Electronic Funds Transfer (EFT) FAQ

What is the Electronic Funds Transfer (EFT) program?

EFT is a method of payment that offers convenience and savings. It automatically deducts the amount due on your invoice from your savings or checking account on the due date or the next business day following the due date.

How do I enroll?

Download the enrollment form or ask your agent. 

What do I need to sign up for EFT?

To complete the enrollment form you need your bank account information and your policy number.

Is there an installment service charge?

Installment service charges are waived for EFT customers that receive electronic bills (E-Bills). There is a $2.00 per installment service charge for EFT customers that receive paper. View our E-Bill Enrollment Guide for help to sign up for E-Bills, and eliminate that $2.00 charge. 

Is there a transaction fee for using EFT?

No.

What is the amount and the date funds are withdrawn from my account?

Your invoice shows the amount due and due date for your reference. Payments will be withdrawn on the due date, except for weekend or holiday payments, which will be withdrawn the next business day.

After my enrollment, when will the first withdrawal occur?

It will be the installment following the initial sign up. Confirm your enrollment by reviewing your invoice. Payments will be deducted via EFT only when your invoice coupon shows “Do Not Pay” and “Thank you for being an EFT customer”. If you have any unpaid invoices please send payment by an alternate method.

If I make a change to my policy in the middle of a billing cycle, what will be the deduction amount for that month?

Your deduction will be the amount indicated on your most recent invoice. Any adjustments to your deduction amount, either additional charges or credits will be reflected in future invoices.

What do I do to make a change to my EFT information?

The back of your EFT invoice has an EFT form, or download the form here. Complete the information and send to the address listed.

Does the billing plan change when I enroll for EFT?

No, enrollment in the EFT program does not change your billing plan. However when your policy is renewed, at its expiration, it will automatically renew to a 10 or 12 pay installment plan.

What happens when I cancel my EFT enrollment?

When you cancel your EFT enrollment, normal billing will continue, but installment service charges will apply. If the billing plan was a an EFT 10 Pick a Day, or EFT 12 Payment Plan, the billing will be changed to either a 9-payment or 4-payment plan. Please consult your agent.

When can I enroll in EFT?

You can enroll in EFT at any time.

For policies effective prior to 9/1/19:
If you enroll when your agent submits a new business application, installments will be spread evenly for the first year (this typically means 10 or 11 equal installments in the first year depending on the date the application is processed). You will have 12 equal installments in future years.

For policies effective 9/1/19 and later:
If you enroll when your agent submits a new business application, installments will be due monthly on the effective day of the policy (12 installments) or on day 1-28 that you select (10 installments). You will have 10 or 12 equal installments in future years. 

If you enroll an existing policy, the number of installments will not change for the current policy term, but you will have 10 or 12 equal installments in future years.

What happens if my EFT transaction is returned due to insufficient funds?

We will make two attempts to collect your payment. If the second attempt is returned, a cancellation pending notice will be issued. You will be responsible for another form of payment prior to the cancellation effective date. The company will charge a $20 returned item fee and removal from the EFT program will result if another EFT payment is returned due to insufficient funds. 

Can I choose a due day for my EFT withdrawal?

For policies effective prior to 9/1/19:

No, the invoice due date determines your withdrawal date.

For policies effective 9/1/19 and later:

Yes, you will have the option to choose your EFT withdrawal day. To choose your withdrawal day, fill out an EFT form and indicate day of 1-28. If you choose your withdrawal day, your policy will bill on a 10 payment plan with equal monthly installments. 

What happens if my policy goes into "cancellation pending"?

The EFT program is offered for payments on invoices only. If your EFT policy is pending cancellation, please remit payment and then EFT withdrawals will resume after reinstatement.

Are Massachusetts Auto Insurance Plan (MAIP) policies eligible for EFT?

No. See our options for MAIP customers.