Frequently Asked Questions
Skip-a-Pay
What types of
loans qualify for
Skip-a-Pay?
The following loan types are eligible for a skipped payment*
- Auto loans.
- Personal Unsecured loans.
- Share Secured loans.
- ATV, UTV, and personal watercraft loans.
- Motorcycle loans.
How often can I
request a skipped
payment?
Two skipped payments every 12 months, with a maximum of 6 skipped
payments over the life of the loan.
Is there a cost to
request a Skip-a-
Pay?
The processing cost for Skip-a-Pay requests on eligible loans is $25.00 per each
skip per loan.
Do I have to skip
the payment on
all my eligible
loans?
No. You can select which qualifying loan payment you want skipped. For
example: if you have three loans that qualify for Skip-a-Pay, you can skip only
one of the loan payments, or all three, based on your financial needs.
How do I request
to skip a
payment?
Log-in to or enroll in Online Mobile Banking. Select Skip-a-Pay to be directed to
the landing page. From there, you can view your eligible loans and follow the
prompts.
There are two entry points to request Skip-a-Pay through digital banking:
1. The side rail under My Accounts on the Home screen.
2. Under the Service Center Tab, click on the Skip -a-Payment box to be
redirected to the site.
Does everyone
qualify for Skip-a-
Pay?
There are specific criteria that need to be met in addition to the eligible loan
type. Please see the disclosure statement for full details.
What happens to
the loan payment
if I choose to
skip?
The due date advances by one month and the maturity date on your loan is
updated. The payment is added to the end of the loan, extending your term by
one month. *
How does the
processing cost
get paid?
During the process to request the skip payment, you will be given a choice to
debit the fee for the skipped payment(s) either from your TDECU savings or
checking account.
How will I know
the next time my
loan is due?
The new due date will be shown during the payment skip process. After the
process is complete, you will be able to see the new due date in OMB.
What if my loan is
paid through
external ACH?
The skipped payment will need to be requested a minimum of 5 days before the
due date to allow time for the system to update the external payment. Requests
that are less than 5 days from the payment due date will not be eligible for a
skip in that month.
I processed my
Skip-a-Pay and
received a
confirmation, but
the loan due date
hasn’t changed in
Online Banking…
Sometimes the online and mobile banking site needs to be refreshed after
processing a skipped payment. This can be accomplished by refreshing your
current session or logging out of the session, and signing back in.
* By participating in the TDECU Skip-a-Pay program, the following terms apply: 1. **Program Eligibility**: The Skip-a-Pay program is subject to
approval, and not all loans may be eligible. Skip-a-Pay requests must be received five days prior to loan payment due date. 2. **Interest
Accrual**: Interest will continue to accrue on your loan during the skipped month. This may extend the original maturity date of your loan. 3.
**Loan Terms**: By skipping a payment, the life of the loan may be extended. 4. **Fair Credit Reporting Act (FCRA)**: TDECU complies with
the FCRA. If you choose to skip a payment under this program, it will not be reported as a missed or late payment to the credit reporting
agencies. 5. **Fees**: There may be a fee to participate in the Skip-a-Pay program. This fee will be disclosed at the time of the request and is
non-refundable. 6. **Limitations**: You may be limited to a certain number of skip-a-pay requests during the life of the loan or within a
calendar year. Skip-a-Pay transactions may affect GAP Insurance coverage. See your GAP Insurance contract for details. This offer excludes Real
Estate loans, Parent/Student Survival loans, Tuition loans, Business loans, Mastercard® and VISA® Credit Card accounts, loans with Collateral
Protection Insurance, 7. **Other Agreements**: Participating in the Skip-a-Pay program will not affect any other agreements you have with
TDECU. By submitting a request to participate in the Skip-a-Pay program, you acknowledge and agree to the terms stated above.
