Write one less check: make your monthly payment by bank draft!
Bank drafts are a safe and convenient method of paying us the amount you owe. You authorize us to notify your bank to transfer the amount you owe on the day the payment is due, and your payments will continue to be made this way until you notify us that you want them stopped.
Paying your bill by bank draft means your money stays in your account until the day your payment is due. You never need to worry about remembering to make your payment, nor will you be concerned with late payment charges or lost payments. And in addition to the convenience, you can save costs related to checks and postage.
Please note that the Bank Draft Plan is available during the initial enrollment period each year. Authorization forms must be received by July 20.
- Print out and complete the authorization form. (This form is also available from the Student Account Manager - see address in step 3.)
- Write "VOID" on a blank check from your checking account.
- Mail the authorization form with your voided check, along with the first payment (due July 20) and a copy of your student's Financial Plan, to:
Student Account Manager
1501 Lakeside Drive
Lynchburg, VA 24501
We will draft your account on August 20 (due date for second payment), and on the 20th of each subsequent month through June 20 of the following year (or April 20 of the following year, if a graduating senior).
Bank Draft Plan Q&A
How does the Bank Draft Plan work?
You simply authorize us to notify your bank to transfer the amount of your monthly payment to our account on the 20th of each month. Simply deduct the amount of your payment from your account balance.
What will you charge me to participate in this Plan?
There is no additional fee.
Do I have to change banks?
No, we can work with almost any bank or financial institution in your area that accepts ACH transfers.
How will I know the correct amount has been transferred each time?
For your records, the transfer will appear on your regular bank statement. Should you ever feel that the transfer amount is incorrect, notify your bank to research the transfer. A reversal can be made up to 15 days after you receive your statement.
Your bank can only transfer the amount you have authorized to be transferred. You can also stop payment on a transfer just like you can on checks drawn on your account.
What if I change banks sometime in the future?
To ensure that your payments are not interrupted or delayed, let us know the name of your new bank, the bank's routing number, and your account number well in advance of your next payment date. We will make all the necessary arrangements.
Can I cancel the bank draft at any time?
Certainly! If you wish to pay off your student's account early in the semester, then you can stop the monthly bank draft. Just remember to give us enough time to cancel your transfer.
If you have any questions about your account or our convenient Bank Draft service, please contact Mary Hunt, student account manager, at firstname.lastname@example.org or 434.544.8606. She'll be glad to tell you more.