Choose the Best Way to Pay Your Loan!
As a member of Summit Credit Union, you have many ways to easily automate your credit union loan payment. Are you tired of keeping up with those loan payment coupons? Call our Loan Call Center at (800) 288-5252 and we’ll ‘go green’ together and take the worries out of getting by the credit union or mailing payments in on time.
The most efficient way of making your payment is to use direct deposit or payroll deduction. It could be from your paycheck, Social Security payment, pension or a Federal recurring payment, or other. Once the direct deposit begins, we can automatically transfer your loan payment on the due date. If it has been paid ahead and has no payment due, the transfer will not be made. Even if it is for a Home Equity Line-of-Credit and the payment amount changes, the transfer amount mirrors the payment due based on your balance. However, you may have to change the payroll amount. If the total payment isn’t available on the due date, we’ll review the account daily until it is.
If you transfer your monthly payment using our Home Banking 24, you can set it to be performed automatically without the hassle of logging in every time to make a payment. Just select the scheduled transfer feature under the Accounts tab of Home Banking 24. You can make your payments weekly, bi-weekly, semi-monthly, or monthly depending on your choice. Want to shorten the term and paid interest? Just increase the payment your comfort level. If the funds are not available, that payment will not occur and you will need to manually make up the missed payment. And since the payments fluctuate for a Home Equity Line-of-Credit, the scheduled transfer amount will need to be updated as necessary.
Payment from another Financial Institution
You can have loan payments transferred from your account at another credit union or bank. Once you have filled out the required form, the Account-to-Loan Transfer program will pull the payment from the other institution and account of your choice and make your loan payment. If you want to make any changes or stop the transfer once the loan is paid off, you will need to complete another form authorizing the change. If you forget, the excess payments will be placed in your savings account. If the funds are not available when the transfer occurs, you will need to manually make up the missed payment. If funds are not available for the next transfer as well, the Account-to-Loan Transfer program will be cancelled.
If you are in a rush and don’t have time to make your payment in person and don’t have it set up automatically, just use the Pay24 service. A convenience charge of $5 will be added to each loan payment.