SKIP YOUR LOAN PAYMENT

Being a GCEFCU member has many perks – Including the option to skip your loan payment when you need it most. Members are allowed to skip their loan payment(s) up to two times per calendar year. See if your loan is eligible for Skip-A-Pay by reading the criteria below:

	You ARE eligible if:		You are NOT eligible if:
✔	You are not negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.	✖	You are negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.
✔	Your loan is eligible (Real Estate Loans, Term Loans, and Credit Cards are NOT eligible).	✖	The payment you are trying to skip is for a Real Estate Loan, Term Loan, or Credit Card.
✔	You have made 3 monthly payments or more to your loan already.	✖	You haven’t made at least 3 monthly payments to your loan.
✔	You made your loan payment for the month prior.	✖	You skipped/deferred last month’s loan payment.
✔	You haven’t skipped your loan payment or received 2 or more loan extensions already this year.	✖	You have received 2 or more loan extensions during this calendar year.
✔	You have current insurance on your collateral loan.	✖	You do not have current insurance on your collateral loan.
✔	You have made 3 payments within the last 90 days.	✖	You have not made 3 payments within the last 90 days.

How to Skip Your Payment

For your convenience, we have updated our Skip-A-Pay process! You may now see which of your loans are eligible for Skip-A-Pay within online banking, select which loan(s) you would like to skip, select which account you would like the $25 fee to be paid from, and more. The best part – It is all automatic! Once you hit submit, your loan payment will automatically advance to the next month.

Step By Step Instructions:

Login to online banking and select the Skip-A-Pay option from the menu.
Select the loan(s) that you would like to skip. If your loan is eligible for Skip-A-Pay, it will display a checkmark.
There is a $25 fee per loan payment skipped. Select which account you would like the $25 fee to be paid from.
Review the terms of the agreement and check the I Agree box.
Click Submit and you are done! Your loan payment will automatically advance to the next month.

Below are a few things to remember:

If you have set up automatic transfers to your loan payment, you will need to log into online banking and advance your loan payment(s).
If the credit union set up your automatic transfers, we will advance your loan payment for you.
Interest will continue to accrue during the “Skip-A-Pay” period and that by electing to “Skip-a-Pay” the total interest charge will increase and extend the time required to pay your loan(s) in full based on your required minimum monthly payment.
If your loan is paid weekly, bi-weekly, or semi-monthly, the agreement will allow you to skip your payment for two payments during the Skip-A-Pay month.
Once you submit your request, your payment will be automatically skipped

Frequently Asked Questions

1. Why does my loan say it is not eligible to skip?

If your loan says it is not eligible to skip, it could be due to one of the following reasons:

You have not made equivalent to 3 monthly payments on a new loan
Your loan is over 30 days delinquent
The credit union doesn’t have current proof of insurance for your loan
You haven’t made 1 monthly payment since your last skip a pay
Your loan is a credit card or real estate loan

2. What is the processing time for the skip a pay?

It is processed instantly with no waiting time and you will be able to view your new due date in online banking.

3. How many times a year am I able to skip my payment?

There is a maximum of two skip a payments per calendar year.

Terms & Conditions

Must have the $25 fee per loan in the account at the time of processing. Must be current on all accounts with the CU; excluding checking accounts that have not been negative over 30 days. To skip a payment on your auto loan, you must have current insurance on your vehicle. You cannot have received an extension the month prior to the skip a pay request. If you take advantage of the skip a pay, you will not be eligible for an extension the following month. Loans secured by Real Estate, Term Loans, Credit Card, Delinquent Loans, or loans that have already received 1 extension in the current calendar year are not eligible. If your loan is paid weekly, bi-weekly or semi-monthly, the agreement will allow you the “Skip-a-Pay” for two payments during the Skip-A-Pay month. New loans do not qualify for “Skip-a-Pay’s” unless three month’s worth of payments have been made. Interest will continue to accrue during the “Skip-a-Pay” period and that by electing to “Skip-a-Pay” the total interest charge will increase and extend the time required to pay my loan(s) in full based on my required minimum monthly payment. GAP may not cover skipped payments (refer to your GAP contract for details.)

Skip A Pay

Skip-A-Pay