US bank says I'm not allowed to pay them off by phone

**pita1213** · 02-09-2010, 10:51 PM

when we paid off a loan through our credit union, i could call for the pay off amount but i had to go into a branch to make the pay off. with them, it's an automated system to get the pay off amount and it's just not set up to handle the payment if you are paying off the remaining balance early. I can make extra payments besides my scheduled payment, but it just isn't set up for pay off payments.
It's also satisfying to go into the bank and pay if off and come out with the slip that has balance remaining as $0.00

**monkeywrangler71** · 02-09-2010, 11:37 PM

When I worked in a bank it was not possible to pay off a loan through an automated system. A loan payout amount includes interest accrued to that date, which is not reflected in the loan balance because the interest is not added to the balance until the end of the regular payment period. So if someone tried to make a payment of the payout amount, the automatic system would reject it because the payment would be larger than the current outstanding balance. It had to be done by a human so they could post it as a closing payment.

**Michelle68** · 02-09-2010, 11:49 PM

Way to go on paying off the car!

**Palooka** · 02-10-2010, 01:53 AM

Originally Posted by monkeywrangler71

When I worked in a bank it was not possible to pay off a loan through an automated system. A loan payout amount includes interest accrued to that date, which is not reflected in the loan balance because the interest is not added to the balance until the end of the regular payment period. So if someone tried to make a payment of the payout amount, the automatic system would reject it because the payment would be larger than the current outstanding balance. It had to be done by a human so they could post it as a closing payment.

When I talked to them on the phone they gave me the exact penny to date/dates and my total payoff.

I forgot to mention in my OP that you can mail it to. And no there is no paperwork.

Well good riddance to those long 5 years. I'm going to drive it until it dies!

Thanks for letting me rant.

**frugalfranny** · 02-10-2010, 02:04 AM

Hey - to heck with US Bank.........

Congrats on paying off the car!!! Way to go!

**miss_thrifty** · 02-10-2010, 09:45 AM

On Your Car being paid off!!!!

**Wendy Mack** · 02-11-2010, 09:23 AM

Congratulations on paying off your car loan!!! It feels good doesn't it! I hope to do that for us soon ... but need to get medical bills undercontrol first before i can even think about bank loans.