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Online Loan Payment FAQs 

FAQ Index

 

1. What loans can I pay using Eastern Bank’s Online Loan Payment service?

2. What loans cannot be paid using Eastern Bank’s Online Loan Payment service?

3. Can I use the Online Loan Payment service anytime I want?

4. Can I make a future-dated loan payment?

5. Can I set up a recurring loan payment?

6. Are there any limitations on the dollar amount of the loan payment?

7. What information do I need to make a loan payment?

8. Will I need to enter my payment information (loan number, checking account number, social security number, etc.) each time I make a loan payment?

9. When will payments be posted to my loan?

10. How will payments be applied to my loan?

11. Will I receive a payment confirmation for my loan payment?

12. Is there a fee for using the Online Loan Payment service?

13. When will funds be withdrawn from the checking account funding the loan payment?

14. What if there are insufficient funds in my checking account to make the loan payment?

15. Can I payoff my loan using the Online Loan Payment service?

16. What if I am making a late loan payment?

17. Can I make changes to a scheduled loan payment?

18. Can I cancel a scheduled loan payment?

19. What if I have other questions or concerns about my loan or making a payment?



1. What loans can I pay using Eastern Bank’s Online Loan Payment service?
You can pay any Eastern Bank mortgage or consumer loan (boat, car, truck, personal line of credit, home equity, etc.).

2. What loans cannot be paid using Eastern Bank’s Online Loan Payment service?
At this time, you cannot use the Online Loan Payment service to pay commercial loans. If you are not sure if your loan can be paid using this service, please call our Customer Service Center at 1-800-327-8376.

3. Can I use the Online Loan Payment service anytime I want?
Yes.  Our Online Loan Payment service is available 24 hours a day, 7 days a week, so you can schedule a loan payment anytime that is convenient for you.

4. Can I make a future-dated loan payment?
Yes.  You can schedule a loan payment 10 calendar days in the future.

5. Can I set up a recurring loan payment?
Yes.  If you elect to enroll in the service, establishing a User ID and Password, you can set up recurring fixed amount loan payments.

6. Are there any limitations on the dollar amount of the loan payment?
Yes.  The minimum loan payment amount is $25.00 and the maximum amount is $10,000.00.

7. What information do I need to make a loan payment?
You must have an active Eastern Bank loan account to use the Online Loan Payment service.  Below is the information you will need to make a loan payment:

•  your loan account number
  your Social Security Number
•  your email address
•  the account number of the checking account you want the payment funds to be withdrawn from, as well as the routing and transit number of the financial institution at which the account is held.

8. Will I need to enter my payment information (loan number, checking account number, social security number, etc.) each time I make a loan payment?
No.  If you enroll in Online Loan Payment, creating a User ID and Password, your payment information will be stored, eliminating the need to enter it with each payment.

9. When will payments be posted to my loan?
Payments scheduled by 6:00 p.m. Eastern Time on any business day will be posted to your loan account the same business day. Payments scheduled after 6:00 p.m. Eastern Time or on non-business days will be posted to your loan account on the next business day.

10. How will payments be applied to my loan?
All payments made through the Online Loan Payment service will be applied as a regular payment to your loan account, according to the terms of your Loan Agreement with us. This includes any extra funds received with the payment. For most loans, a payment is applied to interest, then principal. Please review your Loan Agreement. If you are unsure how payments will be applied to your loan account, please contact our Customer Service Center at 1-800-327-8376.

11. Will I receive a payment confirmation for my loan payment?
Yes.  You will receive a confirmation for each payment made through the Online Loan Payment service.

12. Is there a fee for using the Online Loan Payment service?
There is a $1.50 loan payment processing fee for each payment made using the Online Loan Payment service.  If you call Eastern Bank and provide your payment information to a customer service representative, there is a $10.00 loan payment processing fee for each payment. 

13. When will funds be withdrawn from the checking account funding the loan payment?
Funds will generally be withdrawn from the account funding the loan payment on the second business day following the date the loan payment is made.

14. What if there are insufficient funds in my checking account to make the loan payment?
If sufficient funds are not available in your checking account, the loan payment will be cancelled and you will be responsible for any late payment related charges or fees as described in your loan documents with Eastern Bank.  You will also be solely responsible for any overdraft or related fees charged by the financial institution where the checking account is located.

15. Can I payoff my loan using the Online Loan Payment service?
Yes. You must call our Customer Service Center at 1-800-327-8376 to obtain the correct payoff amount before making the payment using the Online Loan Payment service. Please note that for some loans, payoffs may not be permitted using this service. Please contact our Customer Service Center for assistance.

16. What if I am making a late loan payment?
You may use our Online Loan Payment service to make a late payment to your loan account. Any late fees or other charges will be applied to your account and reflected in your balance and next payment due. If you have any questions or concerns about a late payment to your loan, please contact our Customer Service Center at 1-800-327-8376.

17. Can I make changes to a scheduled loan payment?
Yes.  You may use the Online Loan Payment service to edit a future-dated payment prior to 6:00 p.m. Eastern Time on the business day preceding the date the loan payment is scheduled to be made.  If you need to edit a loan payment on the date it is scheduled to be made, please call our Customer Service Center at 1-800-327-8376.

18. Can I cancel a scheduled loan payment?
Yes.  You may use the Online Loan Payment service to cancel a future-dated payment prior to 6:00 p.m. Eastern Time on the business day preceding the date the loan payment is scheduled to be made.  If you need to cancel a loan payment on the date it is scheduled to be made, please call our Customer Service Center at 1-800-327-8376.

19. What if I have other questions or concerns about my loan or making a payment?
Please call our Customer Service Center at 1-800-327-8376.