Direct Debit Payments
Below, you will find a Direct Debit payment processing form. It is efficient, cost effective, reduces errors, and more importantly, reduces your time and trouble writing checks. This is the best way to ensure your payment is posted on time, and will take the worry out of postal delays due to weather, holidays, and unforeseen circumstances when writing and mailing checks, or bill payer services.
Frequently Asked Questions (FAQ)
There are several questions that are common when one is considering opting for direct debit:
Q - Does my banking institution provide for direct monthly withdrawals?
A - Legum & Norman will verify that your banking institution participates and can accept automatic payment instructions.
Q - When would monthly payments be made from my account? What amounts?
A - Automatic withdrawals are made on the 1st or 5th business day of every month. as specified by your Association. Multiple accounts must be listed on the Authorization Form. Only your total regular assessments are withdrawn.
Q - How long does it take to get started?
A - As long as your completed form is received by the 10th of the month, direct debit can commence the following month. You will be notified when payments commence. *This procedure also applies if you want to change banks.
Q - Are disputed balances protected from direct debit?
A - Yes, direct debit will only withdraw monthly assessments. However, your account balance must be less than $100 to initiate direct debit.
Q - What if I forget and continue to pay my monthly assessment by check after direct debit begins?
A - Upon request, overpayments will be refunded to you.
Q - If I want to stop direct debit, how do I do it?
A - You must request cancellation in writing to Legum & Norman. Your request must be received no later than the 20th of the month to discontinue service for the following month. *This procedure also applies when you are changing banks unless new bank information was submitted by the 10th of the month. (See Q&A paragraph #3).
Q - If there are insufficient funds in my account on the first, but okay on the 2nd, am I subject to insufficient fund charges?
A - Yes, it's just like a returned check from the bank indicating NSF, insufficient funds.
Q - Will I need to notify my bank if there is an increase in Association assessments for a new fiscal year?
A - No, direct debit will automatically withdraw the correct amount.
We hope that this information will be useful to you as you consider the option of payment by Direct Debit. The information and instructions on the form are straightforward. We encourage you to read it carefully and submit your application today.