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Conference 7.286::dcu

Title:	DCU
Notice:	1996 BoD Election results in 1004
Moderator:	CPEEDY::BRADLEY

Created:	Sat Feb 07 1987
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1041
Total number of notes:	18759

939.0. "Automatic monthly payments from checking acct?" by TOOK::MORRISON (Bob M. LKG1-3/A11 226-7570) Fri Jun 16 1995 16:14

  Is the following scenario possible: Joe Schmoe, a member of DCU, makes a
loan to John Smith, also a DCU member. They set up a payment plan such that
once a month, DCU withdraws a fixed amount from John's checking account and
credits it to Joe's checking account, for a fixed number of months until the
loan (plus interest) is paid off.
  I know that such an arrangement is possible for paying off a bank loan or
mortgage. My question is, it this possible for a personal loan made by one
person to another.
  Is this possible at banks in general in the U.S.?

T.R	Title	User	Personal Name	Date	Lines
939.1	I was told monthly - no, weekly - yes	MKOTS3::TINIUS	It's always something.	`Fri Jun 16 1995 16:45`	8
	I asked for a similar arrangement in order to pay maintenance to my former spouse who also had a DCU account. The answer was that a monthly automatic transfer from one DCU account to another was not possible, but if I wanted to divide the monthly payment into weekly payments (divide by 4.33), they could make an automatic weekly transfer. I opted for manual, monthly transfers in order to comply with the court's orders. -stephen
939.2	Weekly?	TOOK::MORRISON	Bob M. LKG1-3/A11 226-7570	`Mon Jun 19 1995 16:12`	4
	Is this arrangement (weekly payments allowed but not monthly) common in the banking industry? Is it possible to make weekly automatic payments from one person's account in one bank to another person's account in another?
939.3		QUARK::LIONEL	Free advice is worth every cent	`Mon Jun 19 1995 16:34`	5
	The ability to have automatic deductions go to someone else's DCU account are tied to your paycheck, which is weekly. DCU doesn't have a generalized automatic deduction system otherwise. Steve
939.4	Dr. Dolittle	MKOTS3::TINIUS	It's always something.	`Mon Jun 19 1995 17:49`	7
	Hmmm...but I have my monthly mortgage payment automatically paid from a DCU checking account to a mortgage company out of state. Maybe it's possible to have a transfer "pulled" by someone else, but not "pushed" by you to another account? -stephen
939.5		MOLAR::DELBALSO	I (spade) my (dogface)	`Mon Jun 19 1995 21:46`	13
	>Hmmm...but I have my monthly mortgage payment automatically paid from a >DCU checking account to a mortgage company out of state. It's unclear what sort of arrangement you're speaking of. In the past, DCU used to extract monthly payments to DCU loans from your accounts, however over the past sevaral years that was changed to weekly. If, on the other hand, you're speaking of DCU's electronic banking/bill paying provisions, that's handled differently. I would think that there should be some way to do this for other than "standard" creditors, however it might entail some funds transfer mechanism other than a direct DCU-acct- -to-acct transfer.
939.6		QUARK::LIONEL	Free advice is worth every cent	`Tue Jun 20 1995 12:38`	6
	Re: .4 Yes, in the arrangement you cite, your mortgage company initiates the transaction each time, after getting a one-time clearance from DCU. Steve
939.7		WRKSYS::SEILER	Larry Seiler	`Wed Aug 30 1995 13:07`	6
	FYI, my wife's bank (formerly People's, now Shawmut) would only do monthly transfers between accounts. I wanted a weekly transfer and they couldn't do it. Enjoy, Larry