First Community understands life is unpredictable, and you may need the extra cash from time to time. Because of this, we now offer a Skip-A-Payment program to members in good standing which will allow you to skip (defer) your monthly loan payment on any eligible loan when certain conditions are met.
There is a $25.00 service charge per loan payment deferred, due at the time the request is submitted/processed (based upon service charge options).
Skip-A-Pay is only available within online banking or our mobile app. To get started, log in and click on Additional Services (online banking) or More (mobile app). Choose Skip-A-Payment and follow the prompts to skip your next payment.
We have created the FAQ below to assist you. If you still have questions, please reach out to our Information Center at 636-728-3333.
Frequently Asked Questions
How do I know if I can participate in Skip-A-Payment?
- If you have eligible loans you will see them available to skip within online or mobile banking. Additionally, you may contact us to see if you have any eligible loans. You must be in good standing with the credit union and current (not including any grace period) on all credit obligations to FCCU at the time the payment is skipped. There is no limit to the number of eligible loans you may request to Skip-A-Payment on.
- Please note the cutoff is 5 calendar days before the payment due date, to allow sufficient time for processing.
What types of loans qualify for the Skip-A-Payment program?
- Vehicle loans (including motorcycle, watercraft, and RV) and unsecured personal loans with an original and current balance of $600.00 or more are eligible. At least six (6) months since loan origination must have passed and at least one payment must be made before the loan is eligible for the Skip-A-Payment program. The loan must not be delinquent or otherwise in default and the member must not have caused the Credit Union a loss.
What types of loans are not eligible for Skip-A-Payment?
- Business loans, real estate loans, line of credit loans, credit card payments, Fresh Start loans, and any loan with an active or pending credit insurance claim are not eligible. Any other loan that is delinquent or otherwise in default is not eligible.
How much is the fee and when do I pay it?
- A $25.00 service charge will be collected for each Skip-A-Payment request and may be deducted from your First Community share account or added to the loan balance. The service charge will be deducted from your account or added to your loan balance at the time the skip request being processed.
How many times can I participate in the Skip-A-Payment program?
- You may skip (defer) up to a maximum of two (2) skipped payments per year (rolling twelve months), per eligible loan, as long as six months have passed between skipped payments. You may skip (defer) a maximum of six payments over the life of the loan.
Will skipping a payment affect my credit or will I be charged any other fees?
- No, skipping payment will not have any negative effect on your credit, and there will not be a late charge assessed to a loan for any approved skipped payment. However, the skipped month(s) will be added to the end of the loan, and interest will continue to accrue daily during the period when no payment is made (known as the deferral period), which may result in overall higher finance charges over the life of the loan, changing the total amount due and schedule of your repayment. All other terms and conditions of the loan will remain unchanged.
Does skipping a payment(s) affect my GAP coverage?
- If applicable, the terms of any credit insurance benefits or GAP coverage on auto loans may be affected by skipping payments. If you purchased GAP at the time you originated your loan at a First Community branch, your benefit allows for one (1) skipped payment per year and no more than two (2) skipped payments over the life of the loan. If you purchase GAP through another party, contact your provider or refer to your credit insurance or GAP policy for coverage exclusions or more information on how participating in a Skip-A-Payment program may affect you.
Does skipping a payment affect my Credit Life/Disability coverage?
- Monthly premiums for Credit Life/Disability will still be added to the loan during the deferred month, if applicable. Any Credit Life/Disability insurance that you have on your loan(s) will terminate on the maturity date outlined in your original loan agreement.
You (FCCU) automatically withdraw the payment from my other bank account each month. Will you suspend the withdrawal for the month I skipped?
- If you have previously completed an ACH authorization form and have authorized First Community to initiate withdrawals from another financial institution to make your loan payment, we will make every reasonable effort to suspend the automatic (ACH) transfer for one month as long as you submit your skip request no less than five (5) business days before your payment transfer is scheduled to initiate. This gives us time to modify your automatic payment for the month you’ve requested to skip. Please note it takes three (3) business days to stop the debit authorization, so in some instances, we may be unable to stop the incoming transfer if you submit your skip request too close to your scheduled payment date. Please also note that this does not include any online external loan payment instructions that you have set up within our online or mobile banking systems -- you will need to take action to stop that payment.
