Bank of the Ozarks

Internet Banking

FAQ

Internet FAQ

What is Bill Payment?

I already arrange with my mortgage and utilities company to deduct my monthly payments from my checking account automatically each month. How is this different?

How do I make online payments?

How will the payments be sent?

Can I choose the method of payment?

What is a recurring payment?

How will the payee know how to credit my account?

Time allowances

What should I enter for the payment date (due date) when scheduling payments?

With Bill Payment does the money leave my account right away?

Are payments made faster with Bill Payment?

To whom can I send electronic payments?

Do I need to contact my payees if I decide to use the Bill Payment system?

How will I know when my checking account is being debited?

Will my payments appear on my bank statement each month?

How do I confirm an electronic payment has been made?

Can I cancel a bill being paid by Bill Payment?

Is Bill Payment safe?

What makes Bill Payment safe?

How do I sign up for Bill Payment?

What type of equipment do I need for Internet Bill Payment?

What determines if the payment is recurring or a one-time payment?

If I use Bill Payment will my account ever be overdrawn to pay an online bill?

How do I know the person who sets up my account at the bank will not use my password?

If I need my password reset or want a new temporary one, how will you verify that it is me?

If the date that I enter the payment to be debited from my account is not a business day when does the transaction actually take place?


What is Bill Payment?

Online Bill Payment allows you to pay your bills through the Internet in a secure, convenient way. You can schedule your payment in advance (up to one year) and recurring payments will be paid automatically.

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I already arrange with my mortgage and utilities company to deduct my monthly payments from my checking account automatically each month. How is this different?

With direct transfers you have made arrangements with each biller individually to receive electronic payments, but many people such as your dentist or babysitter do not have this capability.

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How do I make online payments?

Payments are easily done over the Internet from the comfort of your PC. You can request payment to anyone in the United States as long as you have a valid name, address, phone number and account number. When you log in you set up the payees and specify which bills are to be paid. No more checks to sign, no trips to the mailbox and reduced stamp purchases.

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How will the payments be sent?

The Bill Payment service has two methods of payment:

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Can I choose the method of payment?

No the paying service makes the determination based on the National Bill Payers Listing.

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What is a recurring payment?

This is a payment scheduled in the future that occurs at regular intervals. Recurring payments can be set for various time intervals such as monthly and bi-monthly ect… This allows you better money management.

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How will the payee know how to credit my account?

When you schedule an online payment you always send an account bank routing number, payee name and address. As long as you enter the above information correctly the payee will receive the payment correctly.

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Time allowance

The amount of time it takes for the payee to receive the payment depends on whether they are able to accept electronic payments. If they are able to receive electronic payments they will typically receive payments in 72 hours. The generation of a paper draft will require 5-8 days for processing.

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What should I enter for the payment date (due date) when scheduling payments?

Electronic payments: 3-4 day in advance
Paper draft: 5-8 days in advance

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With Bill Payment does the money leave my account right away?

The money leave your account based on the “send on date” entered on the payment. The money is debited on this date.

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Are payments made faster with Bill Payment?

In most instances, the system is designed to make you payments easier, and scheduled for time efficiencies.

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To whom can I send electronic payments?

For the most part you can send payments to anyone in the United States, however we reserve the right to refuse transfers or payments to certain payees, but will notify you immediately if such a decision is made.

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Do I need to contact my payees if I decide to use the Bill Payment system?

No. There is nothing that they need to do.

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How will I know when my checking account is being debited?

For all payment methods, your checking account is usually debited on the scheduled payment date you specify.

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Will my payments appear on my bank statement each month?

Yes, all payments made through Bill Payment will appear on your checking account statement each month.

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How do I confirm an electronic payment has been made?

You can confirm an electronic payment in two ways:

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Can I cancel a bill being paid by Bill Payment?

You can cancel payment only if the payment has not been processed.

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Is Bill Payment safe?

The service partner that we have chosen is the leading company in making electronic payments.

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What makes Bill Payment safe?

As with all our online services, your customer log on ID number and password prevents unauthorized entry into your account. To use Bill Payment you access the Internet via SSL Secure Socket Layer protocol, and technology encrypts your transaction for transmission.

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How do I sign up for Bill Payment?

It’s simple! Visit one of our branch locations and complete the enrollment application.

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What type of equipment do I need for Internet Bill Payment?

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What determines if the payment is recurring or a one-time payment?

If the amount changes monthly, it must be established as a one-time payment. The recurring option can be used when a payment is made for the same amount on a regular basis.

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If I use Bill Payment will my account ever be overdrawn to pay an online bill?

The system will check for funds, if funds are not available we will not release the bill payment.

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How do I know the person who sets up my account at the bank will not use my password?

For security purposes, you are required to change your password upon your initial login to the system. By using this method no one should know your password, unless you release it to them.

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If I need my password reset or want a new temporary one, how will you verify that it is me?

For security purposes you will be asked for the following information

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If the date that I enter the payment to be debited from my account is not a business day when does the transaction actually take place?

If the date that you want the payment debited from you account is not a business day, your payment will be debited from your account the next business day before 3:00p.m.(CST)

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