Skipping a Payment

At MemberSource CU, we allow you to skip your eligible loan payment(s) up to two times a year whenever you choose to take advantage of it. You may skip your next eligible payment. And now, it's never been easier because you can submit your request online. No forms to complete and fax or mail back. The request may not be submitted until your current payment has been made. Additionally, the request must be completed a minimum of two days prior to the loan payment due date.

Here's how it works:

• Access the Skip a Pay portal
• Complete the required fields
• An access code will be sent to you
• Once received, enter the code to validate your identity
• You will only be able to view eligible loans
• You will be notified via text or email regarding the processing of your request.
• The fee per loan skipped will be added directly to the loan as usual

HELPFUL INFORMATION:

The payment you are skipping is the NEXT PAYMENT. For example, if you made your May payment, your NEXT PAYMENT will be your June payment. That is the month that will be skipped. Your skip request may not be scheduled in advance. Plus, it must be scheduled a minimum of two days prior to the loan payment due date.

Example: You made your May payment and wish to skip your June payment. Once the May payment is made, you may complete the request and your June payment will be skipped, since it the next payment scheduled.

Example: You make your May payment and wish to schedule the skip a payment for July. If you haven't made your June payment, you are unable to schedule a July payment skip, because your next payment is your June payment. You would need to wait until after your June payment has processed to submit a request.

If your loan payment is automatically deducted from a MSCU account, the regular payment will not transfer. Note: If your payment is scheduled through Online Banking or any other type of automatic payment set up through another financial institution, it is your responsibility to halt payment for the month/payments skipped or payment may still be made. Interest will accrue on all affected loans and may cause the maturity date on each to be extended. Multiple skips may reduce potential GAP claim or credit insurance benefits.

Certain restrictions apply. We reserve the right to decline any request. Available for auto, personal and motorcycle loans with MSCU and open for at least 6 months. Loans having 2 skipped payments/extensions in a single calendar year are ineligible. Not available for mortgage, home equity, home improvement, balloon, certificate, boat and RV loans greater than 72 month original term, Stride, workout or delinquent loans. Line of credit and credit card accounts have payments skipped automatically in November. 

QUESTIONS?

If you have questions regarding skipping a payment, we are here to help. Contact us at 713.627.4000 or email web.msc@membersourcecu.org. We can assist you Monday - Friday 9am to 5pm and Saturday 9am to 1pm.