You can now use Automated Clearing House (ACH) transfers to pay your Terrafirma premium. The ACH is a secure network that is all digital. Terrafirma is all online: invoices, notices, applications, policies and payments. Starting with the 2020 application period – opening on Dec. 1, 2019 and closing on Feb. 3, 2020 – ACH transfers will be the preferred method of payment.
Terrafirma’s land trust members have increased to the point that payment processing is significantly more expensive. ACH transfers are better not just for the planet, but for keeping your premium payments lower. ACH transfers are also less risky than sending paper checks through the mail, with fewer opportunities for human error and oversight. Additionally, this new system will offer easier payment tracking!
Please note that an ACH transfer is not the same as a wire transfer. Terrafirma does not accept wire transfers. While ACH is free, wire transfers incur a fee both for Terrafirma and for the land trust. Terrafirma charges a $30 processing fee for any wire transfers received.
Terrafirma cannot accept credit cards, due to the expense of both processing and administration, as well as the price of having the appropriate controls in place to address the high security risk. These costs would be passed on to you, the policyholders.
You may be able to set up ACH transfers online with your bank by creating a transfer to an external account using Terrafirma’s account information. Alternatively, you can take this information to your bank manager to set up an ACH account to pay the premium annually.