DEPOSITORY SERVICES

Direct deposit, payroll deduction, pre-authorized submissions via the Automated Clearing House (ACH), and internal transfers are services offering Alexandria USDA Federal Credit Union members unsurpassed convenience and efficiency. These electronic deposit and payment arrangements ensure accuracy and consistency when structured properly.

In cooperation with many of our sponsor companies, we can receive and credit direct deposits and payroll deductions. Contact your company's personnel or payroll department for specific requirements to begin this process. For retirement and/or social security benefits, as well as military allotments, please contact a Member Services Representative. We can assist you with this procedure and the specific requirements involved.

The Automated Clearing House is a method of totally electronic processing of funds transfer administered by the Federal Reserve Banks. It is a highly effective and simple service, and it has grown dramatically in popularity during the past several years. Today, many organizations including employers and merchants utilize ACH to distribute paychecks payroll deposits and to charge customer accounts (such as insurance premiums). For you as a member of Heart of Louisiana Credit Union, pre-authorized ACH debit payments and credit (deposit) receipts offer the security of knowing your funds will be processed automatically by the start of business on the effective date of each transaction.

Our internal transfer capabilities provide a great deal of flexibility in that we can tailor transfer, distribution, and payment options to cover a variety of circumstances and preferences. These transfers can be arranged in conjunction with direct deposit, payroll deduction or ACH transactions, or as independent, pre-authorized requests.

In most instances, we can arrange transfers to and from sub account types within the same primary account and/or outside that primary account, as well. And internal transfers to loan accounts for repayment are not considered Regulation D transactions, therefore are not subject to limitation.

Member Services Representatives or Loan Officers will be happy to discuss these transfer options and help you select and begin the program which best suits your needs.