Skip-a-Pay

Important Skip-a-Pay Terms and Conditions:

• The $35 processing fee will not be applied to your loan or reduce your balance.


• Skipping a payment results in an extension of your loan. All other terms and conditions as stated in your original loan documentation remains the same.


• Fees apply per loan:
  • $35 – Online or Manual Skip Payment


• Fee(s) will be deducted, at time of request, from the share account selected. Request(s) will be denied if there are insufficient funds for fee(s).


• Mortgage loans, Overdraft Protection, Credit Card loans and past due loans are not eligible.


• To be eligible, loans must have been open a minimum of 6 months prior to the due date being skipped.


• All share and loan accounts must be in good standing. No shares may have a negative balance, and all loans must be current at the time of the request (grace period does not apply).


• You may not have any charge offs, bankruptcy filings or repossession against the credit union.


• You may choose one month per 6 months in which you want to skip payments on one or more of your eligible loans.


• You are able to request Skip Payment up until 11:59 pm of the loan due date. The earliest Skip-a-Pay can be requested is after you make your payment for the month prior to the month you want to skip.


• FINANCE CHARGES will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total FINANCE CHARGES than if payments were made as originally scheduled; and will extend the terms of loan(s) resulting in extra payment(s) after you loan(s) would otherwise be paid off.


• Regular payments will resume on the first regular payment date of the month following the skip.


• If you previously elected Credit Life and/or Disability Insurance, or Debt Protection insurance, premiums will continue being added to the loan(s) during the extended term months in order for benefits to continue.


• If you have GAP insurance, the coverage will not extend beyond the original maturity date of the loan nor will GAP cover the deficiency balance arising from skipped payments as disclosed in the Installment Sales Contract/Loan GAP Waiver Addendum Election Form.


• All deferrals are subject to approval. Restrictions may apply.


• It is your responsibility to modify/cancel any pre-existing payment arrangements. Pre-existing payment arrangements include a payment arranged on Citadel’s online banking platform or a payment arranged to be sent to Citadel from another financial institution.

Citadel reserves the right to discontinue or modify the Skip Payment program at any time if it is deemed to be in the best interest of the credit union.