I pay my loan through a bill payment service or by some other method using your online services or my other financial institution's services. Will you automatically cancel my payment?
- No. Bill Pay is different from an automatic transfer from your account or an ACH transaction. If you make your payment(s) automatically using FCCU’s online banking transfer or bill payment service, or bill pay from another financial institution, it is your responsibility to cancel/postpone your payments and then re-establish them yourself after the skipped month. If you use the online external loan payment service you will need to stop any incoming payments for your skipped month as well. Please check your loan's payment method carefully and ask us if you have questions.
Do I need to visit a branch location or speak with a credit union representative in order to complete a skip a payment request?
- Skip a Payment is a convenient, self-serve option offered securely within our online and mobile banking applications so that your consent to the program is recorded electronically. While First Community representatives are happy to discuss the program with you and answer any questions, they are unable to complete a skip payment request for you in a branch or over the phone. However, we will gladly assist you with getting logged in to online or mobile banking so that you can complete the skip a payment form.
What if I don’t use online banking?
- Now is a great time to enroll in online banking. It’s free and gives you access to a wide range of account functionality like transfers and bill pay.
Anything else I should know?
- Submission of a Skip-A-Payment authorization form does not guarantee acceptance. All requests are subject to approval by First Community. First Community reserves the right to refuse a Skip-A-Payment request if you become delinquent or default in your payment obligations and/or have any other changes in status/standing with the credit union. This offer is subject to change or is discontinued without notice.
Terms & Conditions
Skip-A-Payment Terms and Conditions
Skip-A-Payment offer applies only to eligible loans. Real Estate Loans, Business Loans, Lines of Credit, Fresh Start Loans, and Credit Cards are not eligible. The loans must not be delinquent or otherwise in default and the member must not have caused the Credit Union a loss.
There is a service charge of $25.00 for each loan payment skipped (deferred). This service charge may be deducted from your share account so long as you have sufficient funds in the account, otherwise, the service charge can be added to your loan balance, and will be considered a finance charge.
All skipped payments will be added to the end of your loan term, and interest charges will continue to accrue during the deferral period, thereby extending your original maturity. The next regular payment is due on the normal due date in the month following the month that is skipped. All other terms of the original loan agreement are unchanged.
Please note–if your vehicle has Guaranteed Asset Protection (GAP), there is a maximum number of allowable ‘skipped’ loan payments for the duration of your loan, and deferring a payment may reduce the amount of a GAP claim and result in an increase in the net unpaid balance, which you will be fully liable for paying. If you selected GAP, the coverage will not be extended beyond the original maturity date. Please refer to your specific GAP Policy for complete information.
All deferrals are subject to Credit Union approval. Eligibility requirements associated with this offer must be met, not limited to your loan(s) being current (have no amount past due and not be within any allotted ‘grace period’). Loans that have a term greater than 12 months, with an original and current balance of at least $600, which have been open for at least 6 months, and where at least the first payment on the loan has been collected, are eligible for Skip-A-Payment. You may choose to skip up to two (2) payments per year on each eligible loan, as long as a minimum of six (6) payments have been made between skip periods, and no more than six (6) skips are allowed over the life of the loan. Your loan must be due for the month that you wish to skip in order to be eligible for Skip-A-Payment. For example, you must pay your November payment before you can skip your payment in December. Please log in to online or mobile banking to complete Skip A Payment request. Membership and all loans must be in good standing to qualify for promotion. We reserve the right to impose additional eligibility requirements. Other restrictions may apply. Offer subject to change or be discontinued without notice.
I understand that my next monthly payment will include the finance charges accrued from the skipped month, and I agree that I will resume making scheduled payments beginning with the payment due during the month following the skipped payment and will make all scheduled payments due thereafter. I understand that all these payments will be applied first to finance charges and late charges, if any, and then to principal. My next monthly payment will include the finance charges from the skipped month. Premiums for credit life and credit disability insurance, if I/we have those coverages, will continue to be added to my loan, even for skipped payments. Failure to pay premiums may cause a termination of the insurance. The Credit Union is not responsible for termination of this insurance if I/we fail to timely pay the premiums.
Other terms: All other terms of the loan agreement remain the same.
READ ALL TERMS CAREFULLY. YOU ARE MODIFYING THE TERMS OF YOUR LOAN. By clicking on the “I AGREE” button, member hereby agrees to the terms set forth above.