If my payment does not post, what should I do?

If it seems as though your payment did not post, first off see how many days it is since your payment has been submitted.  From the time your payment is received, it can take up to three business days for processing.  If you sent it in the mail, obviously add postal time as well.

After adequate time has passed and your payment still has not posted, contact your servicer as your payment may have either been returned by your bank, sent to a suspense file, or there was a delay in processing.  While your servicer can give you exact reasons, here are some common things that do occur:

-If a payment was done by check or money order it may be in the suspense file because no account number was given (as a result the company did not know where to put the check) or it was sent to the wrong company (example someone has loans with Sallie Mae but sent the check to Great Lakes).  In either case the check must first be cashed so the company has access to the funds, then they stick it in away in ‘limbo’ to see if anyone claims it.  If it is claimed, it will be credited to the owner’s account.  If not, it will be returned to the sender after a certain amount of time has passed, typically 30 days.

-If the check cannot be located in the suspense file but was still taken from your bank account the best thing to do is to send a copy (usually digitally these days) to your servicer of the front and back of the check for research.  You can talk to your bank to get what you need to achieve this.

-If it is electronic payment, there is also a couple of probable options the payment has not posted.  The most common are:

Insufficient Funds.  The company will attempt to pull this payment twice (usually a few days apart) before rejecting it.  This will usually result in the bank charging several insufficient funds fees.

Unable to locate account.  This typically occurs when the borrower places the numbers in wrong. Unless of course the bank simply can’t find your account, but that probably is not likely.

Incorrect routing or account number.  This is the most common and causes the most confusion.  Remember loan companies submit payments to the bank so any of these  notations are just them passing along to you what the bank told them.  In this case the bank has recently changed an account or routing number.  Traditionally here, two things are true.  The first is the bank will put the initial payment through but will not accept future payments.  Two is many banks are switching over to special numbers for electronic payments only.  These changes can be as simple as putting multiple 0’s in front of the original number.  To find out if there was a change please call the main customer service number for your bank (a local branch will usually not know what you are talking about if you talk about new banking info).  When you contact them please speak to the ACH or electronic payments department.  You may find it useful to tell them the date and time of the unsuccessful payment for tracking purposes.