SMCU’s Anytime Skip-A-Pay Program Puts You In Control
A loan payment is a long-term commitment. Over the course of even a short loan, unforeseen circumstances can pop up which leave you in a financial bind. When that happens and you have the choice between fixing the pipe flooding your basement with gallons of water or paying your auto loan payment, what are you going to do?
If you have a loan with SMCU, you have options. Most SMCU loans come with Anytime Skip-A-Pay, a program that allows you to skip a payment on your eligible SMCU loan as often as twice every twelve months with the payment of a nominal $29 per loan processing fee.
SMCU’s Anytime Skip-A-Pay program allows you the flexibility to react to situations where you could use a bit more cash in a given month for emergencies, vacations, or other times when you have higher-than-normal expenses. The Anytime Skip-A-Pay program lets you take control of your finances and create some peace of mind during potentially stressful times.
Three easy ways to request to skip a payment
By mail by printing and sending the Skip-A-Pay request form to:
SMCU Lending Department
Attn: Skip-A-Pay requests
P.O. Box 780
Seattle, WA 98111-0780
In person by speaking to a branch rep who will have you complete and sign a Skip-A-Pay form
Online by logging into SMCU’s Online Banking and completing the online Skip-A-Pay form in the Secure Forms section
If you have questions about the Anytime Skip-A-Pay program or any SMCU loan, please call our loan experts at 800-334-2489.
- The loan must have been open for at least six months.
- The loan cannot be past due at the time the skip-a-pay request is made.
- The loan cannot have had any payments 30 days or more past due in the previous six months.
- Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period.
- The loan cannot have an active force-placed insurance policy.
- First mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.
- Skip-A-Pay requests must be received at least seven (7) days before the payment you wish to skip is due to allow time to cancel an automatic payments being made to the loan.
- SMCU reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).
- Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.
- Any credit life, disability, debt protection, and/or GAP coverage on a given loan may not extend beyond the original maturity date
- What is the Skip a Payment program?
Seattle Metropolitan Credit Union’s Skip-A-Pay Program allows you to skip up to two monthly payments each calendar year on certain loans. Those payments are then added to the end of your loan term. Our skip a payment program does not impact your credit rating.
- What loans are eligible for skips?
The Skip-A-Pay Program applies to all Seattle Metropolitan Credit Union loans except mortgages, home equity loans, VISA® accounts or new loans open for less than six months.
- Am I eligible to skip my payment(s)?
To be eligible, your loan must be open six months and in good standing. That means your loans must be current, which includes no year-to-date late fees on the loan, and payments must have been made within the grace period every month in the calendar year in which you are requesting your skip. You may not be eligible for other reasons, such as an overdrawn Seattle Metropolitan Credit Union account, forced placed insurance, or any circumstance the credit union deems derogatory related to your account.
- Is there a fee?
There is a $29 fee per skip, per loan.
- How does it affect my loan?
The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.
- What if I have automatic (ACH) payments?
If you have automatic payments from a Seattle Metropolitan Credit Union account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the month you selected. Please have your skip request to us at least seven (7) business days prior to your payment date. This gives us time to modify your ACH for the month you’ve requested your skip.
- What if I pay my loan through online Bill Pay?
Bill Pay is different than automatic (ACH) payments. If you use Seattle Metropolitan Credit Union’s Bill Pay or Bill Pay from any financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!
- How often can I skip?
As long as you continue to be eligible, you may skip any eligible loan up to twice in one calendar year. However, the skips on any single loan must occur at least 60 days apart.
- Can I skip any time?
Yes, you can, but remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least sixty days between skips.