Skip-A-Payment FAQ

Skip-A-Payment allows members to skip one month's payment on eligible credit union loans. Qualifying members can select to skip payments on one or multiple loans when specific requirements are met. The Skip-A-Payment offer will only be available for select months of the year. Please read the information provided, then contact us by emailing fedecu@fedins.com or calling 507-455-5430 with any additional questions.

What are the Skip-A-Payment Qualifications?

All loan payments under your membership must be current for the past 12 months. You can only skip one payment per loan per year. You can skip a maximum of 4 payments per loan. 

What loans are eligible?

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.

You cannot use the Skip-A-Payment benefit on Credit Cards, Student Loans, Home Equity Revolving Lines of Credit, Personal Lines of Credit, Overdraft Lines of Credit, and other open-ended loans.

What is the Skip-A-Payment Fee? 

There is a $20 fee for each Skip-A-Payment. This fee goes directly to the Federated Employees Credit Union Scholarship Fund. You must have funds available in your FECU account when submitting a Skip-A-Payment request.  

How do I Skip-A-Payment in Online Banking?

• Log into Online Banking. 
• 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.
• Select the month to skip.
• Choose what account will pay the Skip-A-Payment fee.
• Click "Save" to finalize. 

Create your online account: Online Banking Enrollment.

How do I schedule Skip-A-Payment without online access?

If you are interested in participating in the Skip-A-Payment benefit but declined self-service options available in Online Banking you can still participate by calling 507-455-5430 for assistance.

How can I transfer money to cover the $20 Skip-A-Payment fee?

Set up a transfer in online banking using the directions below 2-3 business days before setting up your Skip-A-Payment. You must have funds available in your FECU account to cover the fee when setting up a Skip-A-Payment.

ACH transfer in online banking:

• Log into Online Banking. 
• Go to the "Transactions" tab, and select "Transfer."
• Select "Send/Receive ACH."
• Begin scheduling your ACH by clicking "Schedule to Send/Receive ACH."
• Choose the "Receive ACH" box at the top. 
• TO: Select the FECU account receiving funds from the drop-down list.
• FROM: Enter the financial institution along with the Routing Number and Account number you want the money withdrawn from (Daily Limit: $10,000.00).
• Choose the time frame of your transfer to receive the funds into your FECU account. 
• Choose the amount you would like to transfer and then "Submit" to finalize the request. 

Note: Please allow 2 banking days for your payments to reach the institution. Weekends and holidays will impact the amount of time for your transfer to occur.

Check deposits in the FECU mobile app:

• Open the Federated Employee CU mobile app on your device to log in.
• Under the "Transactions" menu select "Deposit" from the list.
• Enter the amount of the check and select the account using the drop-down.
• Ensure your signature and 'Mobile Deposit only' is on the back and submit.
• Use the device's camera to take a picture of the front and back of the check.

Note: Remote Deposit agreement is required prior to use. All deposits are subject to the Funds Availability Policy. 

How will your loan payment be handled if you Skip-A-Payment?

The Skip-A-Payment will be processed based on your loan payment method. Please contact FECU loan officers for information about your current payment schedule by calling 507-455-5430 or emailing fedecu@fedins.com. It is your responsibility to stop and restart external payment methods used for the month you choose to skip.

• Loan payments from payroll deduction: The payment amount is deposited into your Share Savings Account for the month you skip. Regular payments to the loan will resume once the Skip-A-Payment expires.
• Loan payments made by transfers from FECU accounts: The internal transfers are blocked during the month you skip. Regular payments will resume once the Skip-A-Payment expires.
• Loan payments initiated by another institution: Update your scheduled payment to reflect the Skip-A-Payment dates. Once the Skip-A-Payment duration period has ended, you must reactivate the transfer or update your bill pay. 
• Loan payments made using FECU online banking: Loan payments made through Send/Receive ACH in your FECU online banking will process according to the schedule unless you click the edit icon and make changes to reflect the Skip-A-Payment dates. Once the Skip-A-Payment period has ended, you must update the scheduled transactions to reactivate the transfer.