Skip-A-Payment

Need some extra cash this month? You can skip one monthly payment* of your consumer or auto loan with our Skip-A-Payment option​. 

Here's how it works:

  1. Read terms and conditions of offer provided below.
  2. Download form and complete.
  3. Mail form or bring to any branch for processing.
    ​Mailing Address: Greater Iowa Credit Union, Attn: Skip-A-Pay, 1509 Baltimore Drive, Ames, IA 50010
  4. A $30 fee applies for each loan skipped; this can either be debited from your GICU savings or checking account or can be paid by check.


TERMS & CONDITIONS

All Skip-a-Payment requests are subject to approval; GICU reserves the right to decline request for any reason.

  • Loans approved for Skip-A-Payment will continue to accrue interest on a daily basis. Repayment of the loan payment must be made at the end of the loan term.
     

  • Borrower is responsible for stopping and restarting recurring payments set up through GICU online banking or initiated from another institution.
     

  • A “monthly payment” is defined by the payment frequency:
        • Monthly =1 Payment
        • Semi-Monthly = 2 consecutive payments
        • Bi-Weekly = 2 consecutive payments
        • Weekly = 4 consecutive payments
     

  • The Skip-A-Payment request will not be processed until the completed form and applicable fees have been received. The fee to take advantage of this offer is $30. If you choose to skip more than one loan, the $30 fee is collected for each loan.
     
  • You must be in good standing with the credit union. This means all loans and account balances must be current when the skip-a-payment request form is received by the credit union.
     
  • The skip-a-payment offer requires that the previous three months of payments have been made. This service is limited to two times in any rolling 12 month period and a maximum of six per loan.
     
  • Some loans may not qualify for this offer, including but not limited to: mortgages, home equity, personal lines of credit, credit cards and  any loan with an annual percentage rate (APR) greater than or equal to18%.

REV 04/18