In March of Mission Fed changed their Bill Pay system. Bills are paid in three different forms: Drafts, Single, and Electronic formats. If a single check is sent, it is taken out of your account as if it were a cashier's check. Even if the payee doesn't cash the check, the money is still debited from your account! I spoke with customer service today for over a half an hour. I wanted an explanation on how the type of payment is chosen. They could not give me an answer other than "randomly."
I also noticed on a returned check (not cashed by the payee but debited from my account) that the new "third party" is JPMorgan Chase. I believe that Mission Federal is no longer operating in the spirit of a member owned credit union. I do not bank with Chase, nor do I want to. I do not want my bill pay being handled by a "third party" at all. And, ultimately, where is this "missing" money if I am not aware and do not issue a stop payment?
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