Skip a Pay with St. Paul Federal
Take a vacation from your loan payments! Skip a month's loan payment and keep the cash!
With St. Paul Federal, you can skip up to two payments a year on eligible loans and enjoy a little extra cash when you need it most.
When you Skip a Payment:
1) All skipped payments are added to the end of the loan term, and interest continues to accrue during the skip;
2) There is a $35 fee per skip, per loan; and
3) You must wait 60 days before you can skip a payment on the same loan again, and you may only skip a payment on a single loan 2 times per every 12 months.
If you have a question about the Skip a Pay program, check the list of Frequently Asked Questions below. If that doesn't answer your questions, please visit your branch or call us at 800-782-5767 or 651-772-8744.
Please submit your skip request at least ten days before your payment is due.
Ready to Skip?
To request to skip a payment on a loan, you may:
1) Use eBanking
Log into eBanking
Click on the All Services Menu
Scroll to the Skip A Pay Tool
2) Call us at 800-782-5767 or 651-772-8744 to request a copy of the coupon be mailed or faxed to you.
3) Print, fill out and mail or fax in the Skip a Pay coupon, right from our website!
Frequently Asked Questions
What is the Skip a Pay program?
Our Skip a Pay program allows you to skip up to two monthly payments each calendar year on certain loans. Those payments are then added to the end of your loan term. Skipping a loan payment under our program does not impact your credit rating.
What loans are eligible for skips?
Signature loans, auto loans, boat and RV loans, motorcycle loans and fixed secured standard pay (not deferred) are all eligible, provided the loan is more than six months old. Loans less than six months old are not eligible for a skip.
What loans are NOT eligible for skips?
Mortgage loans, home equity loans or lines of credit (HELOCs), and credit cards are not eligible for the Skip a Pay program.
Am I eligible?
To be eligible, your loan must be open six months and in good standing. That means your loans must be current, which includes no year-to-date late fees on the loan, and payments must have been made within the grace period every month in the calendar year in which you are requesting your skip. You may not be eligible for other reasons, such as an overdrawn account.
Is there a fee?
There is a $35 fee per skip, per loan, or you can purchase a package for $75 which gives you one skip, per loan, per year for the life of the loan. It is the members responsibility to request the skip each year, even if a package has been purchased.
How does it affect my loan?
The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.
What if I have automatic (ACH) payments?
If you have automatic payments from a St. Paul Federal Credit Union account, or if we pull your payment automatically from another financial institution, we'll arrange your skip for the month you selected. Please have your skip request to us 10 business days prior to your payment date. This gives us time to modify your ACH for the month you've requested your skip.
What if I pay my loan through online Bill Pay?
Bill Pay is different than automatic (ACH) payments. If you use our Bill Pay or Bill Pay from any financial institution, you'll need to log into Bill Pay to stop and restart the payment yourself. Don't forget to turn it back on after your skip!
How often can I skip?
As long as you continue to be eligible, you may skip any eligible loan twice in one calendar year. However, the skips on any single loan must occur at least 60 days apart.
Can I skip any time?
Yes, you can, but remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least sixty days between skips.
*All loans must be open for at least six (6) months and be current for the past six (6) months to qualify. Requests are subject to Credit Union approval. All requests must be received ten (10) days prior to loan due date. Consumer loans only, does not include Mortgage loans, VISA® Credit Cards, or LOC. Only one (1) payment skipped per six (6) month period allowed. Upon processing your next payment due will be advanced one payment cycle. If your loan payments are made through payroll deduction, funds will be directed to your primary savings account for the skipped month and re-directed to your loan the following month. Skipped payment will not be processed until payment of $35 per loan fee(s) is withdrawn. Skipping payments may extend the term of your loan(s) and interest will continue to accrue on your loan(s) during the skipped payment period. I also agree to repay the entire unpaid balance of my St. Paul Federal Credit Union loan(s) at the interest rate and according to the payment schedule stated on the original loan agreement(s), if applicable. If you have GAP on your loan, you are allowed up to two skipped payments for the life of the loan. Any faxed transmission of your signature may be held equally enforceable as your genuine signature.