Making Insurance Payments via EFT it’s Safe, Swift & Smart
By: Advocate Brokerage
Paying bills is a monthly chore many don’t like and no one can avoid. When it comes to paying bills, there are many options available such as mailing a check, using your bank’s bill pay system, setting up auto-deductions, using a pay-by-phone option or heading to the company’s website and making a payment with an Electronic Funds Transfer. While some people are embracing technology and paying their bills electronically, there are others who feel uncomfortable about the new options available to them. While there is nothing wrong with writing a check and mailing it in, the efficiency of the USPS isn’t what it used to be. With email and other means of digital communication growing by leaps and bounds, the USPS has seen a decline in the amount of mail being passed through their offices. This decline amounts to roughly 35% over the last 10 years. This has led to a number of Post Offices being shut down. Back in 2011 over 3700 post offices closed and there have been additional closings announced each year. This results in mail moving slower which means….sometimes payments are not being received as swiftly as we would like.
No one wants to risk their insurance being cancelled or a late fee being billed to their account. To that end, we would like to advocate for EFT payments….and how in the long run they actually are a better option to mailing in a check.
Making an Electronic Funds Transfer (EFT) is safe. We know that some people feel very conflicted about sharing their banking information online but the reality is, it is safer than mailing a check. Here are some reasons why:
- Checks get lost in the mail. It happens all the time.
- When you are setting up an auto-deduction you are only sharing your bank account information once. When you mail your payments monthly, your checking account number and the routing number for your bank are sent repeatedly and pass through many hands on their way to being deposited.
- When you make an EFT payment, you are the one entering your account information and if the site you are making your payment to is encrypted, your identity is protected. When you are mailing a check, your check gets handled by a number of people which makes your account more vulnerable.
- When you make payments via EFT, you are protected by Federal Law as long as you file a claim within 60 days.
It’s certainly faster to make an EFT payment than it is to mail in a check. In most cases payments clear in 24 – 48 hours. Plus you are in control of when your payment is received by your insurance company; delivery of your payment is never lost or late.
Making EFT payments is a smart choice. Not only will you get your payments to your insurance company safely and swiftly, you get added benefits such as:
- Saving money on postage
- If you set up automatic deductions, you don’t have to rely on your memory to make sure your payment gets made on time.
- EFT payments make it easier to track payments that have been made and received.
- With less paper passing, it is better for the environment.
Ready to get started?
Below are several live links to help you in getting started making your insurance payments via EFT.
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Educating each client we serve is of the utmost importance to the entire team at Advocate Brokerage. We are here to help our clients make smart decisions when it comes to insurance. Our goal is to make the process of buying insurance as pleasant as possible and that includes the simple things like making a claim and paying a bill. If you have any further questions about making insurance payments on line, please give us a call at 914-723-7100.