CAT-17868827 12/12/2019 Version 3
Automatic Payment Withdrawal Terms & Conditions – Loans and Lines of Credit
• Complete this form and attach a voided check from the deposit account that is to be debited each month.
• Automatic Payments will begin with the next unbilled statement cycle after the completed form has been received.
• If Automatic Payments cannot be established as requested, a letter will be mailed to you with a brief explanation of any
issues. This may cause a delay in set up of your Automatic Payments. You will still be responsible to make any billed
payments until automatic payments have been established.
• Billing statements that generate after Automatic Payments are established will state that the payment amount due
will be withdrawn from your deposit account on the payment due date. Contact U.S. Bank 24hr Banking at one of the
numbers listed below to inquire on whether the Automatic Payments have been established on your account.
• Your Automatic Payment will be debited from your Deposit account on each due date. This will occur even if you elect to
make additional payments outside of the Automatic Payment, or request an Automatic Payment amount that is greater than
your contracted payment amount.
• If your ACH payment is returned, you will need to make a separate payment to bring your account current.
• Your Automatic Payment Due Date will be your contractual due date.
• If your due date falls on a weekend or a holiday, the Automatic Payment will be debited from your Deposit account on the
following business day.
To cancel Automatic Payments: U.S. Bank must be notified at least three business days prior to the applicable payment date by
calling U.S. Bank 24hr Banking at one of the numbers listed below. If the Automatic Payment is not cancelled in time, the system will
still debit the payment from your Deposit account. If your account received a rate discount for being on Automatic Payments, you may
be assessed an Automatic Payment cancellation fee, or be subject to a rate increase if Automatic Payments are cancelled. Refer to
your original note or agreement regarding Automatic Payment discounted rates.
Any fees assessed to your account, such as but not limited to late, insufficient funds, and annual fees will be added to your monthly
payment amount which could cause your Automatic Payment to be greater than the amount indicated on the Automatic Payment
Withdrawal form. This amount will be debited from your Deposit account on your payment due date. Assessed fees and payment
amounts will be disclosed on your monthly billing statement that will be mailed at least 10 business days in advance of the Automatic
Payment date.
To change your contractual due date, please contact U.S. Bank 24hr Banking at one of the numbers listed below for assistance.
There is the potential for this account to require force placed insurance. In the event this account requires force placed insurance,
the monthly payment and monthly Automatic Payment withdrawal amount may change during the life of the loan. U.S. Bank will notify
customers in writing of all force placed insurance actions, including cancellation of Automatic Payments, and the related cost.
Line of Credit Customers with Fixed Rate Option(s): If you previously authorized a Fixed Monthly Automatic Payment amount, the
preauthorized Automatic Payment will continue to be that Fixed Payment amount, unless your minimum payment for your line portion
and all Fixed Rate Options is larger than the Fixed Automatic Payment amount indicated, in which case the greater amount will be
deducted. With a Fixed Payment, any additional funds in excess of your calculated minimum payment will be applied to your variable
line principal balance until it is zero, then to the oldest Fixed Rate Option, if any, until that balance is zero, then to subsequent Fixed
Rate Options, if any, applying to the balances and satisfying each in turn oldest to newest.
Multiple Payment Options- Fixed Rate Loans Only- Lines of Credit and Variable Rate Loans are not eligible for Weekly, Bi-Weekly
or Twice Monthly payments.
1
Twice Monthly Payment Option: If you select twice monthly payments, please note you will be making a total of 24 payments per year.
You must select the two dates you wish your payments to come out each month (i.e. 1st and the 15th of the month). Those two dates
must be at least 10 calendar days apart.
2
Bi-Weekly Payment Option: If you select biweekly payments, please note you could be making up to 27 payments per year. Your first
biweekly payment will occur on the Payment Date indicated on front, with subsequent payments being taken every 14 calendar days
thereafter.
3
Weekly Payment Option: If you select weekly payments, please note you will be making a total of 52 payments per year. Your first
weekly payment will occur on the Payment Date indicated on front, with subsequent payments being taken every 7 calendar days
thereafter. – Escrowed accounts are not eligible for this option. Billing statements are mailed 5 days prior to due date when on weekly
payments.
Conditions that may cause the Automatic Payment to be cancelled on your account:
-If your Automatic Payment has been returned due to insufficient funds for three consecutive payments. A payment returned as
insufficient funds may be assessed a fee which will be added to your next scheduled payment.
-If we receive notice that your Deposit account has been closed or frozen, or is an invalid number. A payment returned due to Deposit
account being closed, frozen or invalid may be assessed a fee which will be added to your next scheduled payment.
-If a Credit Insurance or Payment Protection claim has been approved and those payments are being applied to your loan account.
Any questions regarding your account or Automatic Payments, please call U.S. Bank 24-Hour Banking at 800.USBANKS
(872.2657) or online at usbank.com
