Members are allowed to skip a payment any 1 month of the calendar year. They cannot skip 2 months in a row without permission of the Resolutions Department. If a member requests to skip December, they must pay January before they will be eligible for a skip in the new year.

​

Members must have made 6 payments before they qualify for a Skip A Pay. Exceptions to this need to be approved by the Resolutions Department, CLO, CEO, or Credit Manager.

 

What you need to do….

​​

• A member may request a Skip A Pay from any employee, who should then complete the form and have one of the borrowers sign it

​

• Whomever takes the Skip A Pay Form from the member should review the account to:

  • make sure it qualifies to the best of their knowledge. (See form and FAQ below for loans that qualify).   

  • check for automatic payments that need immediate attention to be skipped (for example, an ACH that will process within the next 4 days) and make a note on the Skip A Pay form if one is found.​

  • ​let the member know that a skip payment will not be processed until 7 full business days have AFTER a portal payment has been processed to ensure the payment will clear the member's bank account.

​

​

​

​

​

​

• The staff member should initial the form in the designated spot on the bottom right of the form. That way as we process it, if we have questions we know who to reach out to. 

​

• AS SOON AS IT IS COMPLETED the  form  should  be  scanned  into  the  appropriate  folder  under  S:\9 -Skip A Pays and then send an email to Evelyn at efox@connectidaho.org to let her know that the skip needs to be completed. Include the member's name to make sure we get all of the skips!!

​

• Follow up! - Check the account the next day (7 business days later if waiting for portal payment to clear) and make sure that the skip has been keyed. If it hasn't been keyed, check with Evelyn to make sure that the skip was received.

 

What our Skip A Pay Team will do…. 

• Process incoming requests 

• A fee will be keyed for the Skip A Pay through an Account Adjustment in FORZA to GL#151.00

• A log will be completed with each Skip A Pay keyed. The log will be stored in the L Folder>LOANS>SKIP A PAY  

• Once the Skip A Pay is processed, the person who processed and logged the Skip A Pay will upload a copy of the signed skip to the member's loan file in FORZA

• The member's account will have a note added in the notes on the loan suffix.

​ 

FAQ:

• How many Skip A Pays can a person have in a year? 

  • One per Calendar year (Jan-Dec)

• Can members skip December of one year and then the next January?

  • No, two skips cannot be used in a row. 

• How much is the Skip A Pay Fee?

  • $30 for each loan

• How is the Fee collected?

  • The $30 fee will be added to the principal balance of the loan which adds to the term of the loan.

• Can a member pay for the fee instead of having it added to the loan?

  • The $30 fee will be added to the principal balance of the loan, but the member may elect to make a principal only payment of $30 towards the loan to pay for the Skip A Pay Fee at anytime

• If the member requests a Skip a Pay for the payment on which they are past due, can we process it? 

  • Yes, IF the member is within the 20-day grace period. If it is past the 20-day grace period, then permission should be acquired from the Resolutions Department, CLO or Credit Manager.

• Can a member with multiple loans skip different months for each individual loan?

  • Yes

• What loans qualify for Skip A Pays?

  • The only loans do NOT qualify for a Skip are:

    • HELOCs

    • VISAs

    • Mortgages

    • Helping Hands

    • Any kind of promotional rate loan, like a Christmas Cash loan.​

    • CD Secured loans

    • Revolving loans like Overdraft Protection 

​