Auto insurance customers that are on EFT (Electronic Fund Transfer or Automatic Payments) sometimes call and want to know why their checking account hasn't been charged for their premium.
This can happen because the insurance company sends out the request from their bank to your bank. It can take up to three days for an established policy to charge the premium. For a new policy, it may take up to five days. Be careful though, I would never count on having a "float," about the time you do, they will take it on the exact pay date.
Remember that the due date for your premium is the due date. If the insurance company has drafted AFTER the due date in the past, that does not change your due date, and they probably will draft on the actual date in the future.
Also note that you cannot change the due date of your premium. Once a policy begins with a specific payment schedule that cannot be changed.
Please read your EFT disclosure form for exact details.
If you want to check on your EFT or discuss your options, give us a call at Pulse Insurance - 503-489-3143 or stop by and see us at 4239 SE 182nd AVE Gresham Oregon in the Powell Vista Shopping Center.