Members Can Save Time and Money with CFC’s ACH AutoPay

CFC members have provided bank draft options for their own members for years. South-central Pennsylvania-based Adams Electric Cooperative serves 33,000 members and has offered them the option to pay their bills via bank draft since the 1990s. The service provides members the easiest and least expensive way to pay their bills.

Adams Electric has also used CFC’s ACH AutoPay loan payment solutions for years as well. The ACH AutoPay service automatically withdraws funds from a borrower’s designated bank account through Automated Clearing House for scheduled loan payments, which are deducted on the invoice due date.

“We look at our electronic CFC invoices online, put money in the bank account to cover them, and that’s it,” said Lynn Wallas, recently retired manager of finance for Adams Electric. She added that CFC’s electronic solutions—including ACH AutoPay and access to invoices from the CFC Member Website—have made it easier for her team to work from home, which was very beneficial during the pandemic.

Members Can Benefit from Using CFC's ACH Autopay Option

“Over half of CFC’s loan payments are made by borrowers via ACH AutoPay,” CFC Loan Accounting Manager Elizabeth Shutler said. “There are many benefits to using CFC’s ACH AutoPay, including helping members manage cash flows and preventing late fees.”

Members can quickly and easily sign up for ACH AutoPay and—once signed up—no longer need to worry about remembering to send payment or having a check getting lost in the mail.

Since AutoPay is a direct transaction between parties, it is less susceptible to fraud and is less expensive than sending wire payments or checks through the mail. It also requires less processing time for members to make loan payments once set up.

ACH Deposits Eliminate Delay of Receiving Funds

Members also can enroll in the ACH Deposit program to automatically receive funds from CFC for subordinated debt interest payments, One Card rebates and more via ACH. “Utilizing ACH deposits eliminates the delay of waiting for mailed checks or rebates and enhances the security of the transaction,” Shutler added.

Enrolling in ACH AutoPay and ACH Deposit is as simple as completing the Bank Information Form and submitting it to the CFC Member Center. Updates to bank account information are processed within 10 business days.

For questions or more information, contact the Member Center at 800-424-2955 or MemberCenter@nrucfc.coop.