125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Frequently Asked Questions: ACH

ACH (Automated Clearing House) payments 

Electronic transfers from external Financial Institutions

 
What is ACH?
This function allows Alternatives Federal Credit Union the ability to transfer funds from your checking or savings account at another financial institution, on a recurring basis, to pay any Alternatives FCU loan.
 
 
What kind of loan may be paid?
Any loan types at Alternatives can be paid via ACH.
 
 
What is the purpose of the Member Authorization Agreement form?
This form must be completed and signed in order to authorize Alternatives FCU to debit the account.
 
 
Can this form be used for a one-time payment?
Yes. Please note the transfer form must be completed 14 days prior to the date of payment.
 

Can this form be used for account to account transfers within Alternatives?
No. This form is designed for use for loan payments only. Account to account transfers may be scheduled through Online access.
 
 
What if the form is not properly completed?
The form must be properly completed and filled out in its entirety in order to process. Missing or incomplete information may cause a significant delay in setup. You may be contacted via phone call or email for verification if necessary. A copy of a voided check or an updated form may be requested. 
 
 
Does it have to be an original signature?
No, a faxed copy will suffice.
 
 
What if I want to temporarily suspend or permanently delete this transfer?
You may request to temporarily suspend or permanently delete the transfer with three business days’ notice. The request must be made at Alternatives FCU or via fax.
 
How do I re-enable once the transfer has been temporarily suspended or permanently deleted?
A new member authorization form must be completed.
 
What if I want to change the amount that’s being debited or the account the funds are being debited from?
As the signed form is our authorization to debit a particular amount from a particular account, a new form must be completed in order to make changes.
 
What if my payment is due tomorrow and I want to set up the payment today?
As the pre-note process requires 14 days, payment cannot be made prior to using this method. You will need to pay by other means to avoid a late payment. 
 
How many times will a payment try to process?
Each scheduled payment will be attempted one time. If the payment is returned, it will not be processed again until the next regularly scheduled date.
 
Will it take the amount actually due in situations where a payment has been missed/overpaid?
No, only the payment amount as requested on the form will be deducted.
 
How are these payments applied?
As per your loan contract, interest (and any late fees) are paid first. Any excess paid after the full payment amount is satisfied would be applied to principal.
 
If I pay more than the normally scheduled payment amount, how is it applied?
Excess funds are applied first to any interest due, and then to the principal balance.

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Chris Setlock

In the spring of 2014, we learned that our minivan needed repairs in excess of it's value. We'd already been cutting back on our auto use, and were trying to walk and bike more. We'd been talking with friends and reading about cargo bikes as a car alternative. Around the same time, a new business, "Boxy Bikes" opened in Ithaca, which specializes in electric and cargo bikes. We found a model we were interested in, and approached alternatives seeking financing. Alternatives set us up with a signature loan, and a "green loan" discount on our rate. Thanks to Alternatives, we are now the happy owners of a "Yuba Mundo" Electric Cargo bike. We can get anywhere we need to go, using no gas, and creating no emissions. I can carry two passengers, or a weeks worth of groceries. The loan will be paid off in two years, and the bike could last for many more, at a fraction of the cost of an automobile.


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