Skip-A-Payment… It’s like making a loan to yourself!
Skip-A-Payment is now available YEAR-ROUND to our members with qualifying loans. Have more than one loan that qualifies? Skip a payment on each! Our Skip-A-Payment service is our way of thanking you for your continued loyalty, and showing you how much we appreciate your membership.
It’s easy to apply! Log into OTIS ONLINE on your internet-enabled device (desktop, tablet, or mobile phone), and click “Overview or Transfer Screens” to see if a loan qualifies. Qualifying loans will appear; click the loan that you would like to skip a payment on, and follow the on-screen instructions. You may also stop in and see one of our loan officers in person or speak to one over the phone. If you are applying for Skip-A-Payment in person or over the phone, a confirmation letter will be mailed to you upon approval.
To qualify:
- Loans cannot be past-due at the time of a “Skip-A-Payment” request.
- Loans must be open for at least one year.
- You must NOT have used Skip-A-Payment on the respective loan in the last 12-month period.
*All Real Estate Loans (i.e., Mortgages, Home Equity Loans, etc.), Draft-A-Matic Loans, Single-Payment Loans, Energy Loans, and VISA Credit Cards are ineligible for Skip-A-Payment.*
PLEASE NOTE:
- Interest will continue to accrue on unpaid balances through the skipped payment period.
- Skip-A-Payment extends the term of the affected loan(s) by one month.
- Upon approval, a $25 processing fee per loan will be withdrawn from your Membership Share, $5 of which is donated to the Ending Hunger Campaign.
