What is EFT?

Here’s what you need to know about setting up EFT for your insurance account.

March 8, 2021

EFT, or electronic funds transfer, is a set-it-and-forget-it method of insurance premium payment. It’s the secure and convenient way to ensure you never have to worry about missing payments. Simply link your insurance to your bank account or credit/debit card and your premiums will be automatically paid on the same day every month.

Those who take advantage of EFT enjoy:

  • Contactless payment;
  • Seamless service;
  • Fewer and lower fees; and
  • EFT-specific discounts.

When you set up EFT, your carrier will send you a schedule of exactly when and how much you’ll be charged so you can stay completely up-to-date on your status. If your policy changes (i.e., your teenager starts driving, you move, buy a new car, etc.) you’ll be sent an updated schedule. 

Pro Tips:
Credit and debit cards have expiration dates. Link your EFT to your bank account so you don’t need to change your information when your cards expire.
Remember to let your agent know if you are switching banks. If you don’t, your carrier may continue to charge your old bank, leading to complications, late fees, or even non-pay policy cancellation.

Want to learn more? Reach out using the form linked here!