Electronic Funds Transfer
You have the option of having your payment deducted directly from your checking or savings account on either a monthly or full-pay basis.
Plus, there are no installment fees - meaning
you save up to $60 each policy term!
The Electronic Funds Transfer (EFT) deduction will automatically be for the minimum due as shown on your account statement. If you want to have more than the minimum due deducted, you will need to call us and let us know the new amount. Amounts can be changed up to two business days prior to the due date.
What policies are eligible for EFT?
All policies are eligible for EFT
except the following:
- Policies that are billed to your mortgage company.
How much does it cost?
The EFT program is free.
Do all of the policies on my account need to be paid by electronic funds transfer?
Yes. If you have multiple policies on your account, they all must be paid by EFT.
What payment plans are offered with EFT?
We offer monthly and full-pay EFT payment plans.
Monthly
The amount billed depends on the term length of the policy. If the policy term is 6 months, the premium is spread over 6 installments. If the policy term is 12 months, the premium is spread over 12 installments.
| | Example: | Auto policy effective 1/1 |
| | |
1/6th billed in January |
| | | 1/6th billed in February |
| | | 1/6th billed in March |
| | | 1/6th billed in April |
| | | 1/6th billed in May |
| | | 1/6th billed in June |
| | | 1/6th billed in July for renewal premium |
Endorsements processed after your monthly statement has been sent will be billed on the next account statement. The amount deducted on your current statement due date will not be adjusted for the endorsement.
Endorsements will be billed as part of the current installment percentage and the remainder will be spread across the remaining installments.
Full-Pay
6-month policies will be billed twice a year, approximately 18 days prior to the renewal effective date. 12-month policies will be billed once a year, approximately 18 days prior to the renewal effective date.
Any additional premium endorsements processed on your policies will be billed in full and due 18 days later.
When will my payment be deducted?
You will be sent a statement each month informing you of the amount and due date for that month's payment. Payments are deducted on your statement due date or the next business day. Most monthly statements are printed on the policy effective date with the due date being 18 days later. Full-pay EFT statements are printed approximately 18 days prior to your renewal date with the due date being your renewal effective date. If, however, you require another date, the date may be changed.
What if I change bank accounts?
Simply notify us at least 3 business days prior to your current statement due date. We will send you a new authorization form to complete.
Can I use different bank accounts to pay the policies on my account?
No. All policies on your account must be paid using the same bank account.
What if I try EFT Payments and don't like it?
You can cancel your authorization by notifying us in writing at any time. Please note that we need to receive your request to discontinue EFT payments at least three (3) business days prior to your due date in order to stop a payment from being deducted from your bank account.
What else should I know?
- The minimum due on any outstanding bills must be paid before you can be set up for automated payments.
- If you want the payment deducted from a joint account, both parties need to sign the authorization form.
How do I sign up?
Signing up is easy. Just complete an
EFT Authorization Form and send it along with a voided check or savings deposit slip to:
Western National Insurance Group
PO Box 59184
Minneapolis, MN 55459-6184
Other Pay Plan Options
Direct Bill - Personal Lines
Direct Bill - Commercial Lines
Account Bill
Statement of Condition
