This feature is currently in the process of being rolled out to all existing clients. If you do not have this option on your dashboard yet, please email [email protected] to have it enabled, or reach out via chat.
Arch offers the ability to link a bank account to your account in order to make direct payments towards your loan.
How does it work?
Bank accounts are connected using Plaid, once will allow you to make two types of payment:
Schedule one time payments towards your loan, both immediately and a set date up to a month out in advance.
Configure autopay for your monthly payments
These can be configured to be for the remaining statement balance (recommended) or for a fixed amount.
They can also be scheduled to be debited on the statement balance due date, or for a specific day each month.
Payments will be attributed to your Arch dashboard immediately after Arch issues the request to the ACH network, however it may take 1-3 business days for this transfer to show up in your in your bank account.
How to connect a bank account for payments
Click on the icon in the top right-hand corner of your screen
Navigate to "Manage Bank Accounts"
Select Connect bank account
Follow the steps to connect via Plaid
Making a one-time payment
To make a one-time payment, head to your dashboard and select "make a payment".
Here you'll be asked to:
Pay with a connected bank account, or configure one if you have not already done so.
Input the payment amount.
Select a date on which to make the payment.
Once scheduled, you'll see an item appear in your activity feed for this payment. If it was scheduled to happen at some point in the future, you can use the action menu to the right of the item to cancel it. Note that any one time payment scheduled immediately are not cancellable as they get triggered right away.
Setting up autopay
To configure ACH autopay for your loan, first navigate to your Arch dashboard and click "configure autopay".
After you have selected a connected bank account, you will be able to configure the autopay functionality.
Here you will have the choice to:
Pay the remaining statement balance.
This is our recommendation, as if you make a one-time payment during the month, you will only be debited for the outstanding statement interest due.
Pay a fixed amount each month.
Finally, you can select your schedule of payments. You will either be able to opt to have a payment debited on:
The statement due date.
This is recommended.
A specific date each month.
After configuring the automatic payment, you'll see it reflected in the loan activity feed as a future, scheduled activity.
Finally, you can always update your autopay settings whenever you want. You do so by clicking the same button and going through the same flow again.
Common Questions
What happens if a payment fails?
Should the payment from your bank account fail for any reason, including low balance, the Arch dashboard and your statement will be updated accordingly. Any attribution of money towards issued statements will be voided, and you need to make a new payment in order to avoid late fees.
What happens if an Autopay payment fails?
When a payment that was made due to your Autopay configuration fails, your autopay will be suspended. You can re-activate it from your loan dashboard again.
What happens if a payment for additional principal fails?
A special issue of the payment failure happens when you've made a payment that pays down additional principal. Since the additional principal may have lowered the interested due on the next statement, Arch may have to recalculate the statement that got generated as if the payment never happened.