Auto Bank Draft
Imagine never again having to worry about making sure your electric bill is paid every month. This can become a reality if you authorize a new service called Auto Bank Draft.
All you need to do is fill out a form with your financial institution's information, such as your checking or savings account number. Then fill in the Crawford Electric account numbers that you want included. Also, you will need to attach a copy of a voided check to this form. Come in to the office, click the link above for a printable sign-up form or call 1-800-677-2667 to get signed up for this time-saving service.
If you take advantage of this new service, Crawford Electric will handle your monthly electric bill payment by initiating an electronic funds transfer directly from your bank account. You authorize this reoccurring transaction and may choose whether the funds come from your checking or savings account. One authorization permits reoccurring monthly bill payment.
The benefits of this service include:
 Not having to write checks.
Eliminating postage expense and risk of late payments.
Avoiding late charges through prompt, timely payments.
Establishing excellent payment and credit history.
Once you authorize Auto Bank Draft, your bills will always be paid by the due date (the 15th of the month). You still will receive a monthly bill indicating the amount that will be withdrawn.
The system used for these transactions is called the Automated Clearing House (ACH) system. The ACH is a secure, private electronic payment transfer system that connects all U.S. financial institutions. These connections are made by way of the Federal Reserve Board or other ACH operators and governed by rules set by the National Automated Clearing House Association.
The ACH system was designed in the 1970s to reduce or eliminate the use of paper checks for making routine payments. It seemed that the increasing volume of paper checks used by businesses and consumers to pay their bills would eventually exceed the ability of the existing computer systems to process and sort the checks efficiently. In the year 2000, 4.8 billion items were processed by ACH at a value of $12 trillion dollars.
The benefits of Auto Bank Draft also extend to the cooperative. When members use Auto Bank Draft, they help reduce the administration and operating expenses of check processing. This service will end time lost by employees depositing checks, reduce clerical and paper-handling costs and alleviate teller line congestion during peak periods. Remember, when the co-op saves money, you save money.
Sign up for Auto Bank Draft today.
P.O. Box 10 -- 10301 North Service Rd. -- Bourbon , MO 65441
Phone: 800-677-2667 or 573-732-4415
Fax: 573-732-5409
Office Hours: Monday - Friday 8 a.m. - 5 p.m.
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