Postpone up to two monthly loan payments per year!*
Need a Little Breathing Room
We get it - life can throw unexpected curveballs. Whether it's an emergency expense, a special occasion, or you simply need a little extra cash flow, we're here to help. That's why we offer our Skip-A-Payment program, designed to provide you with financial flexibility when you need it.
What is a Skip-A-Payment?
Our Skip-A-Payment program allows eligible members to defer up to two (2) monthly loan payments on qualified loans within a 12-month period. This means a temporary pause on your payment, freeing up funds for other important needs.
- Who Can Skip? Skip-A-Payment is available to members in good standing who meet certain conditions.*
- Eligible Loan Types?: View your eligible loans to skip in Online Banking and Mobile App in the “My Accounts” menu and select “Skip-A-Pay”. Loans that may allow skipping include new/used auto, boat, RV, motorcycle, other recreational loans and more.*
- Service Charge: A $45 service charge applies for each loan payment deferred.
- Payment Options for Service Fee: You can conveniently pay this fee directly from your MMFCU Savings or Checking Account, or choose to have it added to your loan balance.
How Do I Request to Skip-A-Payment?
You are able to complete a request to skip next month's payment anytime, whether you are at home, work, or traveling. Just complete the skip yourself on or before your loan due date, or 2 days prior to your due date if you have an automatic payment using one of these convenient ways:
- Request the skip in Online Banking or Mobile App through the “My Accounts” menu, select “Skip-A-Pay”. Loans that allow skipping will be listed.
- Call or text us at (218) 829-0371 and one of our staff can help you.
Manage Your Accounts
Online Banking
Discover more ways to monitor your accounts in Online Banking. Make transfers from one account to another, or even from you to another member! Make payments to your loans at MMFCU with a click of a button, print statements or other important documents, or even set up a savings budget.
Mobile App
Banking anywhere you are is easy with MMFCU’s Mobile App. Similar to Online Banking, you can manage your accounts 24/7 with just your mobile phone! With additional online services that allow you to deposit a check into your account from anywhere, transfer funds and even monitor your credit score!
Paperless Banking
MMFCU’s Online Banking and Mobile App allow you to manage your money and go paperless by registered for eDocuments. You will receive your statements, notices and tax documents electronically. By going paperless you protect yourself from statements being lost, stolen or even delayed in the mail as well as saving on paper and postage for the credit union you own.
Frequently asked questions
We're here to help, wherever you are on your financial journey.
- How do I know if I can participate in Skip-A-Payment?
If you have eligible loans you will see them available to skip within Online Banking or the Mobile App. You must be in good standing with the credit union and current (not including any grace period) on all MMFCU obligations at the time the payment is skipped.
There is no limit to the number of eligible loans you may request Skip-A-Payment on.
- How many times can I participate in the Skip-A-Payment program? You may skip (defer) up to a maximum of two (2) payments per rolling twelve (12) months, per eligible loan. A maximum of six (6) payments can be skipped (deferred) over the life/term of the loan.
- What types of loans qualify for the Skip-A-Payment Program? Auto, motorcycle, boat, other watercraft, RV, other secured loans (such as snowmobile, ATVs, campers) and other unsecured personal loans. At least six (6) months since the loan origination must have passed, and the loan must not be delinquent or otherwise in default.
- What type of loans are not eligible for the Skip-A-Payment Program?
Loans not eligible for skip a payments include: loans with terms above 180 months, first mortgage loans, modified loans, home equity loans, student loans, commercial/business loans, lines of credit, HELOCs (Home Equity Lines of Credit), VISA cards, any other loans not in good standing or delinquent.
- How much is the Skip-A-Payment fee and when do I pay it? A $45 fee will be collected for each month of requested Skip-A-Payment and may be deducted from your MMFCU savings or checking account or added to the loan balance. The service charge will be deducted from your account or added to your loan balance at the time the skip request is being processed.
- Will skipping a payment affect my credit or will I be charged any other fees? No, skipping a payment(s) will not have any negative effect on your credit, and there will not be a late charge assessed to a loan for any approved skipped payment. However, the skipped month(s) will be added to the end of the loan and interest will continue to accrue daily during the period when no payment is made (known as the deferral period), which may result in overall higher finance charges over the life of the loan, changing the total amount due and schedule of your repayment. All other terms and conditions of the loan will remain unchanged.
- Where do I find my loans that qualify for Skip-A-Payment?
You will find your eligible loans when you are in Online Banking or the Mobile App under Skip-A-Payment.
- Do I need to visit a branch location or speak with a Member Services Specialist to complete a Skip-A-Payment request?
No, Skip-A-Payment is a convenient, self-serve option offered securely within our Online Banking and Mobile App. MMFCU is happy to discuss the program with you and answer any questions.
- What if I don’t use Online Banking?
Now is a great time to enroll in Online Banking. It's free and gives you access to a wide range of account functionality like transfers and bill pay.
- Will my skip-a-payment request be approved after submission? Submission of a Skip-A-Payment authorization form does not guarantee acceptance. All requests are subject to approval by MMFCU and we reserve the right to refuse a Skip-A-Payment request if you become delinquent or default in your payment obligations and/or have any other changes in status/standing with the credit union. This offer is subject to change or be discontinued without notice.
- I have my loan payments automatically withdrawn from an MMFCU account or another financial institution each month, what do I need to do?
You will need to adjust your autopayment to reflect the months you are skipping, by pausing your electronic payment from that account or the other financial institution.
If you need help pausing your automatic payment from an MMFCU account call or text us at (218) 829-0371 or stop by your local MMFCU office. For automatic payments from another financial institution, you will want to reach out to them to pause your payment(s).
- I pay my loan through a bill payment service, by some other method using MMFCU online services or my other financial institution’s services, will you automatically cancel my payment?
No. If you make your payment(s) automatically using MMFCU Online Banking transfer or bill payment service, or bill pay from another financial institution, it is your responsibility to cancel/postpone your payment(s) and then re-establish them yourself after the skipped month(s). If you use the online external loan payment service, you will need to stop any incoming payments for your skipped month(s) as well. Please check your loan's payment method carefully and ask us if you have questions at (218) 829-0371.
- Does skipping a payment affect my Credit Life and/or Disability coverage? Monthly premiums for Credit Life and/or Disability will still be added to the loan during the deferred month(s), if applicable. Any Credit Life and/or Disability insurance that you have on your loan(s) will terminate on the maturity date outlined in your original loan agreement.
- Does skipping a payment affect my GAP Coverage?
If applicable, the terms of any credit union benefits or GAP coverage on loans may be affected by skipping payments. If you purchase GAP through another party, contact your provider or refer to your credit insurance or GAP policy for coverage exclusions or more information on how participating in a Skip-A-Payment program may affect you.
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*To qualify for Skip-A-Payment program, your Mid Minnesota Federal Credit Union loan account(s) must be in good standing (loans must be current and have no late fees in the last six months). There is a maximum of two skipped payments within a rolling twelve-month period, and six within the term of the loan only. Paper application requests must be received at least 10 days prior to payment due date. Interest will continue to accrue and may exceed payment. New loans that have not had at least six payments are not eligible. Skip-A-Payment application is pending approved credit; other restrictions may apply. Loans NOT available for skip payments are loans with 180+ monthly terms, first mortgages, modified loans, home equity loans, student loans, commercial loans, lines of credit, HELOC's and VISA cards. Skipped payment will affect GAP and/or debt protection claim amount on qualified loans.