Bank Draft Notice
Fency collects the principal and respective interest due to us by withdrawing it from your choice of a personal checking account. For users with a solid history of payments with us, we will make these drafts on the date most beneficial to your finances as we so calculate. By using the Fency service you authorize us to make these withdrawals when we best see fit.
By adding an account to Fency and successfully passing any respective authentication challenges, you authorize that you are a legitimate account owner of each account integrated on the Fency platform.
When your payments are on time
With an on-time payment history with Fency we'll use an analysis of your account activity to determine when the best time to withdraw any amounts owed to us by you. Fency reserves the right to only debit a portion of your balance due if it determines your account may be overdrawn or you may be prevented from making a large recurring payment we are aware of.
Interest will continue to accrue for an unpaid balance at the rate it was originally established. Fency will not raise interest rates on any balance when monthly payments are met.
If Fency does not withdraw an entire owed amount from your checking account in a particular month, it does not relieve you of your obligation to pay those amounts.
Fency is not responsible for any overdrafts on your account that are caused by unforeseen transactions we may or may not have been able to prepare for. If you have unexpected expenses that may alter the usual fluctuations in your checking account balance, reach out to us ASAP so that we may adjust your payment withdrawal schedule.
When payment attempts fail and your payment is late
When there is not enough money in your account to cover the interest and principal owed to us for a period of time longer than 30 days, Fency may, at its discretion, make the withdrawal of monies owed at any time, irregardless of upcoming expenses we may or may not be aware of in your account.
When an account is past due, Fency will not be liable for any costs or fees assessed by your financial institution caused by its obligation to collect funds owed that are past due. If you are having financial difficulties and need to work out a payment plan, reach out to us at support@fencypay.com or by submitting a request through the Fency support portal.
Payment notifications
We know several days in advance when we will attempt to collect payment from your checking account. We will make every attempt to provide you with a summary of upcoming transactions that may affect your spending so you will be aware of these withdrawals before they happen. Make sure your e-mail address is always kept up to date and regularly monitored in order to see these notifications.
You may also log into your account any time to view past/future transactions and account information.
Fency is not liable for any bank fees or overdrafts due to withdrawals from your checking account. It is your responsibility to reach out to us before a transaction withdrawal date to make us aware of any financial obligations you need to meet and work out a modified payment plan.
Extra payments
You have the right to make extra payments at your discretion toward any balance you owe Fency. Please contact us at support@fencypay.com or submit a request through the Fency support portal to process extra payments. Fency does not charge any fees or extra interest when you pay off your balance to us early.
Interest stops being accrued when your Fency balance is $0.00
Fency does not allow and will not process any payment that results in a credit balance (where we owe you more money than you owe us). We can provide you with an exact payoff amount at your request.
Article ID: 24, Created On: 10/20/2019, Modified: 10/20/2019