Southern Mutual
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Automatic Bank Draft
Welcome to Southern Mutual's Automatic Bank Draft program.
What is Automatic Bank Draft?
Automatic Bank Draft is a free bill payment program where you can authorize your premium amount to be automatically deducted from your checking or savings account. No more checks, stamps, late payments, or installment fees. With Automatic Bank Draft, your annual insurance premium is divided into monthly installments and deducted at the same time each month.
Automatic Bank Draft Authorization Form
This form is in PDF format and requires Adobe Reader.
How do I enroll?
Mail a completed authorization form along with a voided check to customer service at the address listed on the form. You may list multiple policy numbers on one form for change at renewal.
When will the automatic draft start?
The Automatic Bank Draft program normally starts at the beginning of your annual policy renewal. Please read the schedule on your new bill for the exact dates your monthly premium will be deducted from your bank account. Deductions will occur on either the 1st or the 15th of every month based on your policy's effective date.
What will my payments be?
Policies are classified as either New Business or Renewal. New Business policies require 20% down, with the remaining premium divided into 10 monthly installments. At renewal, New Business policies are automatically converted to the renewal payplan. Renewal policies are divided into 12 monthly installments with the first being 12% and the remaining eleven being 8% each. Deductions begin shortly before your policy's effective date. See the table below for more information on how each installment is calculated.
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New Business | 20% down | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 100% | |
| Renewal | 12% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 100% |
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Example New Business | $100 down | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $500 | |
| Example Renewal | $60 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $40 | $500 |
What if I need to make a change on my policy?
If any changes occur during the policy period that affect your premium, you will be notified in advance.
How do I contact Customer Service?
Mail authorization form to:
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