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Skip-a-Pay: HELOC
If you’re in need of some extra cash or a break from your Home Equity Line of Credit (HELOC) payments, skipping a payment might be helpful. For a $35 fee, you can skip your next month’s HELOC payment.
Skip Every Six Months
You can skip a payment on any eligible HELOC once every six months.
Do it Yourself
Skip your next month’s HELOC payment in no time by logging in to your account.
HELOC Options
Take on your home improvement projects with an open-ended line of credit
How to Skip-a-Pay for HELOCs
- Log into your account in Online & Mobile Banking.
- Select the three dots (…) from the menu at the top on desktop or Menu (bottom right), More, then Skip-a-Pay on mobile.
- Accept the Terms and Conditions before continuing.
- Select the loan you would like to skip and the account from which you would like to draw the fee.
- Click review and submit.
Any eligible loans, including eligible auto loans, will appear. It’s that easy! If you have multiple loans with different ownership, you will need to utilize the switch account feature to access other loans.
What does Skip-A-Pay mean for your HELOC payments?
Get the answersEligibility requirements for HELOC Skip-a-Pay
To qualify for Skip-a-Pay, your loan must meet the following requirements:
- All loan and deposit accounts must be in good standing. No accounts may have a negative balance, and all loans must be current at the time of the request (grace period does not apply).
- You may not have any charge offs, bankruptcy filings, or repossession against the credit union.
- You can skip any eligible loan once every six months. If you have multiple loans that are eligible to skip a payment, each loan will be on separate cycles depending on if/when they were last skipped.
- You can request to skip a payment up until 11:59 pm of the loan due date. The earliest Skip-a-Pay can be requested is after you make your payment for the month prior to the month you want to skip.
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Frequently Asked Questions
To qualify for Skip-a-Pay, your loan must meet the following requirements:
- All loan and deposit accounts must be in good standing
- No accounts may have a negative balance
- All loans must be current at the time of the request (grace period does not apply)
- You may not have any charge offs, bankruptcy filings, or repossession against Citadel
- If a loan has been in any type of loan assistance or deferral program within the last 12 months, it may not be eligible for the Skip-a-Pay program.
Please note all deferrals are subject to approval and other restrictions may apply. Citadel reserves the right to discontinue or modify the Skip-a-Pay program at any time if it is deemed to be in the best interest of the credit union.
To skip a payment in Online & Mobile Banking:
- Log in to your account online or in the mobile app.
- Select the three dots (…) from the menu at the top on desktop or Menu (bottom right), More, then Skip-a-Pay on mobile.
- Accept the Terms and Conditions before continuing.
- Select the loan you would like to skip and the account from which you would like to draw the fee.
- Click review and submit.
If you have multiple loans with different ownership, you will need to utilize the switch account feature to access other loans.
The fee to skip a payment is $35 per eligible loan being skipped.
If you have set up automatic payments via Online & Mobile Banking, you are responsible for modifying or canceling scheduled payments. Access your Scheduled Transfers and modify or cancel the payment you wish to skip.
If you cannot adjust or cancel your payment, please Contact Us for assistance.
No, your draw or repayment periods are not extended if you use Skip-a-Pay. The following month’s payment will reflect interest due for two months (the month you skipped and the current month).
Finance charges for amortizing loans will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total finance charges than if payments were made as originally scheduled; and will extend the terms of loan(s) resulting in extra payment(s) after you loan(s) would otherwise be paid off.
Finance charges for Home Equity Lines of Credit will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total finance charges than if payments were made as originally scheduled; and will not extend the terms of line of credit draw or repayment period.
Still have questions? View a complete list of Skip-a-Pay frequently asked questions.
Important Skip-a-Pay Terms and Conditions:
The $35 processing fee will not be applied to your loan or reduce your balance.
Skipping a payment results in an extension of your loan. All other terms and conditions as stated in your original loan documentation remains the same.
If you skip a payment for your home equity line of credit there will be no extension of your draw period or your repayment period. The payment the following month will reflect interest due for 2 months.
Fees apply per loan:
$35 – Online or Manual Skip Payment
Fee(s) will be deducted, at time of request, from the share account selected. Request(s) will be denied if there are insufficient funds for fee(s).
Mortgage loans, Overdraft Protection, Credit Card loans and past due loans are not eligible.
To be eligible, loans must have been open a minimum of 6 months prior to the due date being skipped.
All share and loan accounts must be in good standing. No shares may have a negative balance, and all loans must be current at the time of the request (grace period does not apply).
You may not have any charge offs, bankruptcy filings or repossession against the credit union.
You may choose one month per 6 months in which you want to skip payments on one or more of your eligible loans.
You are able to request Skip Payment up until 11:59 pm of the loan due date. The earliest Skip-a-Pay can be requested is after you make your payment for the month prior to the month you want to skip.
FINANCE CHARGES for amortizing loans will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total FINANCE CHARGES than if payments were made as originally scheduled; and will extend the terms of loan(s) resulting in extra payment(s) after you loan(s) would otherwise be paid off.
FINANCE CHARGES for Home Equity Lines of Credit will continue to accrue at the rate provided in your original loan agreement. Deferring payment(s) will result in higher total FINANCE CHARGES than if payments were made as originally scheduled; and will not extend the terms of line of credit draw or repayment period.
Regular payments will resume on the first regular payment date of the month following the skip.
If you previously elected Credit Life and/or Disability Insurance, or Debt Protection insurance, premiums will continue being added to the loan(s) during the extended term months in order for benefits to continue.
If you have GAP insurance, the coverage will not extend beyond the original maturity date of the loan nor will GAP cover the deficiency balance arising from skipped payments as disclosed in the Installment Sales Contract/Loan GAP Waiver Addendum Election Form.
All deferrals are subject to approval. Restrictions may apply.
It is your responsibility to modify/cancel any pre-existing payment arrangements. Pre-existing payment arrangements include a payment arranged on Citadel’s online banking platform or a payment arranged to be sent to Citadel from another financial institution.
Citadel reserves the right to discontinue or modify the Skip Payment program at any time if it is deemed to be in the best interest of the credit union.
