If it can happen to me, it can happen to you.
So here’s the story. I have a small, private student loan with Navient (formerly Sallie Mae) that I’ve been paying for quite some time. I’ve been on automatic debit for years. I’ve written previously about being careful with auto-debit programs and this story illustrates why.
I recently changed banks, and wanted to change my banking information with Navient’s auto-debit program. So I logged into my online Navient account, and completed all of the necessary online forms to change bank account information. Navient issued me a confirmation email saying that if I submitted my request before my next billing statement had been generated, no manual payment would be necessary for the next bill, as the auto-debit would go into effect for that next payment. If I submitted my request after the next billing statement was generated, I would have to make a manual payment for that billing cycle, and the auto-debit would go into effect the following billing cycle. Okay, got it.
I had submitted my auto debit application in November, on a date before my December billing statement had been generated. So, based on Navient’s email, I was expecting that the December payment would be automatically paid via the auto-debit. But, since I’m me, I of course checked my account on the payment due date, just in case there was a problem. Turns out, there was: Read More