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What do I need to do to sign up for EFT?
It’s simple. Just complete an application form, attach a
voided check if you want the payment withdrawn from your checking account or provide the savings
account number and the routing/American Banker Association number (ABA#) if you want the money
withdrawn from your savings account, and mail the information to:
CDVA, Attn: Contract
Services Unit, P. O. Box 942895, Sacramento, CA 94295-0001..
Do I need to fill out two separate applications if I have a Home Improvement Loan?
No, just enter the contract numbers for both your basic CalVet Loan and your Home
Improvement Loan on the form.
If I fill out the application, will I automatically be included in the program?
No. Your account will be reviewed to determine that it is in current standing (not
delinquent). If so, you will be sent a notification telling you that your application has been
accepted, and when the EFT will become effective. You must continue to send your check until you
receive notice of the effective date of EFT.
Can I return the voided check and application to you by fax?
No. We require original signatures on the application.
If I sign up for EFT, will I continue to receive monthly statements?
Yes, you will continue to receive monthly statements showing monthly account
activity. However, you will not have to send in a check unless you have a fee or charge that is not
part of the regularly scheduled payment every month or you want to pay an additional amount towards
your principal.
What if I want to make additional payment against my principal?
You can include the additional amount you wish to pay monthly towards your
principal on your EFT application. If you do not wish to remit a scheduled amount every month but
only occasionally, then you would need to send in a check for the additional principal payment with
your statement stub, remitted in time to be received by the 1st of the month and include a note that
the funds are to be applied towards the principal.
When will the payment be withdrawn from my bank account?
The payment will be withdrawn from your account on or about the 5th of each month.
If the 5th occurs on a holiday or weekend, the withdrawal will occur on the first business day after
the 5th.
Once I sign up, how do I get off the program?
Send in a written request to both CalVet and your financial institution.
Can the Department cancel the EFT without my permission?
Yes. The Department may automatically cancel your participation in the program if
two consecutive payments are returned by your bank.
Is there a monthly fee I must pay for this service?
No. However, there may be fees charged if there are no funds at your bank to cover
the withdrawal.
Who should I contact if I have questions?
Contact the CDVA Contract Services Unit at 1-800-952-5626, or e-mail them at
loanserv@cdva.ca.gov.
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