Change My Debit Payment Account
If you wish to change the account that is debited for your monthly payments, you can submit a new ACH (Automated Clearing House) Authorization form and a cancelled check to us. The ACH form must be received by us prior to the 10th of the month in order to take effect for the following month’s payment. Only the exact payment amount can be deducted, and only on the due date of the amount. The account you specify can be debited ONLY on that particular day of the month. We are not permitted to attempt a second debit.
You may mail, fax, or upload your completed ACH form directly to our Portfolio Specialist, Debbie Laquidara.
Bay Colony Development Corp.
Attn: Servicing Department
230 Third Avenue, First Floor
Waltham, MA 02451
Important: Occasionally an automatic payment is rejected. This can be due to insufficient funds, uncollected funds, an account is closed or found to be invalid, or a borrower has stopped the automatic payment directly.
If this should happen to you, please take the following actions right away:
- Contact our Portfolio Specialist: Debbie Laquidara.
- Confirm that the loan is still on automatic debit (ACH). If it is not, you will need to submit a new ACH form prior to the 10th of the month for enrollment in the following month’s auto-debit.