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Who may participate in the plan?
The Convenience Pay Plan (CPP) is offered only to the mortgage loan customers of
Colonial Savings.
What will the CPP do for me?
The CPP is designed to help you budget your monthly mortgage payment. Smaller payments will be made twice
a month instead of one large monthly payment.
How do I make my payments with the plan?
Once enrolled in the Plan, you will no longer write monthly checks to
Colonial Savings
. Your payments in
the Program will be automatically "drafted" from either your checking or your savings account. These
"drafts" will occur on a semi-monthly basis on the tenth (10th) and twenty-fifth (25th) days of each month.
How much will my CPP drafts be?
Each semi-monthly draft is equal to one-half of your regular monthly mortgage payment plus one dollar to
cover the transaction cost.
Will participating in the CPP simplify my budgeting?
YES. Because the CPP breaks the monthly mortgage payment into two smaller installments, you will
find that budgeting becomes much easier. Rather than having to make one large payment on the first of the
month, the Program takes smaller payments automatically from your bank account twice each month.
Is there an enrollment fee for the plan?
There is no enrollment fee for this service.
May I suspend or cancel the Convenience Pay Plan?
YES. Upon 30 days written notice, you may either suspend or cancel the CPP. However, if you need to
terminate the Program within the first nine months of your participation in the Program, an early termination
charge will be assessed at the rate of $10 per month for the remainder of the nine-month period. (Example:
if you terminate in the 7th month after drafting has begun there would be a $20.00 charge).
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