This is the same process currently used by Paytrust but with a different banking partner. Your funding accounts will remain as they are currently configured in your Paytrust profile. This deposit account will hold your bill payment funds before they are paid to your payees per your instructions.
This is a bank account that will be opened in your name at Grasshopper Bank, to be used for the payment of your bills through the Paytrust portal.
When you pay a bill through the Paytrust portal, your payment will be automatically pulled via ACH debit from your designated funding account to your Grasshopper Bank account and then sent to your payee, with no additional steps required by you in between.
The account is non-interest bearing. The account is not intended to hold funds for an extended period, and typically will not hold more funds than the amount due for a particular bill or bills that you have scheduled for payment at any given time. The account will only be an intermediary between funds being held in your designated funding account and your payment to the payee, as directed by you.
You may not hold other funds in this account. However, there may be occasional instances where a payee does not accept the full payment as directed and processes a refund to the deposit account.
Accounts are reviewed every quarter, and any funds held in your Grasshopper Bank account, in excess of the amount needed for any scheduled payments to a payee, will be returned your funding account.
If you make a payment through Paytrust manually or with the autopay feature and there are not enough funds in your funding account or if the account is closed, the deposit will bounce, and you may incur a fee.
Before you can continue Paytrust services, provided by SilverBills, as of January 1, 2024, you must consent to the new agreements by December 27, 2023. If you do not sign the Deposit Account Agreement, your account will be terminated, and any bills scheduled to be paid after December 27, 2023, will be cancelled.
Your Grasshopper Bank account will be closed, and any funds remaining will be returned to your funding accounts.
There will be no debit card or checkbook issued for this bank account.