Yes, there are two ways that you can schedule payments automatically: Automatic Payments and Recurring Payments. Each is used in different circumstances.
Automatic payments typically are used in situations where you are receiving your bill electronically (e-bills).
If you would like to automatically pay a bill that arrives to you, you may establish automatic payment rules. The automatic payment rule instructs us to issue a payment every month for a specific Payee without requiring your approval each time. You can pay the full bill, pay the minimum due, or pay a fixed amount that you are comfortable paying each month. For example, you could set up your credit card bill to be paid automatically in three different ways:
- Pay the entire bill if it is a specific amount you designate, or less. You are contacted by email for approval if it is more than the desired amount.
- Pay the minimum amount due every month.
- Pay a specific amount, designated by you, every month.
Recurring payments typically work well with fixed payment plans like car loans or mortgages where you are not receiving a bill online (e-bill)
- If you regularly make a payment for a fixed amount, without receiving an e-bill, you can establish a recurring payment rule to make this payment automatically. For example, your mortgage company may have provided you with a coupon book instead of billing you monthly. You can tell us to issue this payment to your mortgage company each month.