Take a vacation from your loan payment and travel in style this summer! FECU is offering a Skip-A-Payment benefit that allows you to skip a loan payment in July, August, or September without being considered delinquent or negatively affecting your credit score. You can even skip payments for more than one loan that you have with FECU. See the Skip-A-Pay Terms and Conditions for details.
Set up your Skip-A-Payment in your Online Banking using the steps below in less than 5 minutes!
Skip-A-Pay Using Online Banking
- Log into Online Banking
- Click Transactions tab and select Loan Payment
- Select Skip Payments, then click Add Skip Pay
- Select eligible loan(s) in the drop down list, click Next
- Read the Skip-A-Pay Disclosure and click Accept
- Choose the month to skip and which account the Skip-A-Pay fee will be assessed. Click Save
Set up your online account if you have not registered yet: Online Banking Enrollment
If you do not have online banking or you have issues setting up Skip-A-Pay in online banking, please reach out to FECU by calling 507-455-5430 for assistance.
Skip-A-Pay Terms and Conditions
- Qualifying members may choose to Skip-A-Payment on eligible credit union loan(s). You may choose to skip your payment for the month of July, August or September. By completing a Skip-A-Payment request you are authorizing Federated Employees Credit Union to extend your final loan payment by one month.
- You cannot skip more than one payment per loan, per year. You can skip a maximum of 4 payments per loan.
- There is a $20 processing fee per loan. This fee for participating will post immediately from the account upon setting up your Skip-A-Payment. The Skip-A-Payment fee is donated to the Federated Employees Credit Union Scholarship Fund.
- Interest will continue to accumulate on your loan during the month you skip.
- Please see the Skip-A-Payment FAQ section below for additional information on how Skip-a-Payment will be processed based on your loan payment method.
- Skip-a-Payment excludes Credit Card, Student Loan, Home Equity Line of Credit, Personal Line of Credit, Overdraft Line of Credit and other open-ended loans. All loan payments must be current for the past 12 months to qualify.
- Member Qualifications: All loan payments must be current for the past 12 months to qualify.
- Loan Qualifications: You cannot skip more than one payment per loan, per year. You can skip a maximum of 4 payments per loan.
- Eligible loans: Car Loans, Recreational Vehicle, Home Improvement, Home Equity C/E, Personal Loan C/E, Share Secured, and Other Securities as closed ended loans
- Exclusions: Credit Card, Student Loan, Home Equity Revolving Line of Credit, Personal Line of Credit, Overdraft Line of Credit and other open-ended loans.
- Fees/Charges: You must have the required funds available in your FECU account to submit your Skip-A-Payment request. There is a $20 Skip-A-Payment fee per each loan that is donated to the Federated Employees Credit Union Scholarship Fund.
How can I transfer money to cover the $20 Skip-A-Payment fee from another financial institution?
You must have funds available in your FECU account to cover the Skip-A-Payment fee when you set up your Skip-A-Payment in Online Banking. You can request a one-time ACH transfer 2-3 business days prior to setting up your Skip-A-Pay in Online Banking if you need to transfer funds to cover the fee from another financial institution.
Set up an ACH transfer by following the steps below:
- Log into Online banking and go to the Transactions tab and select Transfer
- Select Send/Receive ACH
- Begin scheduling your ACH by clicking Schedule to Send/Receive ACH
- Choose Receive ACH by selecting the correct the box at the top
- TO: FECU account to deposit funds into
- FROM: Enter the financial institution along with the Routing number and Account number you want the money withdrawn from (Daily Limit: $10,000.00)
- Click Next to proceed to receive the funds into your FECU account.
How will your loan payment be handled if you select to Skip-a-Payment for the month?
- Loan payments made via payroll deduction: The payment amount will be deposited into your Share Savings Account for the month you skip. Normal payments to the loan will resume once the Skip-A-Payment expires.
- Loan payments made using monthly internal transfers between FECU accounts: These are internal transfers are blocked during the month you skip. Normal payments will resume once the Skip-A-Payment expires.
- Loan payments made using monthly transfers originated by another institution: If you set up scheduled transfers with another institution then these transfers will process according to the frequency you have scheduled unless you update information with your institution to reflect the Skip-A-Payment dates. Once the Skip-A-Payment duration period has ended, you will need to reschedule to reactivate the transfer.
- Loan payments made using the Send/Receive ACH in FECU online banking: Loan payments paid through your FECU online banking will process according the schedule unless you update information to reflect the Skip-A-Payment dates. Once the Skip-A-Payment period has ended, you are required to set up a new transfer schedule to reactivate the transfer.
- Loan payments made using the Loan Payment tool: Loan payments set up as automatic payments using the secure webpage hosted by Vanco® occur automatically unless you update information to reflect the Skip-A-Payment dates. Edit recurring transactions by logging into your online profile. Once the Skip-A-Payment period has ended, you will need reactivate the transfer. If you have not created an online profile, return to the previous screen and click on the "Create Profile" button.
It is your responsibility to stop and restart the payment for the month you choose to skip.
Published Date:July 05, 2022
Categories: News and Promotions