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How do I request to skip my loan payment?
You can request a Skip-a-Pay in a branch, over the phone, or through Online and Mobile Banking. Online and Mobile Banking are currently only available for single borrower loans.
How do I know if I am eligible to skip my payment?
Log in to Online or Mobile Banking to see if you are eligible for a Skip-a-Pay. Auto loans that have more than 1 borrower will not be able to complete a Skip-a-Pay via Online or Mobile Banking. You can also visit a branch or call our Member Service Department at 225.924.8900 to ask if you are eligible and complete a skip that way.
Is there a fee to skip my loan payment?
Yes, there’s a $35 fee for skipping your payment on any eligible BR Telco loans.
What types of loans are eligible for a skipped payment?
Auto loans that have been open for at least six months and are in good standing are the only loans that are eligible for Skip-a-Pay at this time.
How many payments can I skip?
You can skip one payment per loan every 12 months.
Which payment can I skip?
You can only skip the payment that is currently due. For example, if you want to skip December’s payment, you must wait until the November payment has been made.
If I have multiple loans, can I skip a payment on each loan?
Yes, as long as the loan qualifies for a skipped payment, you can skip a payment on multiple loans.
What are the payment options for the Skip-a-Pay fee?
You can have the funds deducted for your BR Telco Checking, Savings or Money Market account directly. You can also use a debit or credit card from another financial institution as a payment option if you do not have a deposit account with BR Telco or do not have available funds. If you go into a branch, you can also pay with a check.
When does the fee come out of my account?
Your Skip-a-Pay fee will be deducted from the account of your choice at the time of your request. You will not be able to select a BR Telco Checking, Savings or Money Market account that does not have at least $35 in available balance.
How does a skipped payment affect my loan?
The skipped payment will be added to the end of your loan, extending the original loan term.
What if I pay my loan through online Bill Pay?
If you use BR Telco Bill Pay to make your loan payment, you’ll need to log into Online Banking and stop the payment for the month you are skipping. Don’t forget to turn it back on after your skip!
How will I be notified if my skipped payment was approved?
You will receive a letter within 10 days confirming the decision of your Skip-a-Pay request. The letter will also list your next loan payment due date. If your Skip-a-Pay was processed through Online or Mobile banking, you will also receive an email informing you that your Skip-a-Pay was approved and processed.
If you have a question that is not covered above, please contact our Member Service Department at 225.924.8900 or stop by a BR Telco branch for assistance.
Federally insured by NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government – National Credit Union Administration (NCUA), a U.S. Government Agency.
