MAKE A PAYMENT
Six ways to pay a Summit loan, and what each one costs you in time
Auto loans, mortgages, personal loans, credit cards, and home equity lines all use the same options. Pick the one that fits, then check the posting table so you know when the credit actually lands.
Your options
Every way to send us a loan payment
None of them carry a convenience fee. That is deliberate.
Online or in the app
Sign in, pick the loan, and choose the payment amount and date. You can schedule it up to 90 days out and cancel any time before it processes. This is the fastest option and the easiest to keep a record of.
Transfer from a Summit account
Move money from your Summit checking or savings straight to the loan. It posts immediately, including on weekends and holidays, because nothing has to leave the credit union to get there.
By phone
Call the automated payment line at (800) 555-0159 any hour with your loan number and a debit card or checking account. For help from a person, use loan servicing at (800) 555-0173 during business hours.
By mail
Send a check or money order with your loan number in the memo to Summit Federal Credit Union, Loan Payment Processing, PO Box 4835, Riverton, MN 55402-4835. Allow five business days. Never mail cash.
In a branch
Any of our 42 branches, or any of the 5,600 shared branching locations nationwide. Bring your loan number and a photo ID. Cash and check payments made at a teller window post the same day.
From another institution
Use your other bank's bill pay or push an ACH to routing number 271985320 with your loan number as the account. Give it three business days, since we cannot control when the other side releases it.
Timing
When each method actually posts
Posting date is what counts for a due date, not the day you hit send.
Method
Posts
Cutoff
Transfer from a Summit account
Immediately
None, including weekends and holidays
In a Summit branch
Same business day
Lobby close
Automated phone line
Same business day
7 p.m. Central
Online from an outside account
1 to 3 business days
5 p.m. Central
Shared branching location
1 business day
That branch's lobby close
Another bank's bill pay
3 to 5 business days
Set by that institution
Check by mail
5 business days
Postmark does not count
Payments are applied to interest first, then principal, unless you mark them principal only. Consumer loans have a 10-day grace period before a late fee applies; mortgages have 15 days. This is a demonstration website; figures and timelines shown are illustrative only.
Autopay
Set it once and stop thinking about it
Roughly seven in ten Summit borrowers pay this way.
Choose the funding account
A Summit checking account is simplest and posts instantly. An outside account works too; you will need its routing and account numbers and a small verification deposit takes a day or two to confirm.
Pick the date and the amount
Set it two or three days before the due date so a holiday never pushes you late. Choose the scheduled payment, or add a fixed extra amount that goes straight to principal every month.
Confirm and set an alert
You get a confirmation number and an email each month when the payment runs. Add a low-balance alert on the funding account so a returned payment never surprises you.
Paying extra
Where an extra $50 goes, and why it matters
Anything above your scheduled payment is applied to principal only if you tell us to. Otherwise the system may treat it as an early payment toward next month, which feels good but saves you nothing in interest.
Payment questions
Is there a fee to pay by phone or online?
No. Every method listed here is free, including the automated phone line and payments pushed from another institution. We do not charge members to give us money.
My payment is going to be late. What should I do?
Call loan servicing at (800) 555-0173 before the due date, not after. Options include moving the due date, a partial payment arrangement, or Skip-a-Payment on eligible consumer loans. Calling early is what keeps it off your credit report.
Can I change my due date?
Usually yes on consumer loans, once per year and after at least six on-time payments. Members on a monthly pay cycle often move the date to just after payday, which cuts late payments considerably.
Why is my balance the same after I paid?
Interest accrues daily, so a payment that arrives late in the cycle covers more interest and less principal. Check the transaction detail in digital banking, which splits every payment into interest, principal, and escrow.
How do I get an exact payoff amount?
Request a payoff quote in digital banking or call (800) 555-0173. Do not use the current balance, because it does not include interest accrued to your payoff date. The quote states the good-through date.
My autopay was returned for insufficient funds. What happens?
We notify you the same day and retry once about five business days later unless you tell us not to. A returned payment fee may apply, and two returns in a rolling year pauses autopay until you re-enroll.
Set up autopay in about four minutes
Or call us and we will do it with you on the phone.