In response to the COVID-19 pandemic, we are temporarily waiving the $30 fee† for skipping a loan payment.
Skip a payment* on your eligible loan**
Please note: Request must be made during the month you wish to skip.
- Log into Velocity’s online banking.
- Under “Services,” select “Skip a Loan Payment.”
- Follow instructions on the screen.
Some eligibility criteria include:
- All Velocity accounts must be in good standing
- All loans must be current with at least six full payments applied
- Credit cards, real estate and QuickLoans are not eligible for Skip-a-Pay
Note: Skip-a-Pays are subject to a $30 processing fee†, paid either via internal transfer or debit/credit card.
Are you new to online banking?
No problem! Simply click the button below to enroll and create your log in ID.
*Skip-A-Pay Requirements and Information: All Velocity accounts must be in good standing. All eligible loans must be current and at least six full payments must have been received by Velocity. Current payment due date cannot be more than 58 days in the future. Interest will accrue on all affected loans and skipped payment will cause the maturity date to be extended. For members who have Guaranteed Asset Protection (GAP), claim coverage does not extend to the amount of payment deferred and/or extend the length of the GAP contract. Velocity reserves the right to decline any skip requests for any reason. Call 512.469.7000 with questions.
**Eligible Loans: The following closed-end loan types are eligible for this program: auto, personal, holiday, boat, motorcycle, travel trailer and furniture. Loan balance and monthly payment must be greater than $100. Loans with periodic payment/ACH payments: requests must be submitted at least 7 days prior to scheduled payment date. Credit cards, real estate and quick loans are not eligible.
†Fee: $30 fee for each loan must be paid by inter-credit union transfer or debit/credit card. Fee must be paid at the time the “Skip-A-Pay” is requested. Fee may not be added to the loan balance.