Payments

When you set up a loan payment, you can view the available balance for each account listed in both the From Account field and To Account field on the initial payment page.  If an account has a negative balance, the amount displays in parentheses, for example, (272.64).

Loan payments for the current day process immediately.  The cutoff time set by your institution determines when an immediate payment will be posted on the next business day following nightly processing.

The following frequencies may be requested for recurring loan payments:

• Weekly – Every week. Each recurrence of a payment is scheduled one week after the previous payment.

• Bi-Weekly – Every two weeks. Each payment is scheduled once every two weeks. For example, if the first payment is set up for 12/15/2020, the next payment occurs two weeks later on 12/29/2020.

• Twice Per Month – Twice per month. This frequency typically schedules two payments per month, each 15 days apart. However, there are some exceptions to this pattern depending on the number of days in the month and the date of the first payment.
  The following examples illustrate how this frequency works.

  In this first example, the first payment requested using the Twice Per Month frequency is scheduled for the beginning of the month:
  

Occurrence	Pay Date	Next Scheduled Pay Date
1	1/1/2020	1/16/2020
2	1/16/2020	2/1/2020
3	2/1/2020	2/16/2020
4	2/16/2020	3/1/2020
5	3/1/2020	3/16/2020

In this second example, the first payment requested using the Twice Per Month frequency is scheduled for the middle of the month:

Occurrence	Pay Date	Next Scheduled Pay Date
1	1/15/2020	1/30/2020
2	1/30/2020	2/15/2020
3	2/15/2020	3/2/2020
4	3/2/2020	3/15/2020
5	3/15/2020	3/30/2020

• 4 Weeks – Every four weeks. This frequency can also be described as “every 28 days”. Each payment is scheduled 28 days after the date of the previous payment. For example, if the first payment is set up for 7/22/2020, the next occurs on 8/19/2020, followed by 9/16/2020, etc.

• Monthly – Every month. Recurring payments are scheduled at one-month intervals. For example, if the first payment is scheduled for 12/15/2020, the next payment occurs one month later on 01/15/2021.

• Month End – Last day of each month. Each recurring payment is set up for the end of each month (e.g. on 12/31/2020, 01/31/2021, etc.).

• Bi-Monthly – Every two months. Each payment is scheduled two months after the previous payment. For example, if the first payment is set up for 12/15/2020, the next payment would be two months later on 02/15/2021.

• Quarterly – Every quarter. A recurring payment is scheduled once every quarter or four times each year. For example, a payment on 12/15/2020 is followed three months later by a payment on 03/15/2021.

• Semi-Annual – Every six months. A recurring payment is scheduled twice a year with one payment followed six months later by another (e.g., on 12/15/2020 and then on 06/15/2021).

• Annually – Every year. Each payment is scheduled once a year. That is, a payment on 12/15/2020 is followed by another on 12/15/2021, etc.

There are four available types of loan payments:

• Regular – This type of payment may be requested for a one time immediate, one time in the future, or recurring payment. Regular or scheduled payments are often set up on a recurring basis (e.g., weekly, monthly, quarterly or yearly) to pay receivables due on a specific loan account.  Recurring payments should be used when the payment amount does not change.

• Principal – This type of payment may be set up on a one time immediate, one time in the future, or recurring basis to apply a specified amount to the principal remaining for a loan account.

• Pay Down – If your institution allows this type of loan payment, it may be set up on a one time immediate basis only to pay down a loan account to a zero balance (usually performed for Line of Credit loans). Refer to the Paying Down or Paying Off a Remaining Loan Balance section in this document for detailed instructions about paying off a loan.

• Pay Off – If your institution allows this type of loan payment, it may be set up on a one time immediate basis only to pay off the remaining loan balance on a loan account deemed eligible for payoff by your financial institution. Refer to the Paying Down or Paying Off a Remaining Loan Balance section in this document for detailed instructions about paying off a loan.

1. Make sure the One Time Immediately tab is highlighted on the Loan Payment page.

2. On the Step 1 page for this type of payment:

   1. In the From Account dropdown, select the checking or savings account from which the funds will be withdrawn.

   2. In the To Account dropdown, select the Loan account to which the funds will be deposited.

   3. Select the correct option in the Payment Type dropdown.

   Note: Refer to the Types of Loan Payments section for a description of each payment type.

   4. Type the Amount of the payment in dollars (and cents if appropriate). You cannot enter a dollar sign.

   5. Type your Password, if shown.

   6. Click Continue to go to the next step or Cancel to go to the Accounts Overview page.

3. When the Step 2 page displays, click Confirm & Pay to go to the next page, Edit to return to the Step 1 page to review/change the payment data, or Cancel to return to a cleared Step 1 page.

4. When the Step 3 page displays, if the payment was successful, “Loan Payment Complete” appears above the date of the payment. Click Make another Payment to go to a cleared Step 1 page and enter data for another payment or View All Scheduled to view the Scheduled Payments page listing all of your scheduled payments.

Note: If the payment is unsuccessful, “Transfer NOT Completed” displays with a detailed error message. You may click: a) Edit to return to the Step 1 page and change the payment data; b) Make Another Payment to go to a cleared Step 1 page and enter data for a new payment; or c) View All Scheduled to view the Scheduled Payments page.

