One loan, one payment, no convenience fee on any method
Every way to send us a loan payment
Auto loans, mortgages, personal loans, credit cards and home equity lines all use the same six options.
Cutoffs and when each method posts
The posting date is what counts against a due date, not the day you hit send.
Payments apply to interest first, then principal, unless marked principal only. Consumer loans carry a 10-day grace period before a late fee; mortgages carry 15 days. This is a demonstration website; rates, products, and figures shown are illustrative only.
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 productive but saves you nothing in interest. Mark it principal only in digital banking, in the check memo line, or by telling the teller. There is no prepayment penalty on any Summit consumer or mortgage loan, and interest is simple and calculated daily, so every early dollar counts from the day it lands.
Setting up autopay takes about four minutes. Choose a funding account, pick a date two or three days before the due date so a holiday never pushes you late, and decide whether to add a fixed extra amount to principal each month. You get a confirmation email every time it runs. Roughly seven in ten Summit borrowers pay this way, and on eligible auto and personal loans it also earns the 0.25% automatic payment discount. Run the numbers first with our payoff calculator.
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 for the privilege of giving us money.
My payment is going to be late. What should I do?
Call 800.555.7846 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 consecutive on-time payments. Members paid monthly often move the date to just after payday, which cuts late payments considerably.
Why is my balance nearly the same after I paid?
Interest accrues daily, so a payment arriving late in the cycle covers more interest and less principal. The transaction detail in digital banking splits every payment into interest, principal and escrow so you can see exactly where it went.
How do I get an exact payoff amount?
Request a payoff quote in digital banking or by phone. Do not use the current balance, because it does not include interest accrued through your payoff date. The quote states a good-through date and is binding until then.
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 800.555.7846 and we will do it with you on the phone.