SUMMERTIME SKIP-A-PAY IS BACK

Being a GCEFCU member has many perks – Including the option to skip your loan payment when you need it most. Members are allowed to skip their loan payment(s) up to two times per calendar year. See if your loan is eligible for the July Skip-A-Pay by reading the criteria below:
 

You ARE eligible if:

You are NOT eligible if:

You are not negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.

You are negative, past due, or delinquent on any accounts or loans that you have with GCEFCU.

Your loan is eligible (Real Estate Loans, Term Loans, and Credit Cards are NOT eligible).

The payment you are trying to skip is for a Real Estate Loan, Term Loan, or Credit Card.

You have made 3 or more payments to your loan already.

You haven’t made at least 3 payments already to your loan.

You made or are going to make your June loan payment.

You skipped/deferred your June loan payment.

You haven’t skipped your loan payment or received 1 or more loan extensions already during the 2021 year.

You have received 1 or more loan extensions already during the 2021 year.

 

Below are a few things to remember:

  • Make sure the $25 fee per loan is in your primary savings account (you will be charged this fee before your loan skips).
  • If you have set up automatic transfers to your loan payment, you will need to log into online banking and advance your loan payment(s).
  • If the credit union set up your automatic transfers, we will advance your loan payment for you.
  • Online banking will not show your new due date until three days before your initial due date.
  • All requests must be submitted a minimum of 1 week in advance of loan due date, and before July 16, 2021.
  • If your loan is paid weekly, bi-weekly, or semi-monthly, the agreement will allow you to skip your payment for two payments during the Skip-A-Pay month.

 

Submit Your Skip-A-Pay Request

By submitting this form, I am requesting Gulf Coast Educators to advance the due date equal to one month’s payment on all of my eligible loans. I understand that interest will continue to accrue during the “Skip-a-Pay” period and that by electing to “Skip-a-Pay” the total interest charge will increase and extend the time required to pay my loan(s) in full based on my required minimum monthly payment.  GAP insurance may not cover skipped payments (refer to your GAP contract for details.)

 


Terms and Conditions: Must have the $25 fee per loan in the savings account at the time of processing. Must be current on all accounts with the CU; excluding checking accounts that have not been negative over 30 days. To skip a payment on your auto loan, you must have current insurance on your vehicle. You cannot have received an extension the month prior to the skip a pay request. If you take advantage of the skip a pay, you will not be eligible for an extension the following month. Must have the request turned into the credit union by July 16, 2021. Request must be submitted a minimum of 1 week in advance of loan due date. Loans secured by Real Estate, Term Loans, Credit Card, Delinquent Loans, or loans that have already received 1 extension in 2021 are not eligible. If your loan is paid weekly, bi-weekly or semi-monthly, the agreement will allow you the “Skip-a-Pay” for two payments during the Skip-A-Pay month. New loans do not qualify for “Skip-a-Pay’s” unless three month’s worth of payments have been made.