In a recent survey released by Fiserv, one of the largest Bill Payment processors in the nation, one of the largest deterrents to online bill payment usage is “understanding how it works”. So, I’ll answer that concern for Finance Center FCU members.
Setting-up BillPayer involves just a few simple steps:
- Entering a payee list
- Scheduling payments
- Maintaining payment schedules or amounts
First, a member adds payees to their Bill Payer list, by entering the details from the bill they receive (Payee Name, Address used to pay the bill, Payee Phone number, and Payee Account Number). These details are used to match the member’s bill with the most efficient means of payment for that payee. Payment means include: Same-Day payment, electronic payment, and Paper check payment.
Payment Scheduling can take multiple forms depending on how the member configures the payment schedules. Each form meets a variety of member needs.
- One-time payments
- Recurring payments
- Biller directed payments (coming to Financial Center in September)
One Time Payments - In this form, members set the amount and date of the payment each time it needs to be made. This is necessary for bills where the amount varies with each bill, or when the member wants to control the date the bill is paid. This method provides the member with the most control, but also requires the member to interact with BillPayer the most.
Recurring Payments – This method is great for bills where the amount and due date only change once or twice a year. Utility bills with “budget” payments, insurance premiums, or other fixed payment bills fit well in this method. The member sets the amount of the bill and the due date. The system then pays the bill this amount by the due date with the frequency the member assigns (Monthly, Quarterly, Annually, etc.). This method requires occasional member interaction such as when the billing amount changes.
Bill Directed (coming to Financial Center in September) - This can be either One-time or Recurring. This is the next advancement in Bill Payment services. This service enhancement allows billers (payees) to present their bill through the Bill Payment service (e-Bills). The due date, amount due, and payment method are all part of the presentation of the bill. The member can review the bill and then direct the Bill Payment service to pay the bill. In some cases this Method will allow the BillPayer service to use the Biller presented information to manage the entire payment process. So, if the amount varies on the bill the amount paid would automatically vary without the member interacting with BillPayer at all. This method is great for reducing the amount of US Mail and for bills with variable amounts such as telephone or cell phone bills.
The National Association of Federal Credit Unions (NAFCU) named Susan Ward, Senior Vice President/Chief Operating Officer of Financial Center the 2010 Professional of the Year recipient. NAFCU’s Annual Awards Competition honors and rewards the credit union community’s best performers. NAFCU selected the winner from federal credit union employees who demonstrated professionalism, commitment to the members and credit union community, staff morale, achievements and innovations, and commitment to continued education.
What are some of the HSA benefits? HSA health plans have a number of benefits when compared with the traditional health insurance plans. Here are some HSA benefits:
During the current recession, now more than ever it is important to really understand the importance of learning about money.
Personal money management can be really tricky in these tough economic times. You will need to be financially savvy to avoid falling into a debt trap. 
Even when you switch jobs, the money in your HSA is yours. The money that is contributed to the HSA account is as safe as putting it in your individual savings account. The money from the account can also be used for medical treatment anywhere in the country or in another country.
HSA accounts can be used to supplement you current health insurance coverage and allow you to make substantial savings on your health plan. There are a number of plans that are available and factors like age, previous medical history and area of residence that will determine the features of the plan.
HSA health plans cover costs that are normally not covered by traditional health insurance policies like dental expenses, mental therapy, physical therapy, alternative treatments (acupuncture, aromatherapy and homeopathy and ayurvedic treatments), transportation and lodging expenses related to health care and maternity expenses.
The funds in your HSA account can also earn interest and the earnings are tax free if the money is used for medical purposes. An individual account can also be assigned to the spouse through a power of attorney.
An Indianapolis Federal Credit Union serves its members by providing financial assistance by way of loans and credit cards at very reasonable interest rates. The financial education Indianapolis that we provide is intended to help the youth in the community.
Have you fallen in love with the home of your dreams? Now, do you need a mortgage account Indianapolis? Or do you need to refinance your home?
In our current tough economic situation, it is very important that you know how to handle money. Learning about money is essential to manage your savings and expenditures.
What are the advantages of credit union banking? Credit unions are nonprofit organizations and becoming a member is relatively easy if you belong to a particular labor union or residential community. The financial services that are offered by credit unions are very much similar to banks, yet credit unions are owned by their members.
If you are looking for financial services Indianapolis, you've come to the right place. 
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