Skip A Pay FAQs
How much does it cost to skip next month's payment(s)?
It costs $25 to skip your payment per loan, and it will be added to your approved loan once you qualify for the skip.
What are the qualifications to skip my payment?
Skip payment only applies to consumer loans: personal, vehicle, other personal property, Savings/Certificate secured and watercraft loans. Real estate loans, educational loans, express loans, indirect loans, AFCU loans with GAP, Credit Cards or Lines of Credit do not qualify. The loan origination date (which includes the last advanced or add-on date) must be six months prior to the day of the skip payment request plus (6) months of payment history. Extensions or alternate payments within the past six months will disqualify your loan and you cannot have an active Collateral Protection Insurance policy in place. You must have no loss to the credit union (loans, credit cards, savings, etc.), no negative savings accounts, loans that have been delinquent in the past six months, or have modified loans through trouble debt restructuring. Your payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment.
When can I apply for my skip payment?
Apply now to skip your next month's payment.
Will interest continue to accrue during the skip period?
Yes, interest will continue to accrue and payment protection premiums will continue to accrue during the skip period.
How many times can I skip my payments?
Offer limited to two (2) skips per calendar year with a minimum of three (3) months of payments between skip payment requests. Secured loans are limited to six (6) skips over the life of the loan. If the loan includes Guaranteed Asset Protection (GAP), skipped payments are limited as follows: Loans originated before 11/16/2015, are limited to two (2) skips over the life of the loan and loans originated on or after 11/16/2015 are limited to six (6) skips over the life of the loan. Loans originated at ArrowPointe Federal Credit Union (AFCU) that include GAP are not eligible.
How can I apply?
Talk with a lender at any of our branches in South Carolina and North Carolina or apply online through Founders Online.
How will I know if I am eligible to skip my payment?
Log in to Founders Online and select the Skip A Pay menu option. If you are eligible for Skip A Pay the request form will load. Follow the instructions to apply. Remember to make your current month’s payment, as that is a requirement for the Skip A Pay to occur.
What if I have an automatic (ACH) payment?
If your payment transfers from a Founders account, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we originated the ACH, your transfer will suspend for the skipped month. If your payment comes from another financial institution and we did not originate the ACH, contact your financial institution to suspend your payment for the skipped month.
What if I make my payment through Founders Online?
You will need to login to the system to delete this transfer and delete the recurring series. You will need to set a new transfer series to continue your payment on recurring transfer after the skipped month.
If my request qualified, why didn’t my due date change?
If your request qualified, you must still make your payment on or before the last day of the month prior to the month in which you want to skip your payment. For example, if you are qualified to skip your October payment(s), you must make your September payment(s) on or before the last day of September.