Bank drafts are a safe and convenient method of paying us the amount you owe. You just authorize us to notify your bank to transfer the amount you owe on the day our payment is due! It’s that simple! And your payments will continue to be made this way until you notify us that you want it 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 due to unpredictable mail service. And in addition to the convenience, you can save costs related to checks and postage.
3 Easy Steps...
Follow these simple steps to enjoy the convenience of bank draft service for your monthly payments:- Print out and complete the authorization form (PDF file). (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 15) and a copy of your student’s Financial Plan, to:
Mary Hunt
Student Account Manager
Lynchburg College
1501 Lakeside Drive
Lynchburg, VA 24501
Questions and Answers about our Bank Draft Plan
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 15th 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.
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.
REMEMBER: 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 and 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! Just remember to give us enough time to cancel your transfer. Then you will return to mailing a check for your monthly payments.
How do I sign up?
Signing up for bank drafts is easy (only three steps). The Bank Draft Plan is available during the initial enrollment period each year. Applications must be received by July 25.
Simply print and complete the authorization form (PDF file), and mail it to our Student Account Manager at the address listed below along with a check for your first payment and a voided check showing the bank and checking account you want charged for your payment. We’ll do the rest!
How can I find out more about Bank Drafts?
Just contact us...we’ll be happy to help!
Questions?
If you have any questions about your account or our convenient Bank Draft service, please contact us. We’ll be glad to tell you more.| Mary Hunt Student Account Manager hunt@lynchburg.edu (434) 544-8606 |
Lynchburg College 1501 Lakeside Drive Lynchburg, VA 24501 |