Internet Loan Payments ^top
Internet Loan Payments
More Loan Info
Posting of Loan Payments
The Account Transfer feature within Internet Banking is ideal for making all your ESL loan payments. It's easy, fast and you can even schedule payments for ESL loans in advance. Best of all, it's FREE! Remember to use this feature for the most efficient payment for your ESL loans.
Once you have you confirmed your account transfer, a confirmation number will be displayed. Account transactions will be posted to your account as follows:
| Date Payment Made | Date Posted to Account |
|---|---|
| Monday - Saturday prior to 7 pm EST | Same business day |
| Monday - Saturday after 7 pm EST | Next business day |
| Holidays (holiday hours are posted on our branch locations page) | Next business day |
An Important Message Concerning Loan Payoff Amounts
The actual payoff amount for your loan changes daily. To obtain a final payoff amount, click on ESL Online Chat and a representative will assist you. You may also call our Tele-Banking Center at 585.336.1000 or 800.848.2265 during normal business hours.
Loan to Loan Transfers
Loan to Loan transfers/payments are not available. You must first advance the loan to the share account of your choice, preferably a checking account, and transfer from that account to the loan to complete the payment.
ESL Visa Credit Cards
When making payments to an ESL Visa Credit Card,
- Use the Required Payment option on the Account Transfer page to make a payment to your ESL Visa Credit Card.
- If you have more than one Visa Credit Card, please be sure to note the account number you wish to make a payment on prior to performing your account transfer.
- Payments made during business hours (Monday through Saturday until 7:00 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 |
Home Equity Line Of Credit Payments
When making payments to a Home Equity Line of Credit,
- You must pay the exact scheduled monthly payment amount when transferring funds for HELOC payments.
- Use the Required Payment 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.
- Use the Overpayment (Principal ONLY Payment) option to make an additional payment to the principal of your loan.
- Use the Paydown your Line of Credit option if you wish to paydown your Cash Reserve Loan to zero.
- Once you select Paydown your Line of Credit option and click transfer, the payment balance will update to include current day interest.
Mortgage Payments
When making payments to a mortgage,
- You must pay the exact scheduled monthly payment amount when transferring funds for mortgage payments.
- Use the Required Payment option on the Account Transfer page to satisfy your monthly required mortgage payment. Then, after the required monthly payment is posted, principal payments can be made at any time.
- Use the Overpayment (Principal ONLY Payment) option to make an additional payment to the principal of your loan.
- You can pre-pay your mortgage up to 6 months in advance by using the Required Payment option.
Cash Reserve Loan Payments
When making payments to a cash reserve loan,
- You must pay the exact scheduled monthly payment amount when transferring funds for Cash Reserve Loan payments.
- Use the Required Payment 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 paydown can be made at any time.
- Use the Overpayment transfer option to make additional make payments towards the principal of your loan.
- Use the Paydown your Line of Credit option if you wish to paydown your Cash Reserve Loan to zero.
- Once you select Paydown your Line of Credit option and click transfer, the payment balance will update to include current day interest.
Consumer Loan Payments
When making payments to a consumer loan,
- You must pay the exact scheduled monthly payment amount when transferring funds for consumer loan payments.
- Use the Required Payment option on the Account Transfer page to satisfy your monthly required consumer loan payment. Then, after the required monthly payment is posted, principal payments can be made at any time.
- Use the Overpayment (Principal ONLY Payment) option to make an additional payment to the principal of your loan.
- You can pre-pay your consumer loan in advance by using the Required Payment option.
Late Fees
If you have incurred a late fee or need to pay a late fee please contact us at ESL Online Chat or call our Tele-Banking Center at 585.336.1000, or 800.848.2265 during normal business hours.
Principal Reduction
You may make additional payments to the principal of your loan at any time after you have satisfied your regular monthly payment.
To make a principal only payment from the Account Transfer page:
- Fill in the "Amount" you wish to transfer.
- Select the account you are transferring funds "FROM".
- Select the account you are transferring funds "TO".
- Select the "Overpayment" radio button and choose "Principal Only Payment" option from the drop down list.
- Click "Transfer Funds" - be sure to confirm your transfer.