How do I change my bank account information on my automatic biweekly draft?
To change your bank account information for your automatic biweekly draft, please complete one of the following options:
Option 1. Login or create an online account to access your Vanderbilt loan information. You can change your bank information for a recurring ACH draft payment from the “Loan Summary” page.
Option 2. Fax a copy of your blank “voided” check and the Biweekly Draft Change Authorization form authorizing Vanderbilt Mortgage to draft automatically from your bank account every 14 days. Fax this information to Attn: customer service to 865 380 3418. Please allow 5-7 business days prior to your payment draft date for this information to take effect.
Option 3. Mail a blank "voided" check and a Biweekly Draft Change Authorization form to: Attn: Customer Service Vanderbilt Mortgage and Finance, Inc. PO Box 9800 Maryville, TN 37802
Please allow 5-7 business days prior to your payment draft date for this information to take effect.
Biweekly Drafting from a Savings Account. If you wish Vanderbilt Mortgage to set-up a recurring ACH draft from your savings account, please verify the routing number with your credit union or bank before setting up the recurring automatic payment.
Third Party Biweekly Drafting. If the bank account from which the recurring ACH draft will be made belongs to anyone other than the parties who signed the loan contract documents, we need written authorization from the customer on the loan documents and the bank account holder.
Important notes regarding your biweekly recurring ACH Draft Payment:
• If your payment draft date falls on a Saturday, Sunday or a federal bank Holiday then payment will be drafted from your account on the previous business day. For instance, if your draft date falls on a Saturday, Sunday or there is a Holiday on a Monday, your account will draft the preceding Friday.
• You will receive a confirmation letter in the mail from us within 14 days when your recurring ACH draft payment request has been processed.