Skip-A-Payment

Generations provides the opportunity for you to have a little extra cash on hand for special occasions or unforeseen expenses by skipping a loan payment for one month. Quick, easy, convenient.

Skip-A-Payment can only be used twice in a 12-month rolling period. A minimum of 6 monthly payments are required before submitting first Skip-A-Payment request, and there must be 6 months between each skip payment request. Certain terms and conditions apply, and not all loans are eligible. For more information on fees and conditions, please review the details listed below.

You can make Skip-A-Payment requests in one of three ways: from Online Banking, in person at any of our branch locations, or by calling 210-229-1128.

If your payment is automatically transferred or you transfer it from your Generations account…

Submit a Skip-A-Payment request within your Online Banking Portal.
Do not make that month’s (or two bi-weekly) payment(s).
Your due date will be advanced by one month.

If you use ACH Origination from another institution or Electronic Funds Transfer (EFT):

Be sure to submit the online Skip-A-Payment request 72 hours or more in advance of your loan payment due date to ensure the distribution date or transfer date is advanced.
The loan payment due date will be advanced by one month.
Automatic payments will continue on the next scheduled due date.

If you use another form of payment:

Be sure to submit the Skip-A-Payment request one week or more in advance of your loan payment due date.
Do not make that month’s (or two bi-weekly) payment(s).
Your due date will be advanced by one month.

When you Skip-A-Payment:

There is a $25 processing fee for each skipped loan payment.
Each month your skip will extend the term of your loan by one month.

How do I submit my Skip-A-Payment request online?
Your request can be submitted within your Online Banking portal. Once you login, simply navigate to Transactions > Skip-a-Pay.
What loans are eligible to be skipped online?
Eligible loans to request a skip payment online for are new and used autos, trucks, motorcycles, new and used boats, RVs, trailers and personal loans.
Is there a fee for the online skip payment request?
Yes, the processing fee is $25 whether you submit the request online or in a branch. There can be no refund of the fee after you confirm the skip pay request.
Will I have the option to pay from another account?
No. Funds must be in your share savings account where the loan(s) are funded in order to be eligible for a skip request. The system will automatically charge the share savings account once you confirm the skip payment request.
Can I cancel my Skip-A-Payment request once I have submitted it?
You will have several opportunities to cancel out of the process before submitting the request; however, if you have already submitted the request, it cannot be reversed and there can be no refund for the processing fee of $25.
What if I use a Bill Pay Provider to send my loan payment each month?
After submitting the online request, it is your responsibility to cancel your auto payment with your Bill Pay Provider for that payment period if you wish to skip the loan payment. The credit union cannot reverse any payments if you fail to cancel the payment with your Bill Pay Provider.
How far in advance must I submit the Skip-a-Pay request?
No advanced notice is required when the request is processed online. You can submit the online request up until the day your payment is due.

When a Skip-A-Payment request is accepted for an eligible loan, the terms and conditions of that loan will change in that the maturity date on the eligible loan will be extended and may cause an increase in the final payment amount. Skipping a loan payment will not affect the payment record of the account. The Interest will continue to accrue on all affected loans and the first payment after the skipped period may be all or in part applied to interest that has accrued on the eligible loan. Extension of the note may not be covered by Insurance products such as Payment Protection Credit Insurance and Guaranteed Asset Protection.

The Credit Union may terminate this program at any time. If approved, the Skip-A-Payment request will amend the loan agreement and the regular monthly payment schedule will resume immediately following the month in which payment has been skipped. The following loan types do not qualify for skip payments: Real Estate, Home Equity, Home Improvement, Share and Share Certificate Secured Loans, Auto loans with Collateral Protection Insurance added, Mobile Home, Credit Cards, Line Of Credit, Single Payment & Balloon, Commercial and Business Secured loans, Members Business loans and Employee Brand Attire.

A minimum of six (6) months of payments are required before the first Skip-A-Payment can be approved. Eligible loans can have no more than two (2) monthly payments skipped per 12 month rolling period (Loan Extensions included). In addition, there must be six (6) months between Skip-A-Payment requests.

There will be a $25 processing fee for each skipped loan payment.