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Frequently asked questions - recurring EFT (Electronic Funds Transfer)

What is recurring EFT?

Recurring EFT (electronic funds transfer) is the automatic payment of your insurance premium from your designated payment method (checking or savings account, credit card or debit card) on the date of your choice (between the 1st and 28th of the month). The number of payments is determined by your selected payment plan. Installment fees are generally lower for EFT than direct bill.

The policy will renew with the recurring EFT payment method automatically.

How do I sign up for EFT?

Please note: If your policy is pending cancellation, you must make a payment and bring your account current before enrollment is allowed.
What options do I have for recurring EFT?

Enroll in recurring EFT with a checking or savings account, debit card (Visa or Mastercard) or credit card (Visa, Mastercard, Discover or American Express). You can use more than one payment method; however, you can’t use multiple payment methods to pay for one policy. You can also choose a different due day for each policy.

Will I be charged a fee for recurring EFT?

The Hanover does not charge a fee to pay via recurring EFT. However, where permissible, payments made by credit card will incur a credit card fee of up to 3%. This fee is charged by our third-party payment processor and is non-refundable. If you do not wish to incur this fee, please choose another payment method.

How long before my recurring payments will start?

Banking regulations require a notification period of at least 15 days (10 days, plus five days for mailing) prior to your first withdrawal. The Hanover observes this notification period for all EFT payment methods. Following this notification period, your recurring payments will begin on the date you selected when you enrolled.

What happens if there are not sufficient funds in my designated payment method to cover my recurring payment?

All payment returns for insufficient or uncollectible funds will be subject to a fee. Your financial institution may also charge a fee. If your recurring EFT payment is dishonored by your financial institution, we will remove your policy(s) from recurring EFT and send a notice of intent to cancel for non-payment of premium.

Will I still receive a paper bill in the mail?

Once you have enrolled in recurring EFT, a payment schedule will be sent. If you make any changes to your policy, due day or payment method, we will send a revised payment schedule. If you have selected e-billing, you will receive an email any time a new payment schedule is available.

My email address has changed. How do I update it?

 Update your email address by logging in and selecting 'My Profile & Paperless Settings' in the left navigation bar.

Can I update my mailing address online?

No, please contact your agent. Agent contact information can be found on your invoice.

How do I change my recurring payment method or due day?

You can change your due day and/or update your EFT payment method by logging in, selecting “Billing” and then “Recurring EFT” from the left navigation bar. Please note: changes to a scheduled payment must be made no later than one day before the scheduled payment’s due date.

How do I cancel my recurring EFT enrollment?

You may make changes to your EFT information, including cancelling your enrollment, by logging in, selecting “Billing” and then “Recurring EFT” from the left navigation bar. Please note: changes to a scheduled payment must be made no later than one day before the scheduled payment’s due date. If you have questions, please contact us at 800-922-8427.  

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Frequently asked questions - recurring EFT (Electronic Funds Transfer)

What is recurring EFT?

Recurring EFT (electronic funds transfer) is the automatic payment of your insurance premium from your designated payment method (checking or savings account, credit card or debit card) on the date of your choice (between the 1st and 28th of the month). The number of payments is determined by your selected payment plan. Installment fees are generally lower for EFT than direct bill.

The policy will renew with the recurring EFT payment method automatically.

How do I sign up for EFT?

Please note: If your policy is pending cancellation, you must make a payment and bring your account current before enrollment is allowed.
What options do I have for recurring EFT?

Enroll in recurring EFT with a checking or savings account, debit card (Visa or Mastercard) or credit card (Visa, Mastercard, Discover or American Express). You can use more than one payment method; however, you can’t use multiple payment methods to pay for one policy. You can also choose a different due day for each policy.

Will I be charged a fee for recurring EFT?

The Hanover does not charge a fee to pay via recurring EFT. However, where permissible, payments made by credit card will incur a credit card fee of up to 3%. This fee is charged by our third-party payment processor and is non-refundable. If you do not wish to incur this fee, please choose another payment method.

How long before my recurring payments will start?

Banking regulations require a notification period of at least 15 days (10 days, plus five days for mailing) prior to your first withdrawal. The Hanover observes this notification period for all EFT payment methods. Following this notification period, your recurring payments will begin on the date you selected when you enrolled.

What happens if there are not sufficient funds in my designated payment method to cover my recurring payment?

All payment returns for insufficient or uncollectible funds will be subject to a fee. Your financial institution may also charge a fee. If your recurring EFT payment is dishonored by your financial institution, we will remove your policy(s) from recurring EFT and send a notice of intent to cancel for non-payment of premium.

Will I still receive a paper bill in the mail?

Once you have enrolled in recurring EFT, a payment schedule will be sent. If you make any changes to your policy, due day or payment method, we will send a revised payment schedule. If you have selected e-billing, you will receive an email any time a new payment schedule is available.

My email address has changed. How do I update it?

 Update your email address by logging in and selecting 'My Profile & Paperless Settings' in the left navigation bar.

Can I update my mailing address online?

No, please contact your agent. Agent contact information can be found on your invoice.

How do I change my recurring payment method or due day?

You can change your due day and/or update your EFT payment method by logging in, selecting “Billing” and then “Recurring EFT” from the left navigation bar. Please note: changes to a scheduled payment must be made no later than one day before the scheduled payment’s due date.

How do I cancel my recurring EFT enrollment?

You may make changes to your EFT information, including cancelling your enrollment, by logging in, selecting “Billing” and then “Recurring EFT” from the left navigation bar. Please note: changes to a scheduled payment must be made no later than one day before the scheduled payment’s due date. If you have questions, please contact us at 800-922-8427.