Online Loan Payment Terms & Conditions

I hereby authorize Central One Federal Credit Union to electronically debit my designated account at the designated institution (“Other Financial Institution”), in order to make a payment to my Central One Federal Credit Union loan. If necessary, I also authorize Central One Federal Credit Union to electronically credit my account at the Other Financial Institution to correct any erroneous debits.

I understand that the following terms apply to this authorization: 
  • My account at the Other Financial Institution will be debited (charged) and funds will be credited to my Central One Federal Credit Union loan.
  • I acknowledge that it is my responsibility to ensure that sufficient funds are in my account at the Other Financial Institution on the loan payment scheduled date to make the payment as scheduled. In the event that funds are not available in my account at the Other Financial Institution and the entry is returned, Central One Federal Credit Union will impose a return fee and it is my responsibility to re-initiate the transaction or make a payment by other means.
  • If the due date for my transfer falls on a weekend or a holiday, my transaction will be initiated on the next business day. 
  • I understand that payments scheduled for the same day or next day may still take 2-3 business days to process and anything submitted after 2:00 pm will begin processing the next business day.
  • I agree to provide true, accurate, current, and complete information about myself and my account at Other Financial Institution. Central One Federal Credit Union is relying on the accuracy of the information I provided. If the information is incorrect, the debit may be returned, which could result in my payment being late and fees being incurred by me. I understand Central One Federal Credit Union is not obligated to take any further steps to authenticate my instructions and may act on them without further confirmation, including relying on reference numbers for financial institutions, even if the number does not correspond to the name.
  • I understand that this ACH transaction must comply with all applicable law. This authorization will remain in effect unless/or until I notify Central One Federal Credit Union that I have revoked it. Notice must be given by completing the “change or cancel transaction” in the Online Payment section of the online banking service at least three (3) days before the effective date of the payment. I can also stop payment by notifying the financial institution that holds the account from which payment will be debited.
  • If any payment is rejected or is reversed for any reason, that payment will be reversed on my loan and I will be responsible for making payment to Central One Federal Credit Union separately.
Rev. 7/13/2016