For Sandy Spring Bank Mortgages, Home Equity Accounts, Auto Loans, Personal Loans and Personal Lines of Credit
- Automatic Payment Authorization Forms must be completed entirely to ensure accurate setup and changes.
- By enrolling in the Automatic Payment Service (the “Service”), you are authorizing Sandy Spring Bank to make your loan payment each month by automatically transferring funds from the financial institution account specified by you.
- The Service is available to Sandy Spring Bank customers at no cost.
- The Service will deduct your monthly payment, plus additional principal amounts (optional), once a month from a single bank account. The Service cannot make automatic payments multiple times per month nor can the Service make automatic payments from multiple bank accounts.
- The Service cannot be used to pay fees or additional escrow payments, if applicable. Payments for fees or additional escrow must be remitted separately.
- The designated deposit account must be in the name of the Sandy Spring Bank Borrower signing the form.
- You may request for your automatic payment to be made up to 5 calendar days after your payment due date (“Delay Days”), taking into consideration your late charge assessment date per your Note. Unless otherwise requested, your automatic payment will be made on your due date.
NOTE: For Home Equity Loans & Lines of Credit, Personal Loans and Personal Lines of Credit: Because interest accrues daily on the unpaid principal balance, this amount will vary. If you schedule a recurring payment which falls past your due date every month, it is possible that a higher share of your payment will go towards interest than originally calculated, and a lower share will go to principal. As a result, your final payment may be higher than expected. - It may take up to fourteen (14) business days from the date we receive your authorization form to process your request. If you have a payment due within the next fourteen (14) business days, please contact us to make sure the automated payments have been set up on the account for the payment date you have chosen (Automatic Payment Date). If you believe there is an inaccuracy in your banking information, additional principal amount and/or Delay Days (if applicable), please report any errors or changes to Sandy Spring Bank immediately. You are responsible for making all payments on time up to the initial Automatic Payment Date.
NOTE: The Automatic Payment Date is the payment due date, unless Delay Days have been selected. - Your loan must be due for the current billing period at least two (2) business days prior to the Automatic Payment Date before the Service will start. If your loan is not in a current status, your automatic payment will not be made, the Service may be canceled, and you will be responsible for making your monthly payments on time using another payment method. If we are unable to process your request to set up automatic payments, we will notify you by mail regarding why the request could not be completed.
- All notifications regarding automatic payments sent by mail will be directed to the address on file for the Sandy Spring Bank loan account. To confirm or change the address on file, please contact us at 800.399.5919, visit a Sandy Spring Bank branch, or use the Sandy Spring Bank Digital or Online Banking app.
- If your scheduled Automatic Payment Date falls on a weekend or legal bank holiday, the automatic payment will occur on the next business day, but the payment will be applied to your account as if the payment had been received on the Automatic Payment Date.
- Be sure to check your financial institution account statement to verify the date and amount of any automatic payments initiated by Sandy Spring Bank. In the event of an error, please notify your financial institution and Sandy Spring Bank immediately.
- Under the terms of your loan, your Sandy Spring Bank payment may change (for example, an escrow or adjustable rate change for a Mortgage loan, a HELOC or a Personal Line of Credit). The Service will adjust the amount of the automatic payment from your financial institution account to accommodate these changes. If you have opted for an additional principal amount to be included with your automatic payment each month, the additional principal amount will not change.
- If you intend to remit an additional principal payment separately from the Service, mail your check to the Sandy Spring Bank address in the “How to contact us” section below. Write “PRINCIPAL ONLY” on the memo portion of the check along with your loan account number. NOTE: Excess funds will be applied pursuant to the terms of your loan agreement.
- You may request that Sandy Spring Bank make changes to the Service (e.g., banking information, additional principal amounts, and/or Delay Days (if applicable)) by completing a new Automatic Payment Authorization Form and either mailing it to the Automatic Payment correspondence address below, taking it to a Sandy Spring Bank branch, or uploading it using the Sandy Spring Bank Digital or Online Banking app. Automatic Payment Authorization Forms are available by calling 800.399.5919 or visiting a Sandy Spring Bank branch.
NOTE: Please allow at least fourteen (14) business days prior to the next scheduled Automatic Payment Date for Sandy Spring Bank to process your request. - Cancellations must be made at least three (3) business days before the next payment due date by using any of the following methods:
- Calling 800.399.5919.
- Sending a secured messaged through the Sandy Spring Bank Digital or Online Banking app.
- Visit the nearest Sandy Spring Bank branch.
- Mail your request to the Automatic Payment Correspondence address below (which must be received at least three (3) business days before the next payment due date).
- You are responsible for making all payments on time following cancellation or other termination of the Service. The payment due date set forth in your loan agreement is unaffected by enrollment with or cancellation of the Service.
- If your financial institution returns an automatic payment unpaid for any reason, Sandy Spring Bank has the right to assess a reasonable fee, subject to applicable law. You are then responsible to remit that payment to Sandy Spring Bank. If your payment is not received before the end of your courtesy period, your payment for that period will be past due and a late payment fee will be assessed, subject to applicable law.
- Sandy Spring Bank may add, delete or change these Terms and Conditions at any time. We will inform you of changes when legally required and will try to inform you of the nature of any material changes even when not legally required to do so. We may communicate changes by either mail, email, or a notice on our website and will make the updated terms available on our website. You agree that by continuing to use the Service after the date that changes are posted to our website, such changes will be effective for transactions made after that date, whether or not you access the website or otherwise receive actual notice of the changes. If you do not agree with a change, you may discontinue using the Service.
- Sandy Spring Bank reserves the right to cancel or otherwise terminate the Service for any reason, including without limitation, if:
- Your automatic payment is returned by your financial institution because of “Authorization Revoked,” “Account Frozen,” or “Account Closed”;
- Automatic payments are returned unpaid for insufficient funds;
- Your loan enters Bankruptcy, a Loss Mitigation program, or Foreclosure status;
- Your loan is paid-in-full or reaches the maturity date; or
- You fail to comply with these terms and conditions or the terms and conditions of your loan.
- How to contact us:
- Sandy Spring Bank customer service representatives are available at 800.399.5919.
- Automatic Payment Correspondence Address: Sandy Spring Bank – Automatic Payments, 17801 Georgia Ave, Olney, MD 20832.
- Using secured messaging through the Sandy Spring Digital or Online Banking app.
11/2024