Sep 04 2018

Electronic Funds Transfer: An Easy Solution To Paying Your Bill

Picture this — you’re enjoying the company of friends and family on vacation when you remember the unpaid insurance bill still sitting on your kitchen counter. Or maybe your insurance bill got lost in the chaos of hosting 30 friends and family members at your home for Thanksgiving … do these scenarios sound familiar? With today’s busy schedules, something like paying your insurance bill can easily slip your mind. Unfortunately, failure to pay your insurance bill can result in the cancelation of your policy. If forgetting to pay your insurance bill is a concern, however, there is a simple solution that can eliminate your stress and worry. Here at Bearingstar Insurance, many of our carriers offer Electronic Funds Transfer (EFT), an easy solution for paying your insurance bill on time every month. If you’re not familiar with how EFT payments work, here are some answers to commonly asked questions:


What is an Electronic Funds Transfer?

An Electronic Funds Transfer is an automatic withdrawal from your checking account that allows you to securely pay your insurance bill. To set up an Electronic Funds Transfer, all you need are the account and routing numbers for your checking account.


What are some benefits of signing up for EFT?

It can save you money! Many carriers will often waive installment and processing fees when you enroll in EFT. Not to mention, you’ll save on stamps and trips to the post office to pay your insurance bill. When you set up EFT, your payment will be automatically transferred from your checking account to your insurance company, eliminating the stress of potentially forgetting to pay your insurance bill.


Can I choose when the payments are made?

When it comes to setting a date for your EFT payment, many carriers will give you a choice of dates for when they payment will be taken every month.


Can I make an EFT payment using my credit card?

Credit card payments and EFT are different. You can still use a credit card to pay your insurance bill, but Electronic Funds Transfers can only be made using a checking account.


Do you have to renew your enrollment?

No! Once you enroll in EFT, it continues year after year, therefore, you never have to worry about renewing.


So skip the hassle of remembering to pay your bill, save on stamps and envelopes, and get back to enjoying your time by enrolling in an Electronic Funds Transfer. If you’re interested in signing up for EFT, contact the Bearingstar service team in Connecticut at 888-519-9996 or in Massachusetts at 877-801-7424 — we’re happy to help!


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