FAQs Automatice Payment Plan
- When will my automatic payments start?
- What happens when the debit date falls on a weekend or holiday?
- How can I suspend, cancel or reinstate my Automatic Payment Plan debit?
- How can I confirm receipt of Automatic Payment Plan payments?
- Will my Automatic Payment Plan debit amount ever change?
- Are there any situations that will prohibit my enrollment or limit my Automatic Payment Plan debit options?
- I've been asked to make a one-time payment before I can enroll in Automatic Payment Plan. Why?
- Can I include additional payments to apply toward principal?
- I have a home equity line of credit (HELOC). Can I enroll in the Automatic Payment Plan?
- Is there a minimum amount for automatic payments?
- When will my Automatic Payment Plan debit post to my account?
- I'm enrolled in the weekly, bi-weekly, or semi-monthly option, but I don't see any payments posting to my account. Why?
Your automatic payments will begin based on the date you select. Continue to mail your payments to us until you receive an email confirming your Automatic Payment Plan activation and informing you of your initial debit date.
If your debit date falls on a Saturday, Sunday or a legal public holiday, the debit will occur on the next business day.
You may suspend, cancel or reinstate the Automatic Payment Plan by contacting Customer Care at (800) 333-7023, Monday through Friday, from 8 a.m. to 8 p.m. Eastern time. Suspensions and cancellations must be received at least five business days prior to your next debit date.
- You will receive an email confirmation that we have processed your one-time payment.
- After a full payment has posted to your account, it will be reflected on your Account Summary.
- Your payments will be listed on your monthly billing statements.
- You can contact Customer Care and listen to the automated system at (800) 333-7023, Monday through Friday, 8 a.m. to 8 p.m. Eastern time.
If your loan contains a monthly payment that may change, as is the case with an adjustable-rate mortgage or a home equity line of credit (HELOC), your Automatic Payment Plan debit will be modified based on the terms of your loan agreement. If you elect to escrow your property taxes and/or homeowner's insurance, or purchase optional insurance or other products billed with your monthly statement, these fees will be included in your Automatic Payment Plan debit amount.
Are there any situations that will prohibit my enrollment or limit my Automatic Payment debit options?
Possible restrictions include:
- If your financial institution is not a member of the Federal Reserve System, you may not be able to enroll in Automatic Payment Plan.
- If your account is a home equity line of credit, your enrollment is limited to the monthly debit option.
- If your account is past due, please call (800) 395-3489 Monday through Thursday, 8 a.m. to 8 p.m. and Fridays from 8 a.m. to 5 p.m. Eastern time for enrollment procedures.
If you select a date that is past your payment due date, or if you are behind in your payments, you may be required to submit a one-time payment to ensure that your account is paid to date before you can enroll.
Yes. You can set up an Automatic Payment Plan to include additional payments to principal.
Yes. Any type of loan is eligible to enroll in the Automatic Payment Plan.
Yes. The limit for automatic payments is $5.
A payment submitted online Monday through Friday, prior to
10 p.m. Eastern time, is charged to your bank and credited to your loan account by the close of the next business day*.
A payment submitted online after 10 p.m. Eastern time, or on a Saturday, Sunday, or legal holiday, is charged to your bank and credited to your loan account by the close of the second business day.
If a payment is not credited before the end of your grace period, you may be assessed a late fee. Please refer to your loan contract for specifics regarding late fee assessment.
*A business day is a calendar day other than Saturday, Sunday, or a legal public holiday.
I'm enrolled in the weekly, bi-weekly, or semi-monthly options, but I don’t see any payments posting to my account. Why?
Our system does not post the payment to your account until a full payment has been received. Once the total due for the month has been collected, the payment will post to your account and you will see it reflected on your Account Summary.