What is a “properly scheduled payment?
Electronic payments must be scheduled 2 business days in advance of the due date, excluding grace periods. Check payments must be scheduled 5 business days in advance of due date, excluding grace periods. When payments are scheduled in this manner, payment is guaranteed. The guarantee ensures that if a payment is late, the late fees and finance charges will be removed by the merchant (or paid by OUCU’s bill pay vendor) and that the member’s account is appropriately noted. Payments to “excluded merchants” are not covered by the payment guarantee (taxes, court-ordered, non-US merchants, collection agencies, terrorist organizations) as well as payments to settle securities transactions, payments to payoff special financing transactions, payments sent to Armed Forces postal codes.
