Skip-A-Pay
Are you facing a financial hardship or some other unexpected event?
You may be able to take advantage of our Skip-A-Pay program. It is not available on mortgages, business loans, home equity lines of credit or open-ended credit.
- Submit a Skip-A-Payment Request no later then 15 days after your payment due date. (Drop it off, fax it, or mail it to your local branch office for review.)
- We will review your request to confirm that:
- Your account is in good standing,
- You have a $5.00 minimum balance in your Cross Valley FCU share savings or checking account,
- Your loan payment is not being made by any credit insurance, and
- You have not requested a Skip-A-Pay in the last 6 months.
- We will contact you once your request is processed.
IMPORTANT IINFORMATION ABOUT THE SKIP-A-PAY SERVICE:
- Your Skip-A-Payment request must be submitted no later than 15 days after your loan payment due date.
- A fee of the actual accrued interest may be withdrawn from your checking or savings account (you select the account) for each loan payment you want to skip.
- Interest will still accrue as your loan term is extended.
- You are responsible for suspending automatic payments you have initiated for the month you select to skip.
If you have any questions regarding this service please call any of our member service representatives at 570-823-6836 during regular business hours.
IS THERE A FEE FOR ACCEPTING THE SKIP-A-PAY OFFER?
Yes. No, all that is collected is the actual accrued interest due on your loan at the time the payment is skipped.
WHICH OF MY LOANS IS ELIGIBLE FOR SKIP-A-PAY?
Personal, home equity loans and auto loans may be eligible for this service. However, several factors may cause a loan to be ineligible for Skip-A-Pay:
- Your loan payment date is more then 15 days past due.
- The loan is Real Estate (first mortgage) or open-ended line of credit (VISA or credit lines)
- A Skip-A-Pay was already taken in the last six (6) months.
WHY CAN’T I SKIP MY CREDIT CARD OR REAL ESTATE LOAN PAYMENT?
Real Estate loans and credit lines have special regulations that prevent us from offering this service.
WHAT IF I DON’T HAVE THE $30 AVAILABLE IN MY SAVINGS OR CHECKING FOR THE PAYMENT SKIP?
Simply deposit or transfer funds to a savings account or checking account at the credit union, or include a check when you deliver/submit your request to Cross Valley FCU for the amount specified by the credit union.
WILL I STILL BE CHARGED INTEREST IF MY PAYMENT IS SKIPPED?
Yes, interest will accrue even though your payment is deferred.
WILL THE PROCESSING FEE BE REFUNDED IF MY REQUEST IS NOT APPROVED?
Yes, if your request is not approved we will credit your share savings account $30 (if you sent a check with your request), or we will not deduct the fee from your checking or savings account (if you requested we do so).
HOW MANY TIMES CAN I SKIP MY PAYMENTS?
Once every six (6) months (maximum amount).
WHICH PAYMENT CAN I SKIP?
The one that is currently due. For example: If you want to skip January’s payment, you must wait until the December payment has been made.
IF I DO NOT WANT TO SKIP MY PAYMENT NOW, CAN I DO IT SOME OTHER MONTH?
Yes, this program is now available year-round,at the most one skip every six (6) months.
MY PAYMENT WAS DUE YESTERDAY. IS IT TOO LATE TO SKIP?
No, just rememeber you must submit your Skip-A-Pay request no later than 10 business days to your prior due date.
WHAT DO I DO IF I NEED ASSISTANCE IN PROCESSING MY REQUEST?
Contact a member service representative at 570-823-6836 for assistance with the form or feel free to stop in at your closest Cross Valley FCU Branch.
| as low as | ||
| Auto Loans | 4.34% | APR |
|---|---|---|
| Home Equity | 3.29% | APR |