Why does Internet Banking reflect a memo debit on the effective date of a payment?
There are several reasons for this. Many times it keeps customers from duplicating payments. The system does not recognize if the payment is electronic or paper until we process reports. If the payment was electronic, the debit may actually post that night and the system holds the funds to eliminate NSF. If the payment is to go out as a paper draft, the memo debit falls off and you will be debited when the check actually clears.
