Automatic (recurring) payments let you automatically schedule payments in Bill Payment based on the options you select. You can set up two different types of automatic payments.
Automatic Payments for Electronic Bills— If you receive eBills, some payees allow you to set up options for paying them automatically. These options allow you to always pay the amount due or to set a limit on the amount for automatically paying the bill. You can decide whether to send the payment on the due date or on the earliest date available after you receive the bill.
Automatic Payment Schedules— You can set up an automatic payment schedule to pay bills of a set amount at regular intervals. For example, you can schedule a payment at the first of each month to pay your mortgage or rent. This type of automatic payment is always available to you, regardless of whether you receive electronic bills from the payee or whether the payee allows you pay your electronic bills automatically.
Automatic/recurring payments may be set up several ways:
- Bi-weekly (once every two weeks)
- Semi-monthly (twice a month)
- Semi-annually (twice a year)