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Home » What’s the difference? Bank Draft vs. AutoPay

September 6, 2023

What’s the difference? Bank Draft vs. AutoPay

York Electric cashiers show off payment option paperwork
As part of YEC’s cashiers team, Member Services Representatives Susan Singer (left) and Caitlin Anders are ready to help you pay your bill. Either in our drive- thru or by processing online payments, our team is ready to serve you. Sign into our member portal at yorkelectric.net to choose one of our two most convenient options: Bank Draft or AutoPay. Photo by Erin Powell

Paying your bill is easy at your co-op. We have many options to help our members save time, a trip to the office and the worry of making on-time payments each month.

Two of our most popular options are our Bank Draft and AutoPay programs. But what’s the difference? Let’s take a look, so you know which one is right for you.

Bank Draft

  • One-time member sign up
  • Secure with no future hassles for monthly bill payments
  • Member’s account balance must be zero
  • Ensured on-time monthly payments initiated by your co-op on the same day each month
  • Deducted each month right from the checking or savings account of your choosing
  • Notifications and reminders can help you remember this has been paid each month
  • Bonus! Earn a $1 credit each month by also signing up to Go Green and receive your statement by email

AutoPay

  • One-time member sign up
  • Members have the option to select the date of their bill payment date, as long as it is on or before their due date
  • Members can set a maximum amount to be paid from their checking or savings account to ensure they do not receive any additional fees from their banking institution
  • Payment is run each time by the co-op
  • Members must save the profile to ensure monthly payments occur
  • Members are in control and can update their profile at anytime

Log on to our secure member portal to view which payment option you currently use and to make any changes to your account.

Unsure how to set up a payment profile? Stay tuned for next month’s South Carolina Living issue for a detailed how-to guide. In the meantime, please give us a call at (803) 684-4248 for any questions about your account.

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