Skip-A-Pay Frequently Asked Questions:

Q: Is there a fee for accepting the Skip-A-Pay offer?
A: Yes. A $35 fee will be charged for each loan payment skipped.

Q: Which of my loans is eligible for Skip-A-Pay?
A: Personal 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 due date has already passed.
  • The loan is Real Estate (mortgage or home equity) or Open-Ended line of credit (VISA and credit lines).
  • A Skip-A-Pay was already taken in the last 12 months.

Q: Why can't I skip my Credit Card or my Real Estate loan payment?
A: Real Estate loans and credit lines have special regulations that prevent us from offering this service

Q: What if I don't have the $35 fee available in my savings or checking for the payment skip?
A: Simply deposit or transfer funds to a savings or checking account at the credit union, or include a check when you deliver your request to the credit union.

Q: Will I still be charged interest if my payment is skipped?
A: Yes, interest will accrue even though your payment is deferred.

Q: Will the processing fee be refunded if my request is not approved?
A: Yes, if your request is not approved we will credit your share savings account $35.00 (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).

Q: How many times can I skip my payments?
A: Once every 12 months.

Q: Which payment can I skip?
A: 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.

Q: If I do not want to skip my payment now, can I do it some other month?
A: Yes, this program is now available year-round-one skip every 12 months.

Q: My payment was due yesterday. Is it too late to skip?
A: Yes, you must submit your Skip-A-Pay request at least 10 business days prior to your due date.

Q: What do I do if I need assistance in processing my request?
A: Contact our Member Information Center (800-562-7328) or your closest RFCU branch for assistance.