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The Convenience Pay Plan (CPP) is offered only to the mortgage loan customers of Colonial.
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.
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.
Each semi-monthly draft is equal to one-half of your regular monthly mortgage payment plus one dollar to cover the transaction cost.
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.
There is no enrollment fee for this service.
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