens to my check?

High-resolution image technology is used to create a copy of both the front and back of your check. This copy will be stored electronically for two years. The information contained on that check will be electronically archived for an additional five years. For your protection your original check will be destroyed.

Why can't I get my original check back?

For the protection of the customer, the National Automated Clearing House Association (NACHA) regulations require that the original check be destroyed. This prevents it from being presented for payment more than once.

If I don't get my check back, how can I tell it cleared by bank and if the amount is correct?

The check that you sent to us will appear on your bank statement as an electronic fund transfer. This transfer may be in a different place on your statement than the place where your checks normally appear. For example, it may appear under other withdrawals, or other transactions. The transaction detail on your bank statement will include payee name Cox Communications, your original check number and the amount of the payment. You will not receive your original check back from your financial institution, but you can compare the amount in your check register to the transaction on your statement.

Whom should I contact if I need a copy of my check?

Because we will be able to view a copy of the check, you will no longer be required to provide us with a copy of your check for payment research. If you are requesting a copy of your check for reasons other than payment research, please contact your financial institution.

Will my payment post to my Cox Communications account quicker than in the past?

There will be no change to the amount of time it takes for your payment to post to your Cox Communications account.

Will my payment clear my bank faster?

Yes. The electronic funds transfer from your account will usually occur within 24 hours after your payment is received by our payment processing center.

Does this process require my approval as a customer?

By sending us a signed check for your payment you are giving us your approval to process that one payment as an electronic funds transfer. You do not need to take any additional action to indicate your approval.

Is this process legal?

Yes. Converting checks to electronic funds transfers is in accordance with the NACHA guidelines. Cox Communications has followed all requirements as set forth by NACHA for this process.

Are other companies doing this also?

 Yes. This process is well established and is being utilized by most companies today.

What if the amount on my bank statement is different from the amount on my check?

You should contact your financial institution if the amount debited from your bank account is different from the amount that the check was written for.

What if I did not authorize the Electronic Funds Transfer?

By sending your completed, signed check to us as payment on your account, you authorize us to use the account information contained on your check to make an electronic fund transfer from your bank account for the same amount as the check. In the case of an unauthorized or improper debit, you should contact your bank.

What is an unauthorized debit?

An unauthorized debit is defined as: An electronic fund transfer from a customer’s account initiated by either a company or person who is not authorized by the customer to initiate the transfer.

  • An electronic funds transfer in an amount greater than that authorized by the consumer or that results in a debit to the consumer’s account earlier than authorized by the consumer.
  • An unauthorized debit does not include an electronic fund transfer initiated with fraudulent intent by the consumer or any person acting in concert with the consumer.

In the case of an unauthorized or improper debit, the consumer’s financial institution will advise the customer of their rights under the National Automated Clearing House Association (NACHA) regulations and assist them in disputing the transaction. As a part of this process the consumer’s financial institution may require that (Billing Institution’s) originating bank provide a copy of the check or source document. This request is handled between the financial institutions.

What if I don’t want to have my check processed as an EFT? Can I opt out?

No. Due to changes in banking regulations, as of March 18, 2011, the Account Receivable Conversion (ARC) Electronic Fund Transfer (EFT) opt out service is no longer required. Therefore, when you submit a check as a form of payment to Cox, the EFT process applies.  


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