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Time-Saving New Loan Payments Feature12/20/2022

In response to member feedback, SLFCU has introduced the ability to make payments on most types of SLFCU loans directly from external (non-SLFCU) sources in online and mobile banking. Members no longer need to first transfer funds from an external account into their SLFCU checking or savings account and then transfer those funds to their loan to make a payment. 

Following are the steps to set up an external account in online or mobile banking. Verification can take up to three days. After that and going forward, you can transfer funds directly from that external account to make payments on your SLFCU loan.

  • Online (desktop) banking: Hover over Transfers & Pay Bills and click Transfers, select the More Actions tab, and click Add Account. From there, click "Add an account manually" and follow the steps to add the external account. 
  • Mobile banking: Tap on Transfers, tap “Add Account”, and then on “Add an account manually” and follow the steps.

Our maximum total transaction amount per day, per account is $2,500. If you need to make a loan payment of more than that amount, and/or if your total payments and/or external transfers total more than $2,500 in a single day, you will need to separate your payments over a few days. Payments made after business hours or on weekends will be processed on the following business day.

Questions? Visit our FAQ below or call us at 505.293.0500 (Monday through Friday from 7:30 a.m. to 6:00 p.m. MT; Saturdays from 8:30 a.m. to 2:00 p.m. MT), visit a branch, or send us a secure message in online or mobile banking.


FREQUENTLY ASKED QUESTIONS

Can I make a direct payment from an external (non-SLFCU) account to an SLFCU loan in online banking?

Yes! In response to member feedback, SLFCU recently introduced the ability to make payments on SLFCU personal and auto loans directly from external (non-SLFCU) accounts in online and mobile banking. Members no longer need to first transfer funds from an external account into their SLFCU checking or savings account and then transfer those funds to their loan to make a payment. 

How do I set up an external account in SLFCU online or mobile banking for use in making loan payments?
  • In SLFCU desktop online banking: 
    • Hover over Transfers & Pay Bills
    • Click Transfers 
    • Select the More Actions tab
    • Click Add Account
    • Click “Add an account manually” 
    • Follow the steps to add the external account
       
  • In SLFCU’s mobile banking app: 
    • Tap on Transfers
    • Tap “Add Account”
    • Follow the steps on “Add an account manually” to add the external account

Note: Verification can take up to three days. After that and going forward, you can transfer funds directly from that external account to make payments on your SLFCU personal or auto loan.

What types of SLFCU loans can be paid directly in online banking from an external account?

SLFCU auto loans and most personal loans can be set up from an external account. SLFCU business loans are not currently set up for this option. Additionally, most mortgage and credit card payments already offer the ability to accept payments directly from external accounts through separate areas within online banking.

What time will my transaction post?

Transfers made from an external (non-SLFCU) account in the "From Account" field to an SLFCU product in the "To Account" field will be posted (that is, credited to the account) after 5:00 p.m. Mountain Time on business days Monday through Friday. Such transfer requests made after 5:00 p.m. Mountain Time will be posted the following business day.

What are the transfer limits?

Daily limits are $2,500. The monthly cumulative limit is $20,000.

My loan payment will take me over the $2,500 daily total transaction limit. What should I do?

Because our maximum total transaction amount per day, per account is $2,500, if you need to make a loan payment of more than that amount, and/or if your total payments and/or external transfers total more than $2,500 in a single day, you will need to separate your payments over a few days.

My loan payment is due tomorrow, and I haven’t set up an external account yet from which to transfer funds to pay it. What should I do?

Because verification of a newly added external account as a transfer source can take up to three days, please make your payment as you already have been doing if it is due in less than that time. We recommend setting up your external account as a payment source now so you are ready to use it for your next loan payment.

Who should I contact if I have questions or need help?

Call SLFCU at 505.293.0500 (Monday through Friday from 7:30 a.m. to 6:00 p.m. MT; Saturdays from 8:30 a.m. to 2:00 p.m. MT), visit a branch, or send us a secure message in online or mobile banking.



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