SKIP-A-PAYMENT PROGRAM

Ineligible loans include but are not limited to the following: Long Term Mortgages, Business Loans, Visa® Credit Cards, Balloon Payment Loans and certain Home Equity Loans. Each skipped payment is subject to a $25.00 fee and will be added to the loan's balance. For Home Equity Term loans, the fee will be taken from your savings or checking account. In accordance with the Service Members Civil Relief Act (SCRA), the fee will not be charged on protected loans. Interest will continue to accrue on the outstanding loan balance and all other terms and provisions remain unchanged. The loan’s scheduled payment date will resume the month following the skipped month.  Skipping a payment may extend the repayment period of the loan, resulting in more payments of the same amount until the loan is paid in full. Credit Insurance Premiums continue to be applied to the loan’s outstanding balance, if applicable. For Home Equity Lines of Credit and Home Equity Term Loans, the premium will be paid from your savings or checking account. If your loan is secured with collateral, you must maintain adequate collateral insurance. If your loan has Guaranteed Asset Protection (GAP) Coverage, refer to your GAP contract for skip payment allowances. Please note that if your payment is made by an automatic transfer from another financial Institution, it is your responsibility to update them appropriately. However, we will make every effort to cancel that transfer. If the skip payment request is completed after 3 p.m. (MST) Monday through Thursday on the business day prior to your due date/transfer date or completed after 3 p.m. (MST) on a Friday and your due date/transfer date falls on Monday or prior, we are unable to cancel the automatic transfer. However, if the aforementioned Monday is a holiday, any skip payment done after 3 p.m. (MST) on Friday would affect any transfer dates through Tuesday. In all of these cases, America First Credit Union will skip the following month’s automatic transfer due to your payment already being in process. Ask us for details.