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Skip-a-Pay

Skip-a-Pay

Feeling a temporary financial crunch, or could you simply use a little extra cash?

You can get the extra money you need by skipping a payment on your qualifying Leaders Credit Union loan.

Eligibility and Requirements*:
  • Must be an active member with at least $10 in Share Account.
  • The loan must have existed for at least nine (9) months before it is eligible.
  • All deposit accounts must have a positive balance.
  • All Leaders Credit Union loans must be current.
  • Must not have been delinquent on any Leaders loan in the past 12 months (30 days overdue).
  • Loans secured by Real Estate, overdraft loans or any line of credit (including Leaders credit cards) are ineligible for a payment skip.
General information:
  • One skip-a-payment is allowed per loan one time per calendar year.
  • The $35 fee will be deducted from your savings or checking account. Check or cash can be accepted if applying in person at one of our branch locations.
  • The $35 fee will be taken at the time the skip is approved. If the account balance does not have enough funds to take the fee, the skip will be denied.
  • If approved, the current month due will be skipped. If you want to skip a future month, please wait until the due date reflects the month you want to skip.
  • Interest will continue to accrue during the month the payment is skipped.
Auto Draft/ACH Payments (this does not apply if loan payments are made by cash or check):
  • If an auto draft payment was set up by the member in online banking, it is the member's responsibility to stop the auto draft for the skip month.
  • If a monthly ACH payment was originated (set up by) another financial institution (FI), it is the member's responsibility to contact the other FI to stop the ACH for the skip month.
  • If Leaders originated the ACH to pull from another FI, Leaders will stop the ACH for the skip month. Leaders must have five (5) days prior notice to stop an ACH.
  • If the loan payment is made through direct deposit or payroll deduction, the payment will be deposited to the member's savings or checking account.
Skip-a-Pay Form
Feeling a temporary financial crunch?

We are happy to help!

To apply for a loan payment skip, all fields must be completed.

*Leaders must have five (5) days prior notice to stop an ACH. If Leaders originated the ACH to pull from another financial institution, indicate the month that Leaders is authorized to pull your next payment (January thru December.)
By typing your name below, you authorize Leaders Credit Union to extend your final loan payment by one month. The $35 processing fee will automatically be deducted from your share savings or checking account (unless already paid by check/cash when applying in branch). Interest will continue to accumulate during the month you skip your payment. **Your signature will also serve as authorization to advance the date of your next electronically drafted payment from another financial institution. If the payment of your loan is originated from another financial institution, you will be responsible for contacting that institution to have your payment stopped for the month. If the payment of your loan was set up in on-line banking, you are responsible for signing into your online banking account and stopping your payment for the month. However, payments should not be stopped until you have received confirmation that your skip has been approved. Leaders Credit Union reserves the right to suspend this offer at any time, for any reason. You will not be eligible if you have any negative balances, your loan is less than nine (9) months old, is not current or has been 30 days past due in the last 12 months. You will not be eligible if you were granted an extension in the previous 12 months or if you have had a skip-a-payment in this current calendar year.
 
If this Skip-A-Pay request is not approved, a denial notice will be sent by email to the address provided above.

It is the member’s responsibility to ensure the request is approved before skipping a loan payment.
Feeling a temporary financial crunch?

We are happy to help!