February 1, 2022: Retained - Removal from Bi-Weekly Program When a Payment is Returned NSF

If a customer’s payment is returned as Non-Sufficient Funds (NSF) while enrolled in the bi-weekly drafting program, their enrollment in the program will be deleted. 

When this occurs, MSP will be documented with the comment code:

CHBWRT - Biweekly Draft Deleted Due to Return Item 

Customers will have the option to re-enroll in the bi-weekly payment program after bringing their account current on monthly payments.

The Bi-Weekly Enrollment Form and Confirmation Letter have been updated to reflect these changes.  

This updated procedure is viewable in KnowledgeOwl for Retained Servicing by navigating to:

Home >> Account Maintenance >> Automatic Drafting – Monthly and Bi-Weekly


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