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 (eBills).
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 (eBill)
- 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.