MNB Loan Payment Frequently Asked Questions

When you make a "regular" payment, your payment is first applied to billed interest, then to principal, then to escrow (if applicable). When you make a "regular" payment, the due date will be advanced to the next scheduled due date.

When you choose to make a "principal only" payment, the payment is applied entirely toward the principal balance of the loan.

The due date will not be advanced until the entire amount of the regularly scheduled principal, interest, and escrow (if applicable) payment is made.

• Move Money is a feature of Online Banking that allows you to electronically transfer money between your bank accounts (including your loans). Move Money gives you the ability to make a one-time payment or set up recurring payments of the amount you choose. Please note that you must cancel recurring payments when your loan is paid in full.

• Auto Debit is a recurring payment taken directly from your bank account on a specific day of the month as an electronic transfer. There is no fee to establish Auto Debit payments and you can set them up with an MNB employee in person or by phone.

• Bill Pay is a service that you can sign up for within Online Banking. When using Bill Pay, you will enter information for the payments you want to make and when. A paper check is then mailed from the Bill Pay service to make the MNB loan payment, which can take up to 5 business days. Note that if the mail delivery is delayed, you may receive a late charge on the loan. There is no charge for Bill Pay as long as you pay one (1) bill every 60 days. If you do not pay a bill for 60 days, you will receive a monthly service charge of $4.95.

If you want to make more than one payment on your MNB loan, you will need to create separate transactions in order to advance the due date. If you do not create separate transactions, your due date will only advance to the next scheduled due date and additional funds will be applied to your principal (unless you have late fees).

For an accurate payoff amount, please contact us at 888-647-5050.

We would be happy to assist you! Please call us at 877-647-5050 or visit any of our banking centers.