Too many demands on your money this month? We've all been there.
Sometimes life is all roses, rainbows and unicorns. And sometimes, it feels like you've been hit by a Texas tornado.
If your finances are having a not-so-sunny month, let us offer you some relief. With our Skip My Payment program, you can take money that would normally go for Beacon Federal Credit Union loan payments and use it to catch up on bills or buy necessities for your family.
- Two Skip-A-Pays per calendar year
- Log onto Online Banking and click the "Skip My Payment" tab to see which loans are eligible
- Arrange to skip the payment through your Online Banking page
- A fee will be assessed for each skipped payment, and interest on the loan will continue to accrue
*A fee will be assessed per loan. Interest and finance charges will continue to accrue on your loan(s) during the month you skip your payment, and the term of your loan(s) will be extended. The $40 processing fee per loan must be available in your Share Savings or Share Draft Checking account and paid the day of the request to skip your payment. Two skip-a-payment requests are allowed in one calendar year (must allow one month in between skips). Loan balances greater than $65K are not eligible for Skip A Pay product. Other restrictions may apply.
**The following loans are not eligible: Wilson Loan, Line of Credit, Real Estate, Credit Cards, Single Payment, Share and Certificate Secured. Collateralized loans with an original term greater than 84 months are not eligible. By participating in the Skip-A-Pay program, you request that your loan payment be deferred. You agree and understand that: 1) the payment deferral will extend the term(s) of the loan(s); 2) interest will continue to accrue on the principal balance at the interest rate provided in the original loan agreement. For members who have Guaranteed Asset Protection (GAP), coverage does not extend to the amount of the payment deferred. Also, you agree that by skipping your payment, your original GAP waiver election remains in effect. We reserve the right to decline any request. Beacon FCU reserves the right to discontinue this program at any time without notice. Other restrictions may apply.
