EnerBank USA Customer Relations Manager Answers the 5 Most Frequently Asked Questions

EnerBank engages with its customers on social media, through email and on the telephone. And we receive a lot of feedback about our services and procedures.

On a regular basis, we have borrowers who engage with us looking for answers to questions like:

• How can I make a payment on my EnerBank loan?
• How can I find out the balance on my EnerBank loan?
• How can I avoid paying extra interest or a late payment charge?

EnerBank customer service representatives identified the five questions customers ask the most. The Bank’s Customer Relations Manager, Andy Gibson, addresses each of those below.

If you’re an EnerBank customer or are considering becoming one, the hope is that this article addresses some of your most pressing questions.

Q1. How can I make a payment on my EnerBank loan?

There are five ways that our EnerBank customers currently make their payments to us.

1. We offer a monthly ACH debit directly from the customer’s bank account at no additional charge to the customer. The customer can sign up for this option using the form that is contained in the coupon book, on our EnerBank website, or by requesting a form from our Customer Service department. This form authorizes the Bank to withdraw either the exact amount of the customer’s monthly payment or a higher amount as specified by the customer to pay off the loan sooner. The payments are withdrawn from the customer’s bank account on a stated date each month.
2. The Bank sends monthly payment coupon books with our post office box address listed on each of the coupons. The customer can write a check and send it in with the coupon to our PO Box.
3. The customer can call our office to provide a check by phone, where the customer calls in and gives us his or her bank routing number and account number so we can process the payment right over the phone. There is a five dollar processing fee for us to provide that service, but many customers love the speed and convenience of calling our office on the exact date they want to make a payment.
4. Many EnerBank customers also use the online bill pay system through their personal bank accounts.     
5. Customers can also send a check to our physical address if they need to send it to an address other than our PO Box:

          EnerBank USA
          1245 Brickyard Road, Suite 600
          Salt Lake City, Utah 84106
 

Q2. What is EnerBank’s rating with the Better Business Bureau?

EnerBank USA maintains an A+ rating with the Better Business Bureau. We have processed nearly one million loan applications to date, and currently service more than 120,000 loans.

In relation to the loans that we service and the size of our business, we are able to maintain that A+ rating, and have done so since we’ve been registered with the Better Business Bureau in 2004.

Q3. What new payment methods does EnerBank plan to offer in the future?

We are moving towards providing an online portal for customers to be able to view their account details and make payments online.  

Q4. How can I find out the balance on my EnerBank loan?

One of the easiest ways to do that is to call our Customer Service department. That phone number is (888) 390-1220, option 1.

Our representatives are available Monday through Friday from 7 a.m. to 5 p.m. Mountain Standard Time. You can get your current balance, make a payment, and have access to other information as well. Our Customer Service department is always happy to help.

Another option to get a balance is to request it through our EnerBank website. If you go to the FAQ tab under the “Homeowners” section of our website, you can scroll down and send an email to us requesting the balance or asking other questions, and the Customer Service department will get back to you shortly. (http://enerbank.com/feedback)

Again, we plan to provide an online portal for customers to be able to view their account details and make payments online.

Q5. How can I avoid paying extra interest or a late payment charge?

With all of our loans, there are no prepayment penalties. Customers can make all the payments that they wish to pay off their loans sooner and reduce the amount of interest that they pay.

For any customers with a Same-As-Cash loan option, the Bank will waive all interest accrued as long as the full principal balance (the original amount borrowed) is paid on or before the Same-As-Cash expiration date. 

For customers with a more traditional installment loan (including Reduced Interest Loans and Zero Interest Loans), our customers can make additional payments at any time for any amount to reduce the principal balance of their loan sooner and reduce the amount of interest they pay to the Bank over the life of the loan.

There is a late charge if a customer does not make his or her payment on time; however, we do offer a 10-day grace period. A customer has 10 days from the due date to send in the monthly required payment before a late charge is assessed. EnerBank posts all payments effective for the day that we receive them.

Unlike many of our competitors, we do not increase the loan interest rate due to a late payment.

We hope we were able to address some of your questions. For additional information, please do not hesitate to contact our Customer Service department at (888) 390-1220, option 1.