Internet Loan Payments ^top
Internet Loan Payments
More Loan Info
Posting of Loan Payments
Paying your ESL loan online using the account transfer feature is the quickest and easiest way to make all your ESL loan payments. Best of all, it's FREE!
Please do not use Bill Pay to pay your ESL loans.
After you confirm your account transfer, a confirmation number will be displayed, which includes the exact date your transfer will be POSTED to your account. Account transactions are posted as follows:
| Date Payment Made | Date Posted to Account |
|---|---|
| Monday - Friday prior to 7 pm EST | Same business day |
| Monday - Friday after 7 pm EST | Next business day |
| Saturday - prior to 2:30 pm EST | Same day |
| Saturday - After 2:30 pm through Sunday | Next business day |
| Holidays (holiday hours are posted on our branch locations page) | Next business day |
An Important Message Concerning Loan Payoff Amounts
The Payoff Amount displayed on the "Extended Loan Information" page is an estimate only. The actual payoff amount changes daily. To obtain a final payoff amount, click on Live Member Service and a representative will assist you (Monday - Friday 7am - 11 pm EST, Saturday 9-1), or you may call our Tele-Banking Center at 585.336.1000 or 800.848.2265 during normal business hours and they will provide you with a final payoff amount.
Loan to Loan Transfers
Loan to Loan transfers/payments are NOT allowed. You must first advance the loan to a share account of your choice, preferably a checking account, and then transfer from that account to the loan to complete the payment.
There is a certain period of time during our End Of Day and End Of Month system processing when a Share to Loan Transfer appears to successfully complete because the transfer transaction is "warehoused" until the system is actually ready to truly process it. When the "warehoused" transfer transaction is actually applied to your respective accounts, it could fail (due to insufficient funds, Regulation D limits, etc.) and ESL would not be able to notify you at this point.
ESL Visa Credit Cards
Use the Standard Transfer option on the Account Transfer page to make a payment to your ESL Visa Credit Card.
Payments made during business hours (Monday through Friday until 7:00 p.m., Saturday until 2:30 p.m. Eastern Standard Time), will take 2 business days to appear in your credit card account, however, the payment will reflect the date that the transfer was made.
Payments made during non-business hours will take 3 business days to appear in your credit card account and the payment will reflect the business day after the transfer was made. See table below for examples:
| Day Payment is Made | Time of payment | Payment appears on ESL credit card account | Effective Payment Date |
|---|---|---|---|
| Monday - Friday | 7 pm EST | 2 business days later | Day of transfer |
| Monday - Friday | After 7 pm EST | 3 business days later | Business day after transfer |
| Saturday | Before 2:30 pm EST | Tuesday | Saturday |
| Saturday | After 2:30 pm EST | Wednesday | Monday |
| Sunday | Anytime | Wednesday | Monday |
For your current credit card balance, click on "view transactions" that appears next to your credit card account in Account Summary. Or, you may call cardholder services at 800.654.7728, 24 hours/day, 7 days/week.
Home Equity Line Of Credit Payment
When making payments to a Home Equity Line of Credit...
- You must pay the exact scheduled payment amount when transferring funds to make a HELOC payment.
- You should use the Standard Transfer option on the Account Transfer page to satisfy your monthly required HELOC payment. After the required monthly payment is posted, principal payments can be made at any time.
- If you wish to make an additional payment to the principal of your loan, you can use the Over Payment Transfer (Principal ONLY Payment) option on the Account Transfer page.
Mortgage Payment
When making payments to a Mortgage...
- You must pay the exact scheduled payment amount when transferring funds to make a mortgage payment.
- You should use the Standard Transfer option on the Account Transfer page to satisfy your monthly required mortgage payment. After the required monthly payment is posted, principal payments can be made at any time.
- If you wish to make an additional payment to the principal of your loan, you can use the Over Payment Transfer (Principal ONLY Payment) option on the Account Transfer page.
If you need additional assistance, you may use our Live Member Service, or call our Tele-Banking Center at 585.336.1000, or 800.848.2265 during normal business hours.
Cash Reserve Loan Payoffs
When making payments to a Cash Reserve Loan...
- You may pay any amount towards your Cash Reserve Loan.
- You should use the Standard Transfer option on the Account Transfer page to satisfy your monthly required Cash Reserve Loan payment. After the required monthly payment is posted, principal payments and/or a payoff can be made at any time.
- If you wish to make an additional payment towards the principal of your loan, please use the Over Payment Transfer (with the Principal ONLY Payment) option on the Account Transfer page.
- If you wish to PAYOFF your Cash Reserve Loan, please use the Standard Transfer option on the Account Transfer page.
- When you choose to PAYOFF your Cash Reserve Loan, the payoff amount shown will include interest for the current month. Please note that during our nightly "end of day" processing the interest will NOT be available. The approximate timeframe for ESL's nightly "end of day" processing is between 7:15pm and 9:15pm EST. This timeframe and the time of day may vary during "end of month", "end of quarter", and "end of year" processing.
- You can also use TEL-E$L to pay off your Cash Reserve Loan, including all interest.
Consumer Loan
When making payments to a Consumer Loan...
- You may pay any amount towards your Consumer Loan. If you choose to pay an amount that is larger than your required payment, the additional portion will be applied to principal (see Example 1 below).
- You should use the Standard Transfer option on the Account Transfer page to satisfy your monthly required Consumer Loan payment. After the required monthly payment is posted, principal payments can be made at any time.
- If you wish to make an additional payment to the principal of your loan, you can use the OverPayment Transfer (Principal ONLY Payment) option on the Account Transfer page.
Example 1
For the sake of this example, lets assume the following:
- Today's date is September 1
- Your Next Due Date is September 1 (today)
- Your Scheduled Payment is $100 ($85 principal / $15 interest)
Here's what would happen if you made a payment of $500.00
- Your scheduled Payment of $100 would be made ($85 to principal / $15 to interest)
- Your remaining principal balance would be reduced by $400
- Your due date would be advanced by two months to November 1. Even though you made more than two months worth of payments with that one $500 payment, two months is the maximum allowable advancement for a due date.
- If you currently receive bills through the mail, you will receive a bill for October.
Now lets suppose that you made an additional payment two days later in the same month.
Example 2 shows how the additional payment would be applied.
Example 2
For the sake of this example, lets assume the following:
- Today's date is September 3
- Your Next Due Date is November 1
- Your Scheduled Payment is $100
Here's what would happen if you made an additional payment of $50
- Two days worth of interest would be deducted from the $50 additional payment that you just made. For the sake of this example, let's assume that amount is $2.
- The remaining $48 portion of the additional payment would be used to reduce your principal balance.
- Your due date would not change
In the case of Example 2, since your required monthly payment has been satisfied, and this is purely an additional payment, you may qualify to apply the entire $50 of the additional payment to principal. To find out, please call our Tele-Banking Center at 585.336.1000, or 800.848.2265 during normal business hours.
Late Fees
If you have incurred a late fee or need to pay a late fee please contact the Tele-Banking Center at 585.336.1000 or 800.848.2265 or visit a branch to make your payment. If you pay a late fee using the account transfer feature, the fee will not be properly applied to your account.