Lendmark Financial Services Llc (Lendmark) provides convenient online payment options for its loan customers. This article outlines the terms and conditions you agree to when making online payments to your Lendmark loan account through their payment processing agent, ACI Payments, Inc. (ACI). Understanding these terms is crucial for managing your loan and avoiding potential issues.
Authorization and Consent for Electronic Transfers
By using Lendmark’s online payment service, you authorize Lendmark and ACI to debit your chosen deposit account or debit card for a one-time payment to your loan. This constitutes consent for an electronic transaction facilitated by ACI. You confirm the accuracy of the information provided and your ownership or authorized use of the account/card used for payment. ACI may charge a fee for this service, disclosed on the Payment Information screen, deducted directly from your account. Lendmark does not receive any portion of this fee.
Responsibilities and Fees
Your financial institution’s disclosures outline your rights and obligations regarding electronic transfers and associated fees. Review these carefully, as you’re responsible for any charges imposed by your institution. Verify transfer details (date and amount) on your account statements. Contact your financial institution with any questions about electronic transfers. Ensure sufficient funds in your account on the scheduled payment date to avoid insufficient funds charges from Lendmark, as outlined in your loan agreement.
Payment Application and Processing Time
Payments exceeding the minimum due will be applied per your loan agreement’s payment application terms. Payments authorized before 11:59 PM Eastern Standard Time on the scheduled date are credited the same day. Authorizations after this deadline are credited the next day. Your financial institution receives payment requests on or after the scheduled date for immediate processing.
System Maintenance and Changes to Terms
Lendmark and ACI may perform system maintenance or upgrades, potentially causing service interruptions. Advance notice will be provided when possible. Lendmark reserves the right to modify these terms without notice. Regularly review the terms and conditions, as continued use of the online payment service signifies your agreement to any changes.
Conclusion
Utilizing Lendmark’s online payment service offers a streamlined way to manage your loan. By understanding these terms and conditions, you ensure a smooth payment process and avoid potential complications. Familiarize yourself with your financial institution’s policies regarding electronic transfers and consistently monitor your account for accurate processing.
