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How does the Bill Payment Service work?
After signing up for the Service, the Bank will make payments on your behalf each month as you instruct. In general, you supply the Bank with a list of the payees' names and addresses, account information, amount due, and the day you would like the funds to come out of your checking account ( 7 business days before the due date). On that day, Lake City Bank will debit your checking account for those amounts, ACH (electronic transaction) the payment, or produce checks and mail them to your merchants. Your payments will be sent automatically on the schedule you have provided.
Do I have to re-enter payee information each month?
No. The Bill Payment Service is designed to end the repetitiveness of paying bills. You set up your list of payees just once and use that list month after month. You can add, change, and delete payees from your list at any time as your bill-paying needs change. Each payee's information stays on your merchant list until you decide to change it. However, because payees may change their payment address information without notice, you may want to review your payee information from time to time to ensure its accuracy.
How do I pay bills that change amounts each month?
You should set these up as single payments, rather than recurring payments. Single payments are one-time payments whose amounts fluctuate each time, such as your phone bill.
What is the difference between a single payment and a recurring/fixed payment?
A single payment is a one-time payment in which the amount fluctuates each time, such as your phone bill, or any payment you don't want to make regularly, such as a florist you use now and then.
A recurring/fixed payment is one you make regularly for the same dollar amount each time, such as your monthly mortgage payment. You only need to set up a recurring payment once. From then on, we'll make the payment for you automatically.
Why would I want to use the Bill Payment Service at Lake City Bank?
It's quick, easy, and safe. And it's convenient to have Lake City Bank debit your checking account and either ACH (electronic payment) or send a check to your payees each month.
The Bill Payment Service simplifies your life, you don't have to write checks, find envelopes and stamps, and make a trip to the post office to mail the bills. You're able to make electronic payments 24 hours a day, 7 days a week, through your personal computer. You can be assured that with our Bill Payment Service, your payments will be mailed on time, every time.
Who can I pay with the Bill Payment Service?
You can pay any individual, family member, friend; or any business, merchant, or professional who generates an invoice for products or services. Basically, anyone whom you'd ordinarily pay, with the exception of those listed in the next question.
Are there types of bills I can't pay through the Bill Payment Service?
No, but we don't recommend that you pay the following through Bill Payment: (1) international payments, (2) those to the government taxing authorities, or (3) court-directed payments, such as alimony and child support.
Lake City Bank will not guarantee, or be held liable for, these three types of payments.
How safe is this Bill Paying Service?
It is completely safe. We use firewalls and 128-bit encryption of all of the data transmitted. We also use a blanket search continuously to check for any unauthorized entry attempts. Access to your account is gained only after your account number and personal security code have passed through the firewall and been verified.
What are the requirements to use the Bill Payment Service?
You must have a Lake City Bank checking account and be set up for Telephone Banking and Personal Online Banking. You must also have access to a personal computer and the Internet.
How do I sign up for the Bill Payment Service?
Before you can enroll in Bill Payment, you must be set up for Telephone Banking and Personal Online Banking (Internet banking) at Lake City Bank. If you are not, you can follow the steps on the Personal Online Banking application to apply for both. To enroll in Bill Payment, you simply log on to Personal Online Banking, click on the Bill Payment tab and complete the Bill Payment Agreement. In the agreement, you must certify that you agree to the Bill Payment fees and have read the Terms and Conditions statement regarding Bill Payment.
Should the payment date I give be the date the payment is actually due?
No, you need to allow seven (7) business days for payments to reach your payee. This allows time for Lake City Bank to prepare an ACH transaction or process a check for mailing, several days for the check to go through the U. S. Postal Service, and several days for your payee to post your payment to your account.
What should I do with payment coupon books or stubs?
All the information needed by your payee to credit your account (your payee account number and address) needs to be transmitted with your payment. After entering/updating your merchant information, coupon books and stubs are not necessary. File them away as you deem appropriate.
How much advance notice do I need to give to Lake City Bank each month?
You must give the Bank a list of the payments you want made on your behalf at least seven (7) business days in advance of the due date of your payment.
What if I need to have a payment made as soon as possible with less than seven days' notice? Unfortunately, the Bank needs seven (7) business days' advance notice to process your payments on a timely basis. The payment can be prepared and forwarded to the merchant in less time, but you, the customer, are responsible for any late payment fees associated with that account under those circumstances.
How much in advance can I schedule a payment?
You can schedule a single payment up to one month in advance.
Can I schedule automatic recurring payments?
Yes, you can, for those payments that remain the same amount from month to month, such as your rent or mortgage payment. This will eliminate the need to list them each month. You must know the starting date and the ending date for a recurring payment when you set it up.
You can schedule recurring payments for as long as 50 years.
Can I cancel a bill payment?
Yes, you can change or delete a bill payment up until 7:00 p.m. Eastern Time of the day before the scheduled date by going into the Pending Transaction List or Modify Merchant List for recurring payments.
Are there any incentives for me to use the Bill Payment Service?
Yes, this Service is free. You gain extra time and enjoy the convenience of having your Bank make your monthly payments. This provides great peace of mind if you have a busy schedule, travel frequently, or enjoy spending your winters in a warmer climate.
How will I know that the payments I've asked you to make on my behalf have been made?
Your monthly checking account statement will list the payments that have been made from your account.
Do I need to notify my payees that my payment will be coming from Lake City Bank's Bill Payment Service?
No. Once you've enrolled in Bill Payment, a follow-up letter from Lake City Bank will be sent to determine the best payment method (ACH or check) for the merchant.
What computer programs can I use to download my monthly information from Lake City Bank?
Either Quicken or MS Money can be used.
What happens if there's not enough money in my checking account on the day I schedule the Bank to make my payments?
The payment will not be made on that day. An insufficient item is automatically presented again the following business day. Again, if the funds are insufficient, the payment will not be made. On the third, and final day, the payment will continue to be unpaid and a $28 NSF charge will be charged if there are non-sufficient funds in your account. At that time, a letter will be mailed to you notifying you that the payment was not made and the NSF charge was charged to your checking account.
What happens if, for some reason beyond the Bank's control, my payment from the Bank arrives late to one of my payees?
The Bank will reimburse you for any late payment fees or penalties, up to a maximum of $50, provided you meet the following conditions: (1) You must properly schedule the payment to be initiated on a date at least seven (7) business days prior to the bill's actual due date; (2) You must also provide us with the correct payee name, address, account information, and payment amount; (3) Your checking account must contain sufficient funds to complete the payment; and (4) The payee must be a business payee.
What is the minimum payment amount allowed?
$0.01.
What is the maximum payment amount allowed?
$25,000.
How long does the Bank keep a record of the payments it has made for me?
The online Bill Payment history retains three statement cycles of information. Further research of payments can be made by contacting the Bank.
What should I do if I want to discontinue the Bill Payment Service?
You must contact the One Call Center in writing. Written notice of service discontinuance must be supplied seven (7) business days prior to the actual discontinuance date and must be sent to:
Lake City Bank
One Call Center
P. O. Box 1387
Warsaw, IN 46581-1387
If you are canceling the Service because of problems we could have solved for you, we would appreciate it if you'd take a few minutes to e-mail us your comments. Feedback, positive or negative, from customers like you is our best opportunity to find out how we can improve.
About Bill Payment Service
Terms and Conditions
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