Understanding Automated Clearing House (ACH)
What is ACH? ACH stands for Automated Clearing House, a regulated electronic network facilitating direct fund transfers between two bank accounts.
Benefit of ACH payments within the IUEC VIP Plan:
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- Convenience: Eliminates the need for writing checks
- Enhanced Security: Reduces the potential for human errors.
- Recurring Billing: Ensures timely payments without the need for manual intervention.
- Fast Processing: Minimizes delays or mail-related issues in payment delivery.
- Improved Payment Tracking: Payee information appears on bank statements or financial software.
- Environmentally Friendly: Promotes eco-friendliness with the reduction of paper use.
ACH offers robust security compared to traditional checks
According to the 2023 AFP Payments Fraud and Control Survey, paper checks were the most susceptible payment method to fraud in 2022, as has been the case for the past 10+ years. Checks contain sensitive information such as account and routing numbers, along with the account holder’s personal contact information like name, address and phone number. Sending a paper check via mail exposes it to various risks, such as loss, signature forgery and tampering. Conversely, ACH payments are a secured and safe method of sending money.
ACH Authorization Terms and Conditions
When agreeing to ACH Terms, you authorize Union One Benefits Administration, Inc (“Union One”) to electronically debit and credit your designated deposit account at your designated depository financial institution (your “Bank Account”) via ACH and, if ever applicable, to correct debits and credits via ACH as follows:
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- Frequency of Debits: On the closest Business Day to the date of your selected draft (however, debits and credits may not necessarily occur every Business Day)
Have further questions? The IUEC VIP Plan team can assist you at (224) 487-5030.
Important information about this plan
IMPORTANT: The monthly cost for coverage is based on your age at the start of the coverage and will increase on the policy anniversary date after you move into a new age bracket. This benefits guide is tailored for IUEC Members aged 18-70+.
Participation in this program is voluntary, and the decision to enroll rests solely with the Members. Members are responsible for bearing all associated costs. A $2 technology fee is included in all listed monthly costs for the following coverages: Short-Term Disability and Long-Term Disability. A $1 technology fee is included in all listed monthly costs for the following coverages: Member Life and Spouse Life.
IMPORTANT: If you depart from the IUEC, opt-out of paying dues, or retire, you must notify the IUEC Service Center at (224) 487-5030. Not doing so within 90 days could delay or negate your eligibility for a refund. Members have 30 days to notify us of their retirement if they wish to port or convert their Life Insurance.
We encourage enrolled Members to thoroughly review the complete policy booklet, which can be requested by email to info@IUECVIP.com.
This program is administered by Union One Benefits Administration.
This voluntary benefit plan is classified as a Safe Harbor plan and, as such, is not subject to the Employee Retirement Income Security Act of 1974 (ERISA). The IUEC does not contribute to the premiums for this plan on behalf of its Members, does not endorse the plan, and does not require Members to enroll in the plan. Furthermore, the Union receives no financial or other consideration in connection with the administration or promotion of this program.
For STD & LTD: These policies provide disability income insurance only and do NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Department of Financial Services.
Group Insurance coverages are issued by New York Life Insurance Company, New York, NY. All Rights Reserved. NEW YORK LIFE, and the NEW YORK LIFE Box Logo are trademarks of New York Life Insurance Company.
