Payments FAQ's
- When is my loan payment due?
Mortgage loans are due on the 1st of the month. Late fees will be accessed after the 16th of the month.
Home Equity Lines of Credit (HELOC) are due on the 1st of the month. Late fees will be accessed after the 26th of the month.
- Do we offer Automatic Payments?
Yes, a Direct Payment Authorization Form needs to be completed and emailed to loanservicing@rosedalefederal.com Please note: we do not accept electronic signatures.
- Can I change the account my loan payments are debited from?
Yes, a new Direct Payment Authorization Form will need to be completed and returned to loanservicing@rosedalefederal.com. Please note: we do not accept electronic signatures.
- Can I cancel my Direct Payment Authorization?
Yes, please submit a signed Cancellation of Direct Payment form. Please note: we do not accept electronic signatures.
- If my escrow amount changes, are my automatic payments adjusted?
If you set up Direct Payments with us, your payment will be adjusted to reflect the new payment amount. No action is required on your part. If you set up bill payment options through another bank, you will need to update the amount scheduled to be sent to pay your mortgage payments.
- How does a suspense account work?
Your payment would be placed in suspense because the payment made was less than the contractual payment due. We add payments you make in this suspense account until they add up to your contractual payment amount. Once your payments accumulate to the full payment amount, we automatically remove the payment from the suspense account and apply the funds as a payment.
- What happens if I don’t have enough funds to cover my Direct Payment made via Automatic Clearing House (ACH)?
Like a paper check, your automatic withdrawal will be returned as non-sufficient funds. Your payment will not be reprocessed, you must make up the payment on your own by mail, visiting a branch or via our online payment portal.
- What happens if I don’t have enough funds to cover my Direct Payment made via Automatic Funds Transfer (AFT)?
The system looks to your internal checking or savings account every day until there are enough funds to make your full payment.