Frequently asked questions - recurring EFT (Electronic Funds Transfer)
- What is recurring EFT?
Recurring EFT (electronic funds transfer) is a payment method where automatic withdrawals are made from your checking or savings account to pay for your insurance premium on the date of your choice (between the 1st and 28th of the month). The number of withdrawals is determined by your selected payment plan. Installment fees are lower than paying by way of direct bill.
The policy will renew with the recurring EFT payment method automatically.
- How do I sign up for EFT?
- Using our EFT Authorization form which you can email, fax or or mail
Please note: if your policy is pending cancellation, you must make a payment and bring your account current before enrollment is allowed.
- What options do I have for recurring EFT?
Both checking and savings accounts can be used for recurring EFT withdrawals. Recurring credit card and debit card payments are not available. You can use more than one bank account; however, you can't use multiple bank accounts to pay for one policy. You can also choose a different draft date for each policy.
- How long before my withdrawals will start?
- Banking regulations require a notification period of at least 15 days (10 days, plus five days for mailing) prior to your first withdrawal. Your withdrawals will then begin on the date you selected when you enrolled.
- What happens if I don’t have enough money in my account to cover the recurring EFT withdrawal?
Your bank may make up to two additional attempts to collect the amount due. All bank returns for insufficient or uncollectible funds will be subject to a fee. Your bank may also charge a fee for each attempt. If your recurring EFT payment is dishonored by your bank, we will remove your policy(s) from recurring EFT and send a notice of intent to cancel for non-payment of premium.
- Will I still receive a paper bill in the mail?
Once you have enrolled in recurring EFT, a withdrawal notification will be sent confirming your payment schedule. If you make any changes to your policy or withdrawal information, we will send a revised withdrawal notification. If you have selected e-billing, you will receive an email any time a new withdrawal notification is available.
- My email address has changed. How do I update it?
Update your email address by logging in and selecting 'My Profile & Paperless Settings' in the left navigation bar.
- Can I update my mailing address online?
No, please contact your agent. Agent contact information can be found on your invoice.
- How do I change my banking information or the date my payment is withdrawn from my account?
You can change your withdrawal date and/or update your banking information by logging in, selecting 'Billing' and then 'Recurring EFT' from the left navigation bar.
- How do I cancel my recurring EFT enrollment?
You may make changes to your EFT information, including canceling your enrollment, by logging in, clicking on 'Billing' from the left navigation bar, and then selecting 'Recurring EFT.' Please note: to impact a scheduled withdrawal, requested changes must be made no later than one day before the scheduled withdrawal. If you have questions, please contact us at 800-922-8427.