Principal only payments is a feature offered in digital banking on Vehicle and Mortgage loans. Below are the steps to apply a principal only payment to a loan:
- Select Make a Transfer
- Select a “From” account/Select vehicle or mortgage loan in “To” account
- Select Principal only option and enter amount of principal payment
- User can enter a memo by clicking memo (optional)
- Select Review
- Review transfer and click Confirm
- Confirmation page will display for successful principal payment.
Note:
- Principal payments cannot be made to a past due loan or on the loan due date until the balance due is paid.
- Principal only payments do not satisfy current or future monthly payments.