Savings balance not increasing after SSL payment

[masscredit]

I have an SSL with Andrews CU. I pay it from the savings account that I have with them. The loan amount goes down each month and so does the available balance in my savings. I know I'm taking from that to pay on the loan but shouldn't that money come back around to be available in the savings because it's freed up from the loan? . So looking at it from after the $3000 withdrawal, there was a balance of $559.88. I paid $43.76. That left a balance of $512.12. We'll say the interest is 76 cents, shouldn't my available balance in the savings be around $559.12? 

I believe my available balance should be around $550 after the loan is paid off in two months. Am I seeing this right?  

[Kforce]

Don't know the terms of your secured loan but from the

numbers you posted.

You will run out of funds for another payment mid October.

Should have  ~34.95  after the mid Oct. pmt.

Don't know what you are talking about as to the 76c interest or why

you believe funds will deposit into the savings you are using to pay a loan.

If the loan was against a  CD or another savings, it might

not be available until the loan is completely paid in full and

then another 7-10 days or more.

If the mid Oct payment is the last one for your loan, you will

have 34.94 or 34.95, don't know your exact interest rate.

All number look good so far.

[masscredit]

@Kforce The loan started at $1500. I made a larger payment after the first few months to see if I could  pay it down more without advancing the date. That didn't work. I also moved some money in and out of the account for a CD. My last payment will be $28.87. Due Nov 7th (I just made a payment as I type this).  Interest is 3.05%. I didn't run the exact numbers for that. 

So for the $1500 I borrowed against, if I didn't withdraw any before the loan was paid off, wouldn't there be a current balance of $1500 and an available balance of whatever was currently paid towards the loan? Looking at what I posted, I would think after the $3000 withdrawal, there would be a current balance of $559.98 with the available balance of what has been paid since then. Actually, maybe I am looking at it wrong because I'm pulling from that account to pay the loan instead of paying from an external account so I'm drawing down the available balance. 

[Kforce]

All I see are debits for payments and very, very small ~0.001%  something interest.

It looks like a checking account making payments.

After the 3k debit, $500 should be ~$1.25 a month at 3% rate.

[FicoMike0]

If you're paying from the same account that secured the loan, yes after each payment, an amount a little less than the payment should become available from that account. That's the way my PenFed ssl works.

The amount of the payment, minus interest, should become available from wherever you secured the loan.

[masscredit]

---

@FicoMike0 wrote:

If you're paying from the same account that secured the loan, yes after each payment, an amount a little less than the payment should become available from that account. That's the way my PenFed ssl works.

The amount of the payment, minus interest, should become available from wherever you secured the loan.

---

That's what I was thinking. If I started with $500 in the checking, pay $43 to the loan, maybe $42 more should now be freed up to the checking account so that available balance should pretty much stay the same. I haven't heard back from Andrews yet. I'll call again tomorrow 

[FicoMike0]

Well, wait a minute. You're paying from checking, right? Is the ssl secured with a savings or cd? If so, that's where the payment minus interest should show up, not the checking.

[masscredit]

My mistake. I said checking earlier. I just have a savings account and the SSL. I pay the loan from my savings account.

[FicoMike0]

It's worth a call right away, don't let a problem fester.

There's a lot of talk about nfcu and penfed ssl. How does it work with andrews? Can you pay off 91% without shortening the term?

[masscredit]

@FicoMike0  I called again this morning. The person I spoke to explained it in a way that I didn't quite get but it kind of made sense but not really. He said I'm taking money out of the savings account to pay on the loan so the savings balance would go down. I understand that. But I'm looking at it as the $43.76 payment comes out of the savings to pay the loan then that frees up about $43 in the savings. The savings account lists Current Balance and Available Balance. 

So back when I withdrew $3000 from the savings, that left an available balance of $559.99. Don't know what the available balance was. Maybe $593.00? Okay, when I type it out, it seems to make sense in a different way. I'm withdrawing from the available balance to pay on the loan so money comes out for that. It then frees up money on the available side. So the current balance keeps going down because of the money going towards the loan but the money keeps getting freed up to pay the loan the following month. That's why I'm down to one payment (less than a full payment). Current balance is $78.70 with $44.83 available. 

This stuff is figured by a computer so I guess it probably isn't wrong.