What is the payment guarantee?
The payment 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, payments to settle securities transactions, payments to payoff special financing transactions, payments sent to Armed Forces postal codes).
If a properly scheduled payment is not received and posted on time by the payee, we will attempt to have any late fees or assessed finance charges removed. If the merchant is unwilling or unable to remove them, the fees and finance charges will be paid directly to the merchant. Your account will be noted appropriately to ensure that the situation does not negatively impact your credit rating. (NOTE: Please see the Disclosure for important information on the limitations of reimbursable fees and finance charges.) The Payment Guarantee applies to late fees and/or finance charges associated with the late posting of a payment, provided that the following conditions are met: • The payment was scheduled to be paid at least two or five business days prior to the due date, excluding any grace periods. (The one exception to this guideline is that mortgage payments should be scheduled to be paid on or before the due date. For example, a mortgage payment due on July 1st, with a 15-day grace period
If a properly scheduled payment is not received and posted on time by the payee, we will attempt to have any late fees or assessed finance charges removed. If the merchant is unwilling or unable to remove them, the fees and finance charges will be paid directly to the merchant. Your account will be noted appropriately to ensure that the situation does not negatively impact your credit rating.
The payment guarantee ensures that if a payment is late, the late fees and finance charges will be removed by the merchant (or paid by SOFCU’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, payments to settle securities transactions, payments to payoff special financing transactions, payments sent to Armed Forces postal codes).
If you set up a payment allowing the necessary timeframes (10 business days for a new Payee, 2 business days for electronic payments to a previously-paid Payee, 5 business days for check payments to a previously-paid Payee), our processor guarantees the payment will arrive by the Due Date you entered.
