Before enrolling, we would like you to read the following "Frequently Asked Questions". If you would like to enroll in the EFT program, there is a button at the end of this section that will link you to the appropriate form. You must print and complete the forms and fax it back to Debt Wave Credit Counseling, Inc.

EFT Frequently Asked Questions

WHEN A COUNSELOR SETS UP AN EFT AT THE ONSET OF THE PROGRAM, HOW LONG DOES IT TAKE TO GET STARTED?

If your account was set up on EFT by your counselor, the first payment and all future payments will be withdrawn from your checking account on the date you requested.

HOW LONG WILL IT TAKE TO SET UP AN ACCOUNT ON THE EFT PROGRAM WHEN IT IS SET UP THROUGH CUSTOMER SERVICE?

Once customer service receives the required paperwork we will process your EFT within 72 hours.

WHAT DATES ARE EFT PAYMENTS PULLED?

EFT’s are pulled on the date you specified when you first joined the program. Your creditor due dates should occur 15 business days after your EFT is pulled.

CAN A DUE DATE BE CHANGED ONCE THE EFT IS ESTABLISHED?

You may change your due date but you must be aware that in doing so you may have to change creditor due dates. If this is not done you may incur late fees from your creditors. Your creditor due date should be 15 business days after the EFT debit date.

WHAT HAPPENS IF A PAYMENT IS RETURNED FOR INSUFFICIENT FUNDS?

If Debt Wave Credit Counseling, Inc attempts to deduct the payment from your account and there are insufficient funds, you will be notified by mail. If your first pay is returned by your bank we will not withdraw funds electronically from your account again until you have contacted us. If your recurring payment is refused, we will make one more attempt on your next scheduled recurring date.

DOES THE CLIENT GET CHARGED FOR INSUFFICIENT FUNDS?

Insufficient funds for EFT payments are the same as bouncing a check. Your financial institution may assess a fee. Debt Wave Credit Counseling, Inc will charge a $15 insufficient funds handling fee. This fee will be added to your next EFT debit.

WHAT IF I WANT TO STOP THE EFT PROGRAM OR NEED TO CHANGE THE BANK INFORMATION?

To stop an EFT or change bank information, we must receive your written request at least 3 business days prior to the date the funds are to be transferred. To expedite your request, please fax the information to 631-940-2428.

WHAT IF I WANT TO INCREASE/DECREASE THE AMOUNT OF THE MONEY YOU DEDUCTED FROM MY ACCOUNT?

If you want to change the amount of money deducted from your account, you must call Customer Service 3 business days prior to the date the money is scheduled to be debited. If you are increasing a creditor's payment per their request and you have missed the EFT due date for the current month, send the increased funds directly to the creditor for that month only. Call Customer Service to increase your EFT payment for the following month. Example: Your EFT will be debited within 3 days and you received a letter to increase Creditor A from $20 to $25. Send Creditor A $5 directly for the current month and call Customer Service to have EFT increased by $5 for the following month.

CAN I PAY AN ACCOUNT(S) OFF THROUGH EFT?

Accounts can be paid off through EFT. You must call 3 business days prior to the EFT due date to increase the amount deducted from your account. After the increased payment has been deducted, it is important that you call Customer Service to adjust your payment back to the regular payment amount.

There is a $5,000 limit on EFT's. If you would like to pay off accounts and the amount exceeds $5,000, please call Customer Service and they will assist you.

IS THERE A MINIMUM PAYMENT REQUIRED FOR EFT?

No.

Please click on one of the links below.

Yes, I am interested in EFT.

No, I am not interested in EFT at this time.

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