Electronic Fund Transfer (EFT) FAQ

What does Electronic Fund Transfer (EFT) mean?

Once enrolled, an automatic monthly transfer of funds will take place – a transfer from the customer’s account to the company’s account.

How do I sign up?

Download the enrollment form or ask your agent.

What information do I need to sign up for EFT?

You will need a checking or savings account and a copy of your invoice.

Are there any fees for using EFT?

Patrons Oxford customers do not pay any transaction fees. Customers do pay a service charge.

Is there a minimum for the monthly withdrawal?

Yes. If the monthly withdrawal is less than $4.00, the amount will be added to the next monthly billing.

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

Your invoice shows the amount. The payment will be deducted out of your bank account on the due date, except for weekend or holiday payments, which will be deducted the next business day.

After my enrollment, when will the first transfer occur?

Typically, it will be the payment period following the initial sign up.
Once your enrollment is in effect, your monthly invoice will show “Do Not Pay” and “Thank you for being an EFT customer”.

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

If you have recently made changes to your policy, your deduction will be the amount indicated on your most recent bill. Any adjustments to your deduction amount, either additional charges or credits will be reflected in subsequent bills.

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

The back of your EFT invoice has a change/delete form or this website has the form. Complete the information and send to the address listed.

How quickly is an EFT request processed?

The EFT form is processed within 5 business days of receipt.

What if a customer signs up for EFT, but is currently
under the payment plan 4 (4 installments)?

The customer can sign up for EFT and the remaining 4 payment plan installments will be EFT. The next renewal period payment plan will be changed to EFT 12 pay.

What happens when a customer discontinues their EFT feature?

If a customer discontinues their EFT feature, and it is in the EFT 10 Pick a Day, or EFT 12 pay plan, the policy's current term will remain a 10 or 12 pay, with service charges per installment. The next renewal will be changed to a 4 pay plan (EFT will not apply). If a different pay plan is desired, please contact your agent.

Will my installments be equal amounts?

The 10 Pay Plan will have 10 equal installments of 10%, while the 12 pay plan will have installments equal to approximately 8.33%. The total of all installments will equal your annual premium.

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 NSF (non sufficient fund)?

There will be a NSF fee charged. A cancellation notice will be issued and the insured will be responsible to present a negotiable instrument prior to the cancellation effective date. If this happens twice, the policy will be removed from EFT and payments must be made directly to the company. These payments will include a service charge.

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.