Borrower Payments Policies

Understand the process and importance of making timely borrower payments to maintain good credit and financial health.

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Table of Contents

Overview 🏦 Preferred Method: Automated ACH Withdrawal 💳 Portal Payments (ACH) 💰 Other Payment Options Check E-Check Wire Transfer ⏰ Grace Periods and Late Penalties If your payment is late: NSF (non-sufficient funds) 📑 Important Notes 📬 Questions or Payment Help?

Overview

This policy outlines how borrowers can make loan payments, avoid penalties, and stay in good standing. Timely and accurate payments are your responsibility, and we provide several convenient options to help you stay current.

🏦 Preferred Method: Automated ACH Withdrawal

We strongly encourage all borrowers to sign up for automated ACH withdrawal. This is the most reliable way to:

Avoid missed payments
Eliminate the risk of late fees
Prevent default interest from accruing

✅ Once enrolled, payments are automatically withdrawn from your bank account on the due date—no further action is required.

To enroll, contact us at:
📧 loanservicing@americansavingslife.com
📞 (480) 835-5000 (ask for Linda or Shawnee)

🔄 Changed banks? Let us know immediately. You are responsible for updating your ACH details if your account changes.

💳 Portal Payments (ACH)

Borrowers who do not enroll in automatic ACH may submit one-time payments through the borrower portal, subject to the following rules:

✅ Available for accounts with regular payments under $20,000
❌ Disabled for accounts with regular payments of $20,000 or more
❌ Disabled for debit or credit cards
💲 You must provide your bank routing number and account number
💲 Any applicable portal fees are your responsibility

⚠️ If your regular payment exceeds $20,000, please pay by check or wire instead.

💰 Other Payment Options

You may also pay by:

Check

Must be received by the end of your grace period—not just postmarked by that date—to avoid late fees

E-Check

ACHs initiated by you and processed through your bank or bill-pay service are also accepted.
As a courtesy, please send us an email so we are aware the payment is coming.
- 📧 loanservicing@americansavingslife.com

Wire Transfer

Request instructions by contacting loanservicing@americansavingslife.com
Request at least 1 business day in advance of your due date
You are responsible for all wire transfer fees

We will apply the amount received to your loan.

⏰ Grace Periods and Late Penalties

Your loan may include a grace period, typically a few days after the due date. However:

All payments must be received by the end of the grace period

Postmarks, portal timestamps, and bank delays do not excuse late payments

If the end of your grace period falls on a weekend or holiday, you may pay on the next business day and avoid penalties

📌 Example: If your due date is the 1st and your grace period ends on the 5th (a Sunday), payment must be received by Monday the 6th.

If your payment is late:

A late fee will be charged (per your loan agreement)
Default interest may begin to accrue immediately

NSF (non-sufficient funds)

NSFs incur a handling fee
If a payment is returned for insufficient funds and not replaced before the end of the grace period, it will be treated as a late payment.