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Auto Draft Payment Disclosure

The Auto Draft Payment service automatically drafts your scheduled payment from your bank account.

 

By signing up for our Auto Draft Payment Program, you authorize us to initiate drafts from the checking or savings account that you designated at the time of enrollment. Your loan payment draft will occur on the date you specified or the next business day if the specified date is a non-business day.

Funds must be available in your bank account at the time we initiate your loan payment draft. If there are insufficient funds when we attempt the draft, your bank will return the electronic payment, the payment will be reversed from your account, and fees will be automatically assessed for insufficient funds, as permitted by law.


Additional Auto Draft Payment Information

Only the borrower or co-borrower on the loan may enroll in the Auto Draft Payment Program.

Deductions from your bank account will not occur if your loan is paid in full, prepaid or delinquent.

Unless cancelled by you, the Auto Draft Payment service will resume once the loan is no longer prepaid or delinquent.

Certain rights and obligations with respect to preauthorized electronic fund transfers are governed by the rules and regulations of your depository Bank. Please contact that institution for more information.

If you have questions regarding our Auto Draft Payment Program, call us at 800.234.6002, Monday through Friday from 8 a.m. to 6 p.m. ET.