Frequently Asked Questions

Loan Servicing FAQs

Can my payment be made electronically via AFT or ACH?

 Automated Clearing House (ACH):  Where monthly payment is automatically withdrawn from your deposit account from another financial institution on a set date.  Visit your local Mascoma Bank location or call 888-MASCOMA(627-2662) for assistance.

 Automated Funds Transfer(AFT):  Where monthly payment will be automatically withdrawn from your Mascoma Bank deposit account on a set date.  Visit your local Mascoma Bank location or call 888-MASCOMA(627-2662) for assistance.

I paid off my car loan last week. When will I receive my title?

Please telephone Loan Servicing at 888-MASCOMA, (627-2662) X5943.

Can I obtain copies of documents I provided to the bank at the time my loan was being processed?

Please telephone Loan Servicing at 888-MASCOMA, (627-2662) X5943.

How can I obtain a payoff on my loan?

Please telephone Loan Servicing at 888-MASCOMA, (627-2662) X5943. There may be additional fees or escrows that need to be collected in addition to your principal and interest balance.

I have missed my payment due date. How many days grace period do I have before a late fee is assessed?

Every loan type is different. However, the shortest grace period is 10 calendar days. Please telephone Loan Servicing at 888-MASCOMA, X5943, to ask about your specific grace period.

I recently received an adjustable rate notice that stated my monthly payment is going to go down. Can I keep my payment at the same amount?

Yes. Please contact Loan Servicing at 888-MASCOMA, X5943, to make this request.

I recently received a current copy of my credit report, and I disagree with some of the information being reported by Mascoma Bank. What do I do now?

Though Mascoma Bank takes pride in accurately reporting information to the credit bureau services, occasionally errors do occur. Please contact us immediately with the information that you question. We will work to quickly resolve any issues. Please be aware however, that we are required to report actual delinquencies. Any questions regarding credit bureau reporting should be directed to Loan Servicing.

Digital Banking Questions

How do I get an Online ID and/or how do I sign up for Digital Banking?

Signing up for your Digital Banking & Online ID is as easy as applying online or stopping by any of our 28 Branches to complete an Digital Banking Agreement form. Your Online ID will be forwarded to you by secured mail or you may pick it up in person while at the branch.

What does ‘VTXTLR’ mean?

VTXTLR stands for our teller processing system, Vertex Teller.

Transactions are coded this way when they are still in a memo-post phase so that we can identify what was done by an actual person within the branch network versus what might have been done through Digital Banking or our proof department. You might see this when a deposit is made to your account, or when a check is cashed from your account within our branch network, either by you or by the person you wrote the check to.

What is a pre-authorization (pre-auth)?

When your card is swiped or keyed in at the merchant’s store, it is verified to your account at the bank for available funds. This debit to your account is a pre-authorization and not an actual transaction.

Depending on the method used by the merchant to process charge slips, the actual transaction will be processed within 2-5 business days.

A pre-auth appears on your account when you use your ATM/Debit Card and the merchant places a temporary “hold” on your account until the bank receives the actual debit. This happens to insure the merchant that the funds will be in your account when the transaction is finalized. Depending on the store policy, the amount of the authorization may differ from the dollar amount of the purchase. This may occur at restaurants when the tip is added, and at some pay-at-the-pump gas stations. The pre-auth will “fall” from your account when the actual debit is presented to the bank, generally within five business days.

What does ‘AW’ stand for next to a transaction on Digital Banking and why can’t I view the check associated with this transaction?

‘AW’ stands for Automatic Withdrawal. This happens when a merchant converts your paper check to an electronic transaction.

The reason you cannot view the actual check is that we don’t receive the paper item back from the merchant. We receive it as an electronic transaction. The conversion of the paper check to electronic format is an agreement between you and the company you wrote the check to. Mascoma Bank does not have the ability to change how these transactions are received and/or posted.