ACH Brochure

Save time and money with Automatic Payments through the ECSI Automatic Loan Payment (ACH) Plan.

Eliminate the monthly hassle of bill paying with our automatic loan payment service. We will make your student loan payment by automatically charging it to your checking account. And now this convenience can be yours no matter where you bank!


Educational Computer
Systems Inc.


181 Montour Run Road
Coraopolis, PA 15108
412-788-3900


Here is How it Works:

Each month the money for your loan payment will be transferred from your account to ECSI. The entry for these automatic transactions will be shown on your bank statement.

This method of payment is now being offered by insurance companies, utilities, banks and now ECSI. This is a safe and convenient way of paying your bills.

Why should you sign up for automatic loan payments through the ECSI ACH plan?

  1. No postage or envelopes.
  2. No penalties for late payments.
  3. No monthly check to write.
  4. No lost payments.
  5. No charge to participate in ACH.
  6. Payments are made even when you are away from home.
  7. A permanent record of payment. It’s on your bank statement.
  8. Direct payments (ACH) are more secure and private than check payments.
  9. Annually, ECSI will send a statement listing your loan balances.
  10. All payments will be for the same amount*. You always know what and when it will be deducted and can plan your budget.

* Your payment amount will remain the same and be deducted on the same day as long as you participate in the ACH program.


Frequently Asked Questions

Question: How will I know my payment has been made?
Answer: You will see an itemized entry on your bank statement that describes the payments you have made through the ACH plan.
   
Q. How will I know the balance of my student loan if I don't receive a monthly statement?
A. ECSI will send you an annual statement indicating your loan balances.
   
Q. How do I sign up?
A. Complete the authorization form and attach a voided check from your checking account. Return them to ECSI at the address on the front of this form or with your next payment. If you have any questions, call 888-549-3274 or www.ecsi.net using your unique PIN #.
   
Q. What happens if I change my bank or want to discontinue participation in the ACH plan?
A. You only need to notify ECSI in writing.
   
Q. How will I know my loan(s) are paid in full?
A. ECSI will stop debiting your account as soon as the loan is paid in full.
   
Q. Why do employers and billing companies ask for a voided check?
A. The company uses the micro-encoded financial institution and account numbers which appear on the bottom of your check to set-up the direct payment properly. These numbers can be difficult for customers to read, so sending a voided check ensures that your payment will be processed properly.
   
Q. What are my liabilities if I don't have sufficient funds in my account to pay the direct payment on the authorized payment date?
A. Exactly the same as for check payments. Unless you've issued a stop payment on the item or you have revoked your authorization, you are fully obligated to have sufficient funds to pay direct payments. Returned item fees may be charged by both your financial institution and by the biller. In addition, repeated returns of direct payments for insufficient funds may result in the financial institution closing your account, just as with repeated insufficient funds checks. And, you may be subject to civil penalties for non-payment of your debts and obligations.
   
Q. My salary and my bills are confidential. With electronic or direct payments, don't I lose that privacy?
A. No. In fact, you will likely have more privacy with direct payments. As many as ten people handle a check from the time it is written until the funds are finally transferred from your financial institution to the payees financial institution. The amount of information provided on a check is astounding, including: your name and signature, date the check was written, to whom it was written, the dollar amount, your address, often your Social Security Number and/or driver's license number, your telephone number, the date you opened the account, your bank identification and your account number. With electronic payments, the transaction passes electronically from the originating depository financial institution to the receiving depository institution. In between financial institutions, the information is protected by encryption – an electronic scrambling of data – message authentication codes (MACs), and other security procedures to ensure that your payments are not tampered with or intercepted.

Instructions - Please complete all 4 steps.

If you would like to authorize Educational Computer Systems Inc. to deduct your monthly payments by automatic deduction please:

  1. Complete the form below. If your account is a joint account both account holders must sign this form.
  2. Attach a voided, unsigned check to the form.
  3. Return the original form and the voided check to ECSI.
  4. Retain a copy of this form for your files.

We will process your account for automatic deduction as soon as possible after we receive your form. The authorization form must reach our office by the 10th of the month to begin your automatic payment for the following month. Therefore, if you receive any additional student loan bills after sending in this form, please call our office before making the payment shown on that bill.


Authorization Form

IMPORTANT: You may only apply for ACH if your account is current!

Please review the document: achie.html, which contains only the application form that may be printed and completed.

 

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