Note: To review the FAQs related to the announcement on June 12, 2017 regarding processor changes please click here.
Note: To review the FAQs related to the recent custodian conversion efforts please click here. If you’re looking to make a payment to a government entity, access pertinent FAQs by clicking here.
How are funds transferred from my ePAY settlement account(s) at Illinois National Bank (INB) to my Illinois Funds investment account(s) at U.S. Bank Fund Services (USBFS)?
INB, the custodian for ePAY settlement account(s), for no additional fee, automatically transfers any funds over your target balance (see below) to your Illinois Funds investment account(s) at USBFS at 10:30 a.m. daily.
In addition to this automatic transfer, you have the ability to move funds from your ePAY settlement account into your Illinois Funds investment account at any time by initiating an ACH or wire transfer with USBFS to your ePAY account at INB. Please note, there is a minimum wire amount requirement of $100 and wire transfers into your INB ePAY settlement account will incur an $8 incoming wire fee. Please note there is also a $.10 credit fee per transaction for any credits into your ePAY account.
When will transactions fund to my INB settlement account?
Processing Cut-Off Times:
Credit Cards - Transactions cut-off at midnight CST (12:00am)
E-Checks - Transactions cut-off at 6:30pm CST Mon-Fri and 2:00pm CST on Sunday
Credit Card and E-Check Funding:
Transactions processed Monday-Thursday – 2 business day funding
Transactions processed Friday/Saturday/Sunday – Funds available Tuesday
What is my "INB Target Balance"?
The "Target Balance" is an amount that you choose between $1,000 and $250,000. The $1,000 minimum is meant to help mitigate overdrafts on your ePAY settlement account from chargeback/reversal activity. The $250,000 maximum was set because INB is not pledging collateral to ePAY accounts beyond this amount. However, there will be no fee for going below your target balance.
Can I change my INB Target Balance?
Yes. If you are the authorized signer on the account please provide your request to us in writing.
How will my INB Target Balance be met?
Target balances will be met through ePAY processing and build up from $0 on day 1 (there is no penalty for a $0 balance on your ePAY account).
What types of transactions are allowed through my ePAY settlement account at INB?
- Monies can be deposited or withdrawn by ePAY processors (Forte, Global, Vantiv, AMEX, Discover) or U.S. Bank Fund Services on behalf of the Illinois Funds program
- ePay settlement accounts do not have check writing, ACH origination or wire origination capabilities
- Any non-ePAY related ACH debit activity should be redirected to a local banking account of your choosing. Debits from third party integrators will be allowed as long as they are linked to an ePAY payment service. The fee for this allowance is an additional $10/month per account. For this you will need to contact INB at INBtreasuryservices@illinoisnationalbank.com or (217)747-8636 and they will provide you a form to submit for review and approval.
Can I combine my ePAY accounts to a single account?
Yes. The Illinois Funds program has no restrictions on comingling ePAY services under a single settlement account at INB and a single investment account at USBFS. For this, you will have to complete a change of information application.
Can I link multiple ePAY accounts to a single Illinois Funds investment account at USBFS?
Yes. You can consolidate multiple ePAY accounts under a single Illinois Funds investment account and close any unnecessary investment accounts at USBFS. However, please note INB cannot link a single ePAY account to multiple IL Funds investment accounts at USBFS.
INB Bank Fees
What are the costs associated with my ePAY account(s) at Illinois National Bank?
Illinois National Bank's cost structure for ePAY participants effective February 16, 2016, is as follows:
Option 1 – Account Maintenance $10 per month with direct debit
Option 2 – Account Maintenance $12 per month with invoice
Credits to the account – $0.10 debit per deposit item
Earnings Credit Rate 0.17%
Please Note, Illinois National Bank executes their account maintenance and per credit item fees on the 9th business day of the month for the previous month's activity.
- ePAY accounts are used solely as a credit card settlement account with funds transferred daily to corresponding Illinois Funds investment accounts.
- A target balance of $1,000 should be maintained to cover chargeback occurrences.
Additional Banking Services
The services outlined below are optional and only applicable if needed.
Overdraft Fee per item $30.00
ACH Return Item $2.00
Wire Transfer Services
Incoming Wire Transfer $8.00
Outgoing Wire Transfer $13.00
Account Maintenance Options 1 and 2 include one online banking user.
Additional users are $5.00 each per month.
To print a friendly version of the INB Bank Fees click here.
How can I avoid paying an overdraft fee (NSF) on my ePAY settlement account at INB?
Keep in mind that any chargeback/reversal activity my cause an overdraft and you will incur a $30 NSF fee. To avoid paying overdraft fees you have the ability to deposit money into your ePAY settlement account from your Illinois Funds investment account via U.S. Bank Fund Services' online portal at any time (if your INB settlement account is listed on file with USBFS) without a transfer fee. However, keep in mind INB will charge a $.10 fee for each credit transaction into your ePAY settlement account.
Does the monthly maintenance fee apply to inactive ePAY accounts as well?
Yes. All ePAY settlement accounts will incur a monthly maintenance fee regardless of inactive status.
Am I going to get charged a $.10 credit fee for every transaction processed via an ePAY channel (online, phone, POS)?
No. Funding into your ePAY account is handled under a batch process which means your ePAY transactions are aggregated under a single deposit by ePAY processors.
You will however, incur a $.10 credit fee for each deposit made by an ePAY processor (Vantiv, Forte, Global Payments, Discover, AMEX). Depending on how your ePAY services are set up, multiple processors may deposit into your ePAY account daily resulting in multiple credit fees per day.
What other fees are debited from my ePAY Settlement account?
If you absorb processing fees associated with your ePAY services, your ePAY settlement account is debited monthly by the processor. You should take this debit amount into consideration when setting your ePAY account’s target balance.
INB Online Banking Access
How do I access my ePAY settlement account(s)?
You will have access to your ePAY settlement account transaction history, including fund transfers and monthly bank statements, via INB's online banking system. Please note INB's online banking system does not allow you to perform any transactions, it is meant to view account information only.
How do I set up online access for my ePAY settlement account(s)?
Account maintenance options 1 and 2 above include one online banking user. Additional users are $5.00 each per month. Only authorized signers can grant access to individual users. To set up access please call an Illinois National Bank Treasury Services Representative at 217-747-8636.
Please note INB's online banking system does not allow you to perform any transactions, it is meant to view account information only.
What accounting software can I download files to from INB's online banking system?
ePAY authorized users can export data from INB's online banking system to the following accounting software: CSV, Quickbooks, Quicken.
Is there any transactional activity allowed with INB's online banking system?
No. INB's online system only provides access to view activity but you are not able to perform any transactions using that system.
Can I authorize more than one person to perform transactions on my Illinois Funds investment account using USBFS web portal?
Yes. As an authorized signer you can grant access to multiple users to perform transactions, such as an ACH origination, on your Illinois Funds investment account at USBFS using their online portal. For this, authorized signers should complete an Online Account Access Form.
Where do we send our audit confirmation request?
Illinois National Bank
C/O Financial Confirmation Request
322 E Capitol Ave
Springfield, IL 62701
If I have additional questions, where can I find more answers to my questions?
- For additional questions, please visit The Illinois Funds' website at http://www.illinoisfunds.com/.
- For questions on your Illinois Funds investment account, please call (800) 947-8479.
- For any questions about ePAY, please call (866) 831-5240 or submit an online inquiry.
- For questions on establishing bank accounts at U.S. Bank, please call (651) 466-8606.