Q: Are electronic payments risky?
No. An electronic payment is safer than writing a check, and it can't be lost,
stolen or destroyed in the mail. All Electronic Fund Transfer (EFT) transactions
are governed by strict national rules and guidelines. Over four billion EFT transactions
are processed annually in theUnited States.
Q: What are funding accounts?
Funding accounts are where you enter the method of payment you wish to use, and
save it, with a given name (such as BofA Checking). This works for either checking/savings
accounts, or credit card accounts. You can then select that funding account instead
of having to supply that information each time you visit.
Q: What is a recurring payment?
Recurring payments is a process that allows you to make payments automatically from
a checking, savings, or credit card account. You set it up online and the amount
that you specify will be automatically deducted from the account you’ve indicated.
You will be automatically emailed a notice as each recurring payment is made.
Q: Why would I want to use recurring payments?
Recurring payment saves busy people time and money. It eliminates the need to make
a manual payment each time a payment is due and it prevents late payment charges,
because the payments are made automatically and on time, on your behalf.
Q: Do I get a receipt when I use single payment or recurring payment?
An email confirmation is sent each time a single payment or recurring payment is
made.
Q: What if I change banks or accounts or want to change the amount of my payment?
You can modify the amount of the recurring payment or the payment method (funding
account, see above) at any time. Simply select the "Recurring Payment" choice under
the Main Menu "Payment" option. Simply click on the associated Edit link
for that recurring payment, and modify the recurring payment as desired.
Q: How do I stop my recurring payment?
Simply select the "Recurring Payment" choice under the Main Menu "Payment" option.
Simply click on the associated Delete link for that recurring payment, and
recurring payment is deleted (and therefore stopped).
Q: When is the money taken from my checking account?
Typically, the checking or savings draft will clear your own bank account on the
next banking day.
Q: Is there any charge to me from my bank to pay online?
No. Electronic funds transfers carry no bank fees.