It’s back! Quest Federal Credit Union is pleased to announce to our membership that from November 1, 2019 through January 31, 2020, the Skip-A-Pay option is available again for a limited time!
With Skip-A-Pay, eligible loan payments may be skipped. Participation in the Skip-A-Pay program is allowed one (1) time annually, for each qualifying loan product. Eligible members can choose to skip a payment in person by requesting the skip with a Member Service Representative (MSR) or online, through the It’s Me 247 online banking platform. When skipped, a loan product’s maturity date and calculated interest payment for the next scheduled payment will be automatically updated and maintained in the system.
- Members with a credit score of 640 or higher at the time of application
- Members having a qualifying product for more than ninety (90) days
- Members may take part in Skip-A-Pay for each qualifying loan
* Real estate loans, HELOC, AG*Quest loans, and secured/unsecured lines of credit (including Quest credit card) accounts are not eligible for Skip-A-Pay.
- Share secured loans
- Unsecured closed end loans
- New/used auto/RV loans
Will the payment I’m skipping extend my loan term?
Will the loan continue to accrue interest for the month I skipped?
- Yes, the maturity date of your loan will be extended by one month.
Are there fees associated with the Skip-A-Pay program?
- Yes, skipping this payment will increase the overall amount of finance charges for this loan.
When can I skip a payment?
- Yes, a $35 fee will be charged for each loan payment that is skipped.
Can I skip a payment during the Back-to-School and Holiday Skip-A-Pay windows?
- Quest Federal Credit Union will designate 2 windows during the calendar year (January through December), during which eligible members can skip a payment for qualifying loan products. Notifications will be made and dates published as determined by credit union management.
Is the Skip-A-Pay program effective forever?
- No, members are only permitted to skip 1 payment annually for each loan held by a member.
Will my automatic transfers (AFT or ACH) be stopped for this month?
- No, Quest Federal Credit Union can terminate this program at any time at the discretion of the board of directors or management.
- No, adjustments to automatic transfers will have to be made in person with an MSR or through online banking. It is the responsibility of the member to request or perform adjustments to automatic payments already in the system.