Your Built-In Break From Loan Payments

If your loan payment is coming from a different financial institution via ACH, you’ll need to cancel (or pause) your payment for the month you skip. Just make sure to set a reminder to set up a new auto-pay when the skipped month is done so you continue making payments on time!

PAYING WEEKLY / BI-WEEKLY?

To receive the full benefit of the Skip-A-Pay, make sure you process your request before the first due date of the month, otherwise, it will only skip one of your weekly / bi-weekly payments.

For example…

If your payments are scheduled weekly on Fridays, we recommend doing your Skip-A-Pay on the 1^st Friday due date, that way you won’t be due until the following month.

However, if you make your first Friday weekly payment and choose to skip the 2^nd week, you will be due the following week.

QUESTIONS?

We’re happy to help! If you have additional questions or concerns about using Skip-A-Pay for your loan, feel free to send us a secure message in Online Banking.

¹To be eligible for Skip-A-Pay, the loan must be an auto loan or personal loan; the loan is in good standing and not charged-off or delinquent; no delinquent mortgages are associated with the member’s account; loan may not have more than 2 Skip-A-Pays in a 12-month rolling period; the loan is not extended or modified by collections in the last 24 months; the loan must have a minimum balance of $75.00; the loan must not be currently worked on by a Collections Agency; member is not in bankruptcy.

²A $25.00 fee per skipped loan payment will be added to the balance of your loan. Interest will continue to accrue on all loan balances affected by the program, which may cause the maturity date on all loans to be extended. If recent records show that you have been delinquent on the above-mentioned loans for any reason or you are not currently a member in good standing, the credit union reserves the right to deny your application. If you have GAP protection on your loan and / or have already skipped 2 payments in a 12-month rolling period, you may not be eligible for Skip-A-Pay. There is a maximum of 5 Skip-A-Pays over the life of the loan. If you have payment protection on your loan, these charges may continue to accrue. If you have set up payments to be made through another financial institution, payment will still be made unless you stop it. If you skip February’s payment, your next payment will be due in March on the regular due date. If you skip March’s payment, your next payment will be due in April on the regular due date.