Summer Skip-A-Payment

Take a summer vacation from your loan payments. By skipping a loan payment, you can use that money on a memorable trip, purchase school supplies, or throw an epic backyard bash for family and friends. Schedule your Skip-A-Payment in Online Banking* between July 1, 2024, and July 31, 2024, to skip payments due in August 2024. Members who qualify can take advantage of skipping one or multiple eligible loans.

Skip-A-Payment Using Online Banking

• Log into Online Banking or Enroll in Online Banking to create your online account.
• Open "Loans” and select "Skip Payment" from the drop-down list. 
• Schedule a new skip payment by clicking the "Add Skip Pay" button. 
• Read the Skip-A-Payment Disclosure and click "Accept" to continue.
• Choose an account to pay the Skip-A-Payment fee. 
• Click "Save" to finalize. 

*If you are interested in participating in the Skip-A-Payment benefit but declined online enrollment, you can call 507-455-5430 for assistance.  You must have funds available in your FECU account when submitting a Skip-A-Payment request.

Skip-A-Payment Terms and Conditions

• You cannot skip more than one payment per loan per year. 
• You can skip a maximum of 4 payments per loan. 
• The Skip-A-Payment request is only available for select months of the year. 
• Skip-A-Payment is available on existing Vehicle Loans, Recreational Vehicle Loans, Home Improvement, Home Equity Closed End Loans, Personal Loans, Closed End Loans, Share Secured Loans, and Other Securities Closed-End Loans.
• The $20 processing fee per loan is a donation to the Federated Employees Credit Union Scholarship Fund. The fee for participating will post immediately from the account after setting up your Skip-A-Payment.  
• Completing a Skip-A-Payment request allows Federated Employees Credit Union to extend your final loan payment by one month. 
• Interest will continue to accumulate on your loan during the month you skip. 
• All loan payments under your membership must be current for the past 12 months.
• The Skip-A-Payment will be processed based on your loan payment method.

Please see Skip-A-Payment FAQ for additional information.