Skip-a-Pay

How to Skip a Payment

• Please note: a $30 fee per Skip-A-Pay loan is required and will be withdrawn before processing skip payment.
• Log into  Online Banking, select the vertical ellipsis and “Skip a Payment” from the menu. Fill in your details.
• Send us your request at least 5 days before your loan payment is due

Disclosure

¹By participating in the Skip-a-Pay program, you acknowledge, understand, and agree to the following terms:

Program Eligibility

Skip-a-Pay is not available for the following loan types:

• Credit cards
• Commercial loans
• First mortgages
• Home equity loans
• Home equity lines of credit (HELOCs)
• Any other real estate-secured loans

The loan must have been open for a minimum of six (6) months prior to your Skip-a-Pay request.

Fee Requirement

A $30.00 fee per loan will be assessed for each Skip-a-Pay request. Sufficient funds must be available in your designated SkyOne share account at the time the request is submitted. The fee will be automatically withdrawn from that account.

Interest Accrual and Loan Impact

Finance charges will continue to accrue at the contract rate during the skipped payment period.

Skipping a payment will increase the total amount of finance charges paid over the life of the loan and will extend the loan term beyond the original maturity date.

Frequency Limitation

You may skip only one (1) payment per loan every twelve (12) months.

Guaranteed Asset Protection (GAP) Notice

If your loan includes Guaranteed Asset Protection (GAP), please be aware that skipped payments are not covered under GAP protection. Claim coverage will not be extended to include the amount of any skipped payments. Refer to your GAP insurance contract for complete coverage details.

Joint Loan Accounts

For loans with multiple borrowers, submitting a Skip-a-Pay request constitutes acknowledgment and agreement by all borrowers associated with the loan.