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FACTS Tuition Management List of Categories
- If payments are made automatically, does that mean FACTS or the institution listed on my agreement has direct access to my account?
- How can I be assured these transactions are secure?
- May I set up a separate checking or savings account for making my payments?
- How do I make changes once my agreement is on the FACTS system?
- How much does the FACTS program cost?
- What if my payment date falls on a weekend or a holiday?
- When will the funds be withdrawn from my bank account?
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If payments are made automatically, does that mean FACTS or the institution listed on my agreement has direct access to my account?
No. This is a common misconception about automatic payments. No one but you and your financial institution has access to your account.
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How can I be assured these transactions are secure?
When you consider that bank research shows as many as ten people handle a check from the time it is written until the funds are deducted from your account, ACH transactions are far more secure than writing checks. With electronic payments, the transactions pass electronically through the banking system.
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May I set up a separate checking or savings account for making my payments?
Many people choose to establish an account separate from their primary checking or savings account. Establishing an account in your child's name is also a convenient method in situations where other family members as well as separated or divorced parents can work together to insure a quality education for their child. NOTE: The person signing the FACTS Automatic Tuition Payment Agreement must be a signer on the bank account listed on the agreement. In addition, please check with your financial institution to make certain the account can be used to process automatic payments.
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How do I make changes once my agreement is on the FACTS system?
If you need to change information such as address, phone number, e-mail address, or banking information, contact the school or FACTS. If you want to discuss changing the payment date or payment amount, you must contact the school, and the school will need to notify FACTS if any such changes are to be made. ALL changes must be received by FACTS at least five (5) business days prior to the payment date in order to affect the upcoming payment.
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How much does the FACTS program cost?
There is no cost to be in the FACTS tuition program.
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What if my payment date falls on a weekend or a holiday?
If a payment date falls on a weekend or holiday, the payment will be attempted the following business day.
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When will the funds be withdrawn from my bank account?
Although FACTS specifies the date each payment will occur, it is your financial institution that determines the time of day the payment is debited from your account. FACTS recommends you check with you financial institution to determine how far in advance the funds should be deposited into your account to insure the automatic payment clears.
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