May 15, 2024

External Loan Payments vs External Transfer

Discover the convenience and flexibility of managing your Interior Federal loan payments in digital banking. Whether you prefer the convenience of using your Visa® or MasterCard® debit card or the simplicity of setting up external transfers, we’ve got you covered.

External Loan Payment

Use any Visa® or MasterCard® debit card to make an immediate External Loan Payment to your Interior Federal loan. This method is available for one-time payments only and includes a $10 fee due to interchange fees to process through Visa® or MasterCard®.

Mobile Banking:

  1. Simply log onto mobile banking.
  2. Select Transfer & Pay.
  3. Choose External Loan Payment.
  4. Select Pay by Debit Card.
  5. Enter your debit card information.

External Transfer

Another convenient option for loan payment is making use of External Transfers. This method allows you to set up a one-time or recurring transfer from an external account to your Interior Federal deposit account, followed by an internal transfer to your loan account. This method is free and offers the option of Standard (3-business days) and Premium (next-business day) delivery.  There is a $5 fee for the Premium delivery option.

Mobile Banking:

  1. Login to the mobile app.
  2. Select Transfer & Pay on the bottom, then External Transfers.
  3. Accept the Terms of Service.
  4. Click sign up now.
  5. Complete the registration form.
  6. Follow the prompts to validate your email address.

To add external accounts:

  1. Select Add a New Account on the Transfer Funds screen.
  2. Submit required information.
  3. Complete verification process as prompted.

To schedule a one-time or recurring transfer:

  1. Select your to/from accounts.
  2. Enter your transfer amount and set the desired date.
  3. Choose the frequency and duration.
  4. Choose Standard or Next Day delivery.
  5. Review and confirm transfer.

Related Content: Tips for Making On-Time Payments

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