Skip-A-Pay - Terms & Conditions
Community Resource Credit Union Consent for Online Skip-A-Pay Program
Terms and Conditions
By clicking the “Continue” button I understand and agree to the following terms and conditions:
- I am requesting to skip the payment(s) on the indicated loan(s).
- Interest will continue to accrue on my outstanding balance during this time, and term of my loan(s) may be extended each time a Skip-a-Pay is approved.
- For payments I generate (for example, payments set up with a bill pay service, payments initiated at another financial institution, etc.) I am responsible for stopping the payment for the month(s) I wish to skip. Any automatic transfers generated by CRCU will be suspended for the month(s) the payment is skipped if the request is received two (2) business day prior to the due date.
- If I have any form of voluntary insurance or warranty coverage (examples include but are not limited to: Credit Life, Credit Disability, Guaranteed Asset protection (GAP), Vehicle Warranty) in connection with the loan(s) on which I elect to skip a payment, such coverage may be impacted by the skip a pay. I understand I must contact the third party company through which the product(s) is/are offered to ensure the Skip-a-Pay will not affect my coverage.
- Payments will be made in the regularly scheduled amount every month until I have paid all of the principal and interest and any other charges I may owe under the Loan Agreement.
- A processing fee of $0 per loan is due and payable each time a skip a pay is permitted. I authorize the credit union to debit the indicated savings or checking account for the associated fee(s).
- Skip-a-Pays will not be permitted on any loan more than three (3) times in any period of twelve (12) consecutive months. After the first Skip-a-Pay a waiting period of 0 days will be required before the second or third Skip-a-Pay is granted.
- The credit union reserves the right to revoke this offer if any of my accounts are in default, or if I fail to meet any other condition or criteria of this offer as specified herein
- Community Resource Credit Union reserves the right to modify the program, or any aspect or feature of the program, at any time without prior notice.
- All Skip-a-Payment requests are subject to approval.
How does it work?
If you take advantage of Skip-A-Pay, you are adding additional payment(s) to the end of your loan(s) which could extend the term or maturity. Keep in mind it will still be accruing daily interest at the determined rate, and if your next payment does not cover the interest accrued, it will be taken out of each payment until satisfied. Skipped payments are processed for a period of one month at a time. (Ex: Two biweekly, two semi-monthly, or four weekly.)
2) Select "Additional Services" from the top
3) Then select Skip-A-Pay
4) Your list of eligible loans will appear
5) Select the loan and month you wish to skip and agree to the terms/conditions
6) Click "continue" to complete the process
From the CRCU Mobile App:
1) Log into your account
2) Select "Skip-A-Pay" from the options menu
a) For Android users, it will be located on the left side
b) For iPhone users, it will be located on the bottom
3) Select loan and month to be skipped and agree to the terms/conditions
4) Click "continue" to complete process
Have a question, or want to talk with a CRCU Member Services Representative?
800.238.3228 out of the area
Send us an e-mail at email@example.com