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.
If your payments are scheduled weekly on Fridays, we recommend doing your Skip-A-Pay on the 1st 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 2nd week, you will be due the following week.
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.