What happens if the payment date is on a weekend or holiday?
If the scheduled payment date falls on a weekend or banking holiday observed by the Federal Reserve Bank, the payment will be attempted on the next business day. Although FACTS specifies the date each payment will occur, it is the responsible party’s financial institution that determines the time of day the payment is debited to the account (this applies to Automatic Bank Payments only). 7. What happens if a payment is returned? If a monthly payment is returned, you will receive an e-mail or letter from FACTS with instructions on how the returned payment will be handled. A $25 FACTS Returned Payment Fee will be assessed for each returned payment. Your financial institution may also assess a fee. If a returned payment fee is also returned, it will be reattempted. FACTS Returned Payment Fees are subject to change in future academic years. 8. If my agreement is terminated because of unavailable funds, what will happen? Any previous payments made will be refunded to Edison State College wi
