skip a rope

WHAT IS THE SKIP-A-PAY PROGRAM?

Matanuska Valley Federal Credit Union’s Skip-A-Pay Program allows you to skip up to two monthly payments in a 12 month period 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 MVFCU loans except real estate loans, home equity loans, VISA® accounts, delinquent loans, single payment loans, lines of credit, 0% loans or new loans open for less than six months.

AM I ELIGIBLE TO SKIP MY PAYMENT(S)?

To be eligible, your loan must have been open for at least six months and be in good standing. You may not be eligible for other reasons, such as having an overdrawn MVFCU checking account or any circumstance the credit union deems derogatory related to your account.

HOW DO I SKIP A PAYMENT?

To Skip-A-Payment is simple! You can Skip a Payment using MV Online (recommended) or use the MV Mobile App.

MV Online you will find the Skip-a-pay option under Transfers & Payments.

MV Mobile you need to ensure you are accessing the account with the loan you intend to skip the payment on. Once you are in the correct account you will find the option in the collapsed menu icon (hamburger , three horizontal lines).

  • If you attempt to skip while in the incorrect account, you will need to log out and log back in and select the correct account. This will clear the error message so you can proceed.
  • The $25.00 fee must be available in the account the skip is taking place on.

IS THERE A FEE?

There is a $25.00 fee per skip, per loan.

HOW DOES PARTICIPATING IN THE SKIP-A-PAY PROGRAM 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, CAN I PARTICIPATE IN THE SKIP-A-PAY PROGRAM?

If you have automatic payments from a MVFCU account, or if we pull your payment automatically from another financial institution, we’ll arrange the payment to be made the following payment date after the month skipped. Please have your skip request to us at least five (5) days prior to your payment date. This gives us time to modify your ACH before it is automatically processed.

WHAT IF I PAY MY LOAN THROUGH ONLINE BILL PAY, CAN I PARTICIPATE IN THE SKIP-A-PAY PROGRAM?

Bill Pay is different than automatic (ACH) payments. If you use MVFCU'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 A PAYMENT?

Once every 180 days, as long as you continue to be eligible, up to two times in a 12 month period. No more than 6 (six) Skip-a-Pay requests can be processed on each loan.

 

If you have any further questions about this, call us at 907.745.4891.