General - Billing and Payments

Billing and Payments

• How can I pay my loan?

  You can pay your loan bill in several different ways:

  • Pay your bill electronically through BayFedOnline.
  • Set up recurring monthly payments from your Bay Federal savings or checking account and have the funds automatically applied to your loan.
  • Pay by mail using the envelope and bill pay stub enclosed with your monthly statement.
  • Call 831.479.6000 or 888.4BAYFED (888.422.9333), option 3 to make your payment by phone.
  • Make your payment in person at any Bay Federal branch.
  • Make an ATM transfer from your Bay Federal checking or savings account to your auto or personal loan at any Bay Federal ATM.
  • Complete a Recurring Loan Payment Transfer form and bring it to any Bay Federal branch for processing. This form cannot be used for setting up credit card payments.

• If I already have a coupon book, can I still use it to make payments?

  If you have a coupon book you may still use it for your monthly payments, however, the amount due may be different from the amount shown on your coupon book. Your monthly loan bill provides more current loan information, such as the total amount due including any late fees, your loan balance, and your recent transactions.

• Can I make twelve monthly payments today so I don’t have to make another payment until next year?

  Your loan agreement requires you to make scheduled monthly payments. If you pay more than the amount due each month, the excess will be applied in the order specified in your loan documents. If you wish to pay in advance of your next due date, you must contact Bay Federal at 831.479.6000 or 888.4BAYFED (888.422.9333), option 3, or visit a Bay Federal branch to determine if your loan payment can be applied differently.

• Why didn’t I get a loan bill this month?

  You will be sent a loan bill each month if you owe a payment for that month. If a loan is already “paid ahead”, a new loan bill will not be generated, and members should refer to the last loan bill received for their next due date and amount. Once any payment amount becomes due, a loan bill will be created and sent, which will show all activity since the last statement was created.

• Why can’t I keep my other accounts open at Bay Federal if I am no longer a member in good standing?

  If you have caused the collective credit union a financial loss you will longer be considered a member in good standing. As such, it is the policy of Bay Federal to limit or revoke services to members deemed not in good standing. For more information refer to the Limitation of Service for Members Not in Good Standing Policy.

• How are the interest calculations different for Bay Federal auto, mortgage, and credit card loans?

  Mortgage
  Most first mortgage loans are term loans and have a fixed monthly payment. These loans are typically amortized loans where the interest accrual is based on a set schedule. For instance, a July 1 payment covers June’s interest and principal payment. The July 1 payment will have the same amount applied to principal and interest if you make your loan payment on June 30 or July 2.

  Auto and Consumer Loans 
  Most other non-revolving loans are simple-interest loans. This means that the payment is applied first to the interest that has accrued since the previous payment was made and the rest to the principal balance as of the date the payment is received. Based upon the number of days between payments, the amount that is applied to interest each month fluctuates.

  Credit card (and other line of credit loans)
  The Interest Charges for a billing cycle are computed by applying the Daily Periodic Rate to the Average Daily Balance of Purchases, multiplied by the number of days in the cycle. The Daily Periodic Rate is determined by dividing the Annual Percentage Rate (APR) by 365 and will change when the Annual Percentage Rate (APR) changes.

• How do I report errors or request information?

  Requests for Information and Qualified Written Requests (as defined in RESPA) must be sent to:

  Bay Federal Credit Union
  Attention: Loan Servicing
  3333 Clares Street
  Capitola, CA 95010 
  

  Bay Federal Credit Union responds promptly to all qualified written requests. Please include the following information in all written requests.

  Borrower Name(s)
  Account Number
  Property Address