MAKING PAYMENTS

Our policy on payments is as follows:

A. Payments

FINS shall accept payments tendered on behalf of the BUYER/ BORROWER but not partial payments unless approved by the SELLER/LENDER regardless of the amount or date received, except payments in excess of the dollar limit imposed by FINS currently.  Amounts of greater than $5000.00 will generally only be accepted in the form of a wire transfer or certified check to receive immediate credit. Payments received by ACH, mail or in person, or pay by web/phone payments initiated by close of business (2 PM Monday-Friday except banking holidays) and be credited same day; otherwise credited next business day. Automatic ACH payments are credited for date received and subject to the 2:00PM Monday-Friday, reciept as indicated above. Payments received by FINS will be dispersed pursuant to the instructions of SELLER/LENDER, normally within one (1) business day following receipt; however, disbursements may be delayed until confirmation by FINS that it is in receipt of “good funds”. Payments will be allocated pursuant to the terms of the underlying agreement (s) between BUYER/BORROWER and SELLER/LENDER referenced in this Agreement. Unless otherwise specified in this Agreement, all SELLER/LENDER fees shall be deducted from the SELLER/LENDER proceeds, and all BUYER/ BORROWER fees shall be deducted from each payment received prior to the application of the payment to the underlying agreement (s).

If your grace period ends over a weekend your payment must be received by the close of business day prior to avoid being assessed a late charge.

 

B. Methods of payment processing

1. Electronic Funds Transfer (EFT) - Direct Deposit and Automatic Debit

Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands or delivery of a check. Two of the most commonly used EFT programs are Direct Deposit and Automatic Debit. EFT systems are used for both credit transfers, such as direct deposit, to transfer funds into an individual’s account and for debit transfers, which electronically pulls funds from an individual’s account. FINS utilizes both systems for your convenience. ACH from bank accounts may be processed from U.S. banking institutions only.

 

2. Seller/Lender

We strongly encourage all SELLER/LENDERs to use our direct deposit program. By having your proceeds electronically deposited each month, you no longer must wait by the mailbox or make extra trips to the bank. Funds will be automatically transferred from our account to yours and available to you, two business days after payment is received from your Buyer/ Borrower. No need to worry about mailing times or lost checks.

 

3. Buyer/Borrower

For our BUYER/BORROWER FINS offers a convenient automatic debit program.  You can have your payments deducted from your bank account, automatically, every month, on the date you choose.  You won’t have to worry about writing checks, mailing times, or possible late charges because you forgot to make the payment.  You provide us with the initial setup information and then only remember to have enough funds in your account on the date of the transfer and forget it.

 

4. Checks

Checks can be dropped of at one of the title company offices or delivered to our main processing office located at 420 N. MacLeod Ave #5, Arlington, WA  98223, or sent by mail to P.O. Box 249, Arlington, WA  98223, but must be received before the cut-off time of 2:00 pm on the day payment is due.  Checks may wait for “good funds” to be established to pay to the SELLER/LENDER.

 

5. Bill Pay

From your checking account: This is initiated through your financial institution's bill pay service (There is no fee for this service as in check processing). Please remember that your institution will be mailing us a paper check and allow for mail time.

 

6. Wire Transfer

Payoff Funds and amounts over $5,000 should be received by wire. Please contact us for wiring instructions.

 

7. Additional Information on Recurring Automatic Payments - See 2 and 3 above

Recurring Automatic Payments initiated by the BUYER/BORROWER or FINS are transmitted within two (2) business days of the payment in most instances to Seller/Lender. If you need to make a change to your existing ACH, or other electronic transfer, you must notify us of these changes seven (7) business days in advance, in writing. If your designated ACH date falls on a weekend or holiday the payment will be credited the following business day. If this causes you to incur a late charge you may want to consider changing the date.