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:
- Read terms and conditions of offer provided below.
- Download form and complete.
- Mail form or bring to any branch for processing.
Mailing Address: Greater Iowa Credit Union, Attn: Skip-A-Pay, 801 Lincoln Way, Ames, IA 50010
- 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 to 18%.