RFCU Skip-a-Payment Program

Riegel’s Skip-a-Payment program allows qualified members to “skip” a payment on an eligible loan, and this can be a good option if you need some extra cash for items such as unexpected expenses, vacations and holidays, or just to get back on track when things don't go as planned. Before you skip your payment, however, it’s important to understand both the benefits and concerns of skipping that payment. The skipped payment doesn’t simply disappear - you’re just changing when you make it. Making informed decisions about your payments can keep you on track financially and help you reach your goals.

Skip-a-Payment Request

Eligibility - You must be in good standing with the Credit Union and maintain a minimum savings balance of $100. New loans must have made six (6) consecutive on-time monthly payments under the original loan terms. All borrowers must sign this request. You can skip up to two (2) months per calendar year per loan. Months skipped may be consecutive.

Non-Eligibility - You are not eligible if any loan at the Credit Union is delinquent or if you had a 30-day delinquency on any loan within the past six (6) months. A loan is not eligible if payments are being made by disability insurance purchased for the loan at the Credit Union. Real Estate and VISA credit cards are not eligible.

By participating in the Skip-a-Payment program, you agree and understand that:

Finance charges will continue to accrue during the month(s) skipped;
Deferring the payment will result in having to pay higher total finance charges than as if payments were made as originally agreed;
The payment deferral will extend the original term of the loan(s);
Payment(s) will resume on the normal due date the month following the skipped payment(s);
There is a fee of $15.00 for each month skipped per loan for this service;
If payroll deduction is received, it will be deposited into your account and is accessible by normal share or ATM withdrawal;
If your payment is set up to pay directly to the loan(s), it is your responsibility to notify the other financial institution that is transferring the funds to stop payment for the month(s) you Skip-a-Payment.

Request for this service must be made seven (7) days before the loan due date. Any request received after the deadline will not be processed. For Questions, please call (908) 995-2326 to speak with a Personal Banker.