Billing 3: EFT Overview

Due Date SpotlightClick here!

• Premium is drafted directly from the individual's checking or savings account. NOTE: SECU saving accounts are NOT eligible.

• Payments draft on the due date of the bill. If multiple policies draft from the same account, the drafts won't occur on the same day, unless the policies have the same due date.

• For payment plan policies, the $3 service fee is included for each drafted installment.

• Once EFT is established, drafts will continue as scheduled until the insured requests removal or the authority is revoked.
• If EFT is removed, the insured will receive mail notification.

How Does EFT Work?

Remember, if they are making any changes to their payment plan, this must be indicated on the application or change form.

What about Changes?

All payment plans are eligible for EFT, including Full Pay.

What Pay Plans?

All Lines of Business are eligible for EFT EXCEPT the auditable lines. Click here to find out why.

What LOBs are Eligible?

EFT Eligibility

Any adjustment due to the audit would be treated as a BFA. And, Debit BFAs are billed as lump sums. Since premium for Auditable Lines is based on an estimate, the insured could see a very large change in premium (over $10,000) at the end of the policy term. And, that would be billed to the insured as ONE lump sum.

Auditable Lines

NOT eligible for EFT because...

• The due date is the draft date.
• Drafts occur at 3:00 AM on the due date.

NOTIFICATION IS SENT...

• Monthly Policies - 15 days from the Notice Date on the Bill Notice
• Non-Monthly Policies - 21 days from the Notice Date on the Bill Notice