SKIP-A-PAYMENT


Terms and Conditions

BayPort Credit Union

Consent for Online Skip-A-Payment Program

By clicking "Continue", you acknowledge you have read and agree to the terms and conditions of BayPort Credit Union’s Skip-A-Payment program and authorize BayPort Credit Union to extend your final due date(s) of the loan terms upon approval of your request. This offer does not apply to Real Estate loans, FlexLine accounts, ODP Repayment Plan, Term loans, Student loans, Consumer credit cards, Business loans, Business credit cards and PayDay Loans. Other restrictions may apply. GAP Insurance does not cover skipped payments if claim is filed. Terms and Conditions:

Eligible loans have made at least (3) monthly payments.

Loans(s) must be current in order to skip your loan payment. If your loan(s) is not paid through the preceding month, your loan payment will be due as scheduled. If your payment is received 10 days after the schedule due date, a late payment fee will be assessed.

Interest will continue to accrue on your loan(s) during the month of the skipped payment. If your loan has Guaranteed Asset Protection (GAP) insurance, the payments skipped will not be covered if a claim is filed.

  • For loan terms 60 months or less: Only two (2) months of payment(s) may be skipped per a 12 month period, with at least a 90 day span in between two skip-a-payments. Only 10 months of payment may be skipped over the life of the loan.
  • For loan terms over 60 months: Only one (1) payment may be skipped per a 12 month period.

There is a $30 non-refundable processing fee per loan for all requests submitted online. This fee will be automatically deducted immediately from your selected share.The funds must be available at the time the request is processed. Any requests submitted at one of our branches or mailed in, a $35 non-refundable processing fee per loan will be applied.

Your loan payment(s) as listed will resume the following month in accordance with your existing loan agreement.

Allotments will be credited to your savings account when received each payday. Automatic transfer payments will remain in the transfer account. Selected payments will be skipped depending on how your loan payment is normally applied; i.e. biweekly, monthly, etc. For due date confirmation, please refer to your previous statement.

If your request has been approved, it is your responsibility to ensure the following transfers have been stopped:

"Scheduled Transfers" within Online Banking/STAR Audio or "Online Loan Pay" through the BayPort website will not be skipped. You must cancel your "Schedule Transfers" and "Online Loan Pay" transactions for the payment you would like to skip and create a new scheduled transfer in time for your next payment.

Online loan payments scheduled through other financial institutions, 3rd party vendors and BayPort’s online bill pay for the loan(s) you elect to skip need to be stopped and restarted for your following payment.

If you have any questions regarding your Skip-A-payment request or processing fee, please contact us at 757.928.8850.

 

*Your loans will still accrue interest during Skip-A-Pay. This option is not available for all loans.