Convenience Pay Plan (CPP)

Who may participate in the plan?

The Convenience Pay Plan (CPP) is offered only to the mortgage loan customers of Colonial.


What will the CPP do for me?

The CPP is designed to help you budget your monthly mortgage payment. Smaller payments will be made twice a month instead of one large monthly payment.


How do I make my payments with the plan?

Once enrolled in the Plan, you will no longer write monthly checks to Colonial Savings. Your payments in the Program will be automatically "drafted" from either your checking or your savings account. These "drafts" will occur on a semi-monthly basis on the tenth (10th) and twenty-fifth (25th) days of each month. The payment must be paid ahead in order for the drafts to occur on those dates.       


How much will my CPP drafts be?

Each semi-monthly draft is equal to one-half of your regular monthly mortgage payment plus one dollar to cover the transaction cost.          


Will participating in the CPP simplify my budgeting?

YES. Because the CPP breaks the monthly mortgage payment into two smaller installments, you will find that budgeting becomes much easier. Rather than having to make one large payment on the first of the month, the Program takes smaller payments automatically from your bank account twice each month.    


Is there an enrollment fee for the plan?

There is no enrollment fee for this service.                    


May I suspend or cancel the Convenience Pay Plan?

YES. Upon 30 days written notice, you may either suspend or cancel the CPP.