1. Click the One Time in the Future tab on the Loan Payment page.

2. On the Step 1 page for this type of payment:

   1. In the From Account dropdown, select the checking or savings account from which the funds will be withdrawn.

   2. In the To Account dropdown, select the Loan account to which the funds will be deposited.

   3. Select the correct option in the Payment Type dropdown.

   Note: Refer to the Types of Loan Payments section for a description of each payment type.

   4. Type the Amount of the payment in dollars (and cents if appropriate). You cannot enter a dollar sign.

   5. In the On this date field, type the date in the future when the payment should occur, or click the month icon next to the field and select a date from the calendar.

   Note: An error message displays if you enter a date on a weekend or holiday.

   6. Type your Password, if shown.

   7. Click Continue to go to the next step or Cancel to go to the Accounts Overview page.

3. When the Step 2 page appears, click Confirm & Schedule to go to the next page, Edit to return to the Step 1 page to change the payment data, or Cancel to return to a cleared Step 1 page.

4. When the Step 3 page appears, if the loan payment was scheduled successfully, “Loan Payment Scheduled” appears above the date of the future payment. Click Make another Payment to go to a cleared Step 1 page and enter data for another payment or View All Scheduled to view the Scheduled Payments page listing all of your scheduled payments.

Note: If the transfer is unsuccessful, “Transfer NOT Completed” appears with a detailed error message. You may click: a) Edit to return to the Step 1 page and change the payment data; b) Make Another Payment to go to a cleared Step 1 page and enter data for a new payment; or c) View All Scheduled to view the Scheduled Payments page.

1. Click the Recurring tab on the Loan Payment page.

2. On the Step 1 page for this type of transfer:

   1. In the From Account dropdown, select the checking or savings account from which the funds will be withdrawn.

   2. In the To Account dropdown, select the Loan account to which the funds will be deposited.

   3. Select the correct option in the Payment Type dropdown.

   Note: Refer to the Types of Loan Payments section for a description of each payment type.

   4. Type the Amount of the payment in dollars (and cents if appropriate). You cannot enter a dollar sign.

   5. In the Frequency field, select a frequency or time interval for the recurring payment.

   Note: For more information, refer to the Recurring Payment Frequencies section.

   6. In the Starts field, type the current date or a date in the future when the first payment should occur, or click the month icon next to the field and select a date from the calendar.

   Note: An error message displays if you enter a date on a weekend or holiday.

   7. In the Ends field, either select Never (until I delete the recurring transfer) or After and type the number of times (from 2 to 9999) the payment should occur.

   Note: If Never is selected, the payment will keep occurring until you delete the payment on the Scheduled Payments page.

   8. Type your Password, if shown.

   9. Click Continue to go to the next step or Cancel to go to the Accounts Overview page.

3. When the Step 2 page displays, click Confirm & Schedule to go to the next page, Edit to return to the Step 1 page to change the payment data, or Cancel to return to a cleared Step 1 page.

4. When the Step 3 page displays, if the loan payment was scheduled successfully, “Loan Payment Scheduled” appears above the date of the first scheduled payment. Click Make another Payment to go to a cleared Step 1 page and enter data for another payment or View All Scheduled to view the Scheduled Payments page listing all of your scheduled payments.

Note: If the transfer is unsuccessful, “Transfer NOT Completed” displays with a detailed error message. You may click: a) Edit to return to the Step 1 page and change the payment data; b) Make another Payment to go to a cleared Step 1 page and enter data for a new payment; or c) View All Scheduled to view the Scheduled Payments page.

If your institution allows, eligible loans may be paid down or paid off. Both payment options allow you to pay the remaining loan balance, but the Pay Down option leaves the loan account open while the Pay Off option closes the loan account.

1. On the Loan Payments page, make sure the One Time Immediately tab is highlighted.

2. On the Step 1 page for this type of payment:

   1. In the From Account dropdown, select the checking or savings account from which the funds will be withdrawn.

   2. In the To Account dropdown, select the loan account or line of credit that will receive the funds.

   3. Select the Pay Down or Pay Off option in the Payment Type dropdown.

   4. The Amount field displays the payoff amount as a link. Clicking the amount link displays the Loan Pay Down Details or Loan Payoff Details pop-up window depending on the Payment Type selected in step 2c. Click Okay to reactivate the Loan Payments page.

   5. Click Continue to go to the next step or Cancel to go to the Accounts Overview page.

3. When the Step 2 page displays, click Confirm & Pay to go to the next page; click Edit to return to the Step 1 page to review/change the payment data; or click Cancel to return to a cleared Step 1 page.

4. When the Step 3 page displays, if the payment was successful, “Loan Payment Complete” appears above the date of the payment. Click Make another Payment to go to a cleared Step 1 page and enter data for another payment or View All Scheduled to view the Scheduled Payments page listing all of your scheduled payments.

Note: If the payment is unsuccessful, “Transfer NOT Completed” displays with a detailed error message. You may click: a) Edit to return to the Step 1 page and change the payment data; b) Make Another Payment to go to a cleared Step 1 page and enter data for a new payment; or c) View All Scheduled to view the Scheduled Payments page.