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About Fast Electronic Fund Transfer (EFT) Check Payments
Last Updated: Fri, 25 Apr 2014 > Related Articles
Questions about Electronic Fund Transfers answered.
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.
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.
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.
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
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.
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.
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
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.
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.
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.
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.
There will be no change to the amount of time it takes for your payment to post to your Cox Communications account.
Yes. The electronic funds transfer from your account will usually occur within 24 hours after your payment is received by our payment processing center.
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.
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.
Yes. This process is well established and is being utilized by most companies today.
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.
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.
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.
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.