EFT to a loan account
Main Problem:
- The user is unsure how to make additional principal payments on their mortgage using information provided by their local bank, specifically regarding adding the mortgage as an external account for easier payments.
Discussed Solutions:
- The user can attempt to add the mortgage as a payee in Fidelity’s Bill Pay system, which allows users to set up payments to companies or individuals.
- Fidelity’s Bill Pay can send payments electronically or via paper checks, depending on the compatibility of the mortgage lender with the service.
- For further assistance or questions after attempting to add the account, the user is encouraged to follow up with Fidelity support.
Here’s the full thread
I recently opened a mortgage using a local bank, and when I asked them about making additional principal payments they just gave me the loan number and their routing number.
How would I add this as an external account to transfer money to? So far, the only one to give me an option of adding an external loan (instead of just a checking and savings account) is my credit union’s website. Would I have to fill out a paper form and get a medallion signature for this?
Is there any way I can add them as a payee in Fidelity’s Bill Pay using this information, to make it easier to send extra payments each month? Or would I need to get their address and billpay would end up sending them physical checks?
Hi, @dnattig. We’re happy to talk through this with you.
It seems like you may already be familiar with Bill Pay, but if not, it allows you to provide us with information about the company or individual you want to pay (known as payees). Once a payee has been set up, you can make payments by entering the payment amount and the deliver by date. Bill Pay then sends either an electronic or paper check payment on your behalf.
How Bill Pay works: https://www.fidelity.com/cash-management/help-center/payments/bill-pay
That said, we’ve established relationships with hundreds of companies that allow us to receive electronic bills, known as eBills; however, there is a chance the company you’re looking to enroll is incompatible.
eBills: https://www.fidelity.com/cash-management/help-center/payments/ebills
If you have questions after attempting to add the external account to Bill Pay, please feel free to follow up here! 🟢