From time to time, we receive questions about various aspects of our Electronic Funds Transfer practices and policies.  A few of the more prevalent are detailed below:

·         Cancelling a policy does not automatically deactivate an EFT account.

A deactivation must be processed manually by Frankenmuth Insurance.

·         There is a two week holding period before issuing a refund on an EFT payment.

It may take the policyholder’s financial institution two weeks to notify Frankenmuth of a nonsufficient funds payment.  In order to receive a refund sooner than the two week holding period, the policyholder can obtain proof of payment from the financial institution and fax the proof to Frankenmuth.

·         Changing an EFT draw date may require a payment.

EFT accounts need 14 days to schedule the next payment.  When the draw date is changed, there may not be enough time for the account to still schedule a payment for the same month; therefore, a payment may be required before the draw date can be changed.

·         EFT draw dates are sent to the bank three business days prior to the draw.

Any changes to the EFT information or account setup must be done before the draw dates are sent to the bank.