May 21st, 2012

SMCU Announces the Anytime Skip-A-Pay Program

Introducing Anytime Skip-A-Pay
Seattle Metropolitan Credit Union is pleased to announce the return of our popular Skip-A-Pay program. This program allows members to take a break from their eligible loan payments and use that money for other purposes.

Traditionally, SMCU offers Skip-A-Pay opportunities in the summer and near the winter holidays, giving members the chance to put a bit of extra cash in their pockets during prime travel and gift-buying seasons. However, some members found that their time of greatest need came in between our Skip-A-Pay offerings.

To make the program available to as many members as possible, SMCU is excited to offer our improved Anytime Skip-A-Pay program. This upgraded program allows members to skip payments at times that make the most sense for them.

Program Details

The Anytime Skip-A-Pay program allows members to skip eligible loan payments as often as twice during any twelve-month period. Members may skip payments for all of their eligible loans in the same month or they may skip payments for different loans in different months. Each approved Skip-A-Pay request requires a $25 per loan processing fee.

Interest continues to accrue based on the outstanding principal balance.

How to Request to Skip a Payment

There are three easy ways to request to skip a payment.

  • By mail by printing and sending the Skip-A-Pay request form available at to:
  • SMCU Lending Department
    Attn: Skip-A-Pay requests
    P.O. Box 780
    Seattle, WA 98111-0780
  • In person by speaking to a branch rep who will have you complete and sign a Skip-A-Pay form
  • Online by logging into SMCU’s Online Banking and completing the online Skip-A-Pay form in the Secure Forms section

If you will be paying your skip-a-pay fee(s) by check, we ask that you send it in with your request. It will be deposited to your savings account until your request is approved.

SMCU needs to receive your request at least seven (7) days before the payment you wish to skip is due. That gives us time to cancel any automatic payment for your loan.

Loan Eligibility Requirements

  1. The loan must have been open for at least six months.

  2. The loan cannot be past due at the time the skip-a-pay request is made.

  3. The loan cannot have had any payments 30 days or more past due in the previous six months.

  4. Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period.

  5. The loan cannot have an active force-placed insurance policy.

  6. First mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.

  7. SMCU reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).

Comments are closed.