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Frequently Asked Questions

  EFT Program
  What is the EFT Program?
  Why are monthly installments withdrawn a month in advance of the coverage date?
  Why am I charged $1 for each withdrawal?
  Can I have my withdrawal on any day of the month under the monthly installment program?
     
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  EFT Program
 
What is the EFT program?

The EFT Program (Electronic Funds Transfer) allows for the automatic withdrawal of funds from your financial institution and depositing them directly to our bank to pay for your insurance premiums.  Payments can be withdrawn on the due date of your current 3, 6 or 12 month term policy or they can be withdrawn in monthly installments on a 6 month auto term policy or a 12 month property term policy.  This monthly feature is explained on the EFT Form in the Policyholder Access section of our website (Registered Users Log In Now).  Monthly payments are only accepted under the EFT Program and not under the normal direct bill process. View Guidelines and Form
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Why are monthly installments withdrawn a month in advance of the coverage date?
If any problems arise in the collection of your premiums, the advanced funds will allow your policy to remain inforce while the problem is worked on.
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Why am I charged $1 for each withdrawal?
Our bank charges a transaction fee for each withdrawal.  We also incur additional processing fees to handle problem situations.  Rather than increasing the premiums for everyone we have elected to charge only those who utilize the EFT Program.  By having funds for all policies withdrawn on the same date you are only charged one processing fee.
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Can I have my withdrawal on any day of the month under the monthly installment program?
Yes.
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Wisconsin Mutual Insurance Company
8201 Excelsior Dr
Madison, WI  53717
(608) 836-4663
(800) 831-5959