With the introduction of Vyne, Economical has made certain changes to the payment plan process.
Please see key changes below that will assist you to inform and guide your customers:
- Customers can only change their payment method at least 21 days prior to renewaldate. If it was not completed during this time, the payment plan change can be made at the next renewal.
- If payments are not applied by the payment due date shown on the Billing Statement, a 2 day grace period is given. If payment is not applied after the 2 days a registered cancellation letter is system generated and issued. The registered cancellation letter will be rescinded if the payment is applied by the date shown in the letter.
- Cheques should be sent directly to the Customer Accounts Centre at 590 Riverbend Drive, Kitchener, ON.
- Payment stub must be included with cheques as the system will no longer read handwritten policy numbers.
- Use of internet banking and on-line credit card payment options are encouraged.
- Insureds may now choose any day of the month for a withdrawal date and change that date once per policy term if desired.
- No service charges / NSF fees reduced to $25
Please direct any questions or concerns on registered letters to Customer Accounts Centre 1-800-580-9804.
As usual, Angus-Miller’s Underwriting team is available to speak with you anytime to guide you and support you. We are sensitive to the fact that these changes are significant and require extra time and effort to navigate with your clients.
Please call Melissa Jones or Kate Gaudet to answer any of your questions.
Thank you for your patience and ongoing support!