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As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.

Have you been looking for an easy way to make sure your mortgage payment and other bills are paid automatically and on time? Perhaps you hate writing out a physical check every month and paying for postage.

There’s a better way. You can set up electronic checks (eChecks) and benefit from the convenience and increased security afforded by using an electronic payment method. We’ll go over the advantages of this payment method and then walk you through how to go about setting up these electronic payments. But first, what is an eCheck?

Anatomy of an eCheck Transaction

An eCheck is just like a regular check, except that the entire transaction is handled through a secure electronic process. How does the process work?

First, you provide some basic bank account information. We’ll go over exactly what’s needed here in an upcoming section. This information is encrypted when stored for the purposes of security.

After that, you have a couple of options, including choosing exactly when the money should come out of your account. This element of control is one advantage over physical checks, which merchants can cash the instant they receive them. You can also select whether it should be a one-time or recurring payment.

When it’s time to process the transaction, the funds are debited directly from your bank account and sent to the merchant or service provider’s automated clearinghouse (ACH) account. These are special accounts set up for the secure handling of electronic payments.

What Are the Advantages?

There are several advantages inherent in the digital processing of payments instead of physical checks. We’ll cover the main ones below.


When you write a physical check, you’re trusting whoever you give it to with a ton of information. Your bank account and routing number are included on the check. There’s also a copy of your personal signature.

While you do provide your bank account and routing number in an eCheck transaction, the information is encrypted and securely stored away from prying eyes. Instead of a physical signature, you might instead check a box authorizing the payment to be made on the day you designate.

Save Money

Banks often charge you when you order books of physical checks. In addition to these fees, you may have to pay for postage and envelopes on occasion as well. While these costs may sound minimal, they can add up over time.

By contrast, many service providers, including Quicken Loans, offer the opportunity to make an eCheck or ACH payment electronically for free. You don’t even have to take a trip to the mailbox.

Save Paper

Relying less on paper could literally help you breathe easier every day. One tree alone produces enough oxygen for two people to survive for a year. If we start cutting those trees down too fast, however, it can make a difference in the amount of breathable air we have.

I’m not saying you need to go hug a tree, but it’s something to think about the next time you take a deep breath.

Making Your Mortgage Payment Electronically

You can use eChecks to pay for a wide range of things in today’s online world. We thought we would discuss how Quicken Loans clients can set up electronic payments for themselves.

To get started, sign in to your MyQL account on the Web or within the MyQL Mobile app. Navigate to the payment center. Once there, you’ll be able to input some basic information, including your bank account and routing number.

You can make a one-time payment or set up auto-draft payments. If you choose to have payments auto-drafted, you’ll be given the opportunity to select a date for a monthly payment (on any day between the first and 16th of the month) or biweekly (1st-14th)  payment. Biweekly payments are then made every two weeks, which means you’ll save on interest by helping to pay down your principal balance faster since you’ll be making the equivalent of one extra full payment per year. The first half of the biweekly payment is put in a non-interest bearing suspense account that functions like an escrow account. Once we have the full payment, it’s applied to your loan.

After filling out all the fields, go ahead and submit the payment. It’s that easy. Do you have questions about electronic payments? Leave them for us in the comments below.

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