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FAQ: Changing From Biweekly to Monthly Payments

Starting October 18, biweekly Auto Pay will be  temporarily unavailable. If you're currently on a biweekly Auto Pay schedule, you will need to switch to a monthly payment schedule.

Why are you removing biweekly auto payments?

This October we’re making a range of changes to our website and payment options (see the full list here). The primary goal is to provide features our clients need and often request, like statements and same-day payments. We considered many options for implementing these features. Ultimately, the solution that made the most sense was one that required us to remove biweekly Auto Payments.

 If I unenroll from Auto Pay, can I still make biweekly payments?

 Yes. We still support biweekly payments; however, these payments will need to be handled either manually, via your client dashboard, or be set up through your financial institution’s bill pay service. No biweekly Auto Pay will be available.

Here’s how the bill-pay option works: if your bank offers a bill-pay service in which they automatically send out checks on your behalf, you can have your bank send Earnest two checks per month, each for half of your minimum monthly payment. This effectively splits your monthly payment into two.

Keep in mind that all paper check payments are applied on the day they finish processing, rather than the day your bank sends them. Therefore it’s important to set up the bill-pay so that that both checks are sent, received, and finish processing by your due date. (To be safe, consider that the check will first spend a few days in transit, followed by 2-4 business days in processing).

Okay, I don’t mind switching to monthly payments. What do I do?

Any clients paying twice per month are requested to sign in to their Earnest account to select a new monthly payment schedule. Please sign into your Earnest account by October 18, and select a date between the 3rd and 22nd (payment due dates outside this range will not be supported).

If you don’t do so by October 18, the system will automatically select a payment date that will be at least a month after your last biweekly payment.  

Biweekly auto payments were really important to me. Is there any chance you’ll bring them back?

We’re grateful for the feedback we’ve heard from Earnest clients who valued our biweekly payment option. We understand this feature was a reason some of you chose Earnest as your lender. With this in mind, we are evaluating plans to rebuild the biweekly Auto Pay feature within the Earnest dashboard, and we will update this article when we have more details. 

In the meantime: if you were enrolled in biweekly Auto Pay as of September 20, 2018 and you’re struggling with the change, please contact Client Happiness to discuss our current workaround.

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