|Description||Allows you to schedule free, automatic withdrawals timed to match your paycheck cycle.|
|How it works||Match your mortgage payment withdrawal with
these available payday cycles|
Choosing weekly or every two weeks will help you pay off your mortgage faster, because withdrawals in addition to the amount needed to cover your monthly mortgage payments will naturally occur 2 – 5 times per year. The additional withdrawn funds will be automatically applied to your principal balance.
Note: Partial payment will not be applied to your mortgage until full payment is received. Partial payment is any amount less than the current monthly payment listed on your billing statement.
|What you need to sign up||Any checking or savings account2|
1 Reduced number of years for your early pay-off date and reduced interest paid depends on loan amount, interest rates and biweekly/weekly payment plan start time. These plans will not automatically shorten the loan term of any adjustable-rate mortgage product.
2 Excess Activity Fees may apply if you exceed these federally-mandated transaction limits for savings accounts:
- Three withdrawals in a month by check, draft, point-of-sale purchase, check card, or other similar withdrawal payable to a third party
- A total of six transfers and/or withdrawals in a month including: those listed above, preauthorized or automatic transfers (including overdraft protection transfers and payment to third parties), and transfers made online or by telephone