Skip-A-Pay
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What is the Skip-A-Pay program?
The Skip-A-Pay program gives qualified members the opportunity to skip up to two monthly loan payments on eligible loans during a 12-month period. Then the skipped payments are added to the end of your loan term.
What loans are eligible for skips?
Personal loans, auto loans, motorcycle loans, boat loans and RV loans are all eligible, given there have been six months of consecutive on-time payments.
What loans are NOT eligible for skips?
Real estate loans, home equity loans, POP/BuyLine of credit loans, credit cards, Freedom Funds loans, share secured loans, share certificate secured loans and commercial/business loans are not eligible.
Who is eligible?
To be eligible, your loan must have received six months of consecutive payments and be in good standing. Good standing simply means that your loans must be less than 30 days past due.
Is there a fee?
Yes, there is a nominal, nonrefundable fee of $50 per Skip-A-Pay request per loan.
How does it impact my loan?
The skipped payment will be added to the end of your loan, extending the loan term, and interest will continue to accrue during skipped months.
What if I have automatic (ACH) payments?
If you have automatic payments from a TVFCU account, you will need to “stop” the ACH for the month then restart it. Please ask a financial services consultant for more information.
What if I pay my loan through online Bill Pay?
Bill Pay is different than automatic (ACH) payments. If you use TVFCU’s Bill Pay or Bill Pay from any financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. However, don’t forget to turn it back on after your skip!
How often can I skip?
As an added-benefit to members, TVFCU offers Skip-A-Pay twice a year. Members who meet all of the conditions may skip any eligible loan twice during the year.
Can I skip any time?
Yes, members can skip at any time as long as they have six consecutive monthly payments.
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Loans
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Can I make an additional principal payment on my real estate loan?
If you wish to make additional principal payments to your real estate loan, you must include any additional principal amount in with your regular payment. If you attempt to make a principal only payment, then the system will automatically split your payment between interest, principal and escrow. This could result in problems with escrow, interest and due dates. To avoid problems with your real estate loan, we urge you to contact our Call Center at 423-634-3600 or make your principal reduction payments in person at one of our branches.
Can I make a partial payment on my real estate loan?
If you are paying less than the amount due, then the system will not accept your payment. Please contact our Call Center at 423-634-3600 or visit one of our branches for assistance.
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Verify Insurance
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Why do I have to show proof of insurance?
TVFCU requires members to carry comprehensive and collision auto insurance, homeowner’s insurance, or flood insurance coverage protecting the credit union’s interest for the full term of the loan. When you obtain a loan, you are obligated to notify us of your coverage.
Why did my payment go up?
We have not received proof of insurance coverage on your loan, or you have provided proof of coverage but the coverage does not meet the minimum requirements for coverage (for example, for auto insurance we require a deductible of $1,000 or less and that TVFCU is listed as lienholder). In accordance with the security agreement, the credit union obtained insurance to protect the credit union’s interest in the collateral. The cost of that insurance is added to the balance of your loan, which increases your monthly payment.
I do have insurance! What can I do?
Please provide proof of your insurance by uploading your policy to www.myinsuranceinfo.com. A reference number is not required to submit your proof of insurance, but if you have one please provide it. We will verify the insurance documents to ensure it meets the minimum requirements set forth in the security agreement and that the effective date matches the missing insurance period. If the insurance is deemed to meet all requirements and dates associated with purchased policy then a refund for the cost that was assessed to your loan will be refunded.
What if I don’t have insurance?
The insurance we have purchased covers the collateral for your loan only. However, state law may require different insurance, and you will likely find a less expensive option if you shop for insurance yourself. We recommend you do buy your own insurance and show us proof of coverage. If you do, we can remove any unearned premium from the insurance we have purchased and your payment will be adjusted accordingly.
My payment is due today, and I can’t pay the extra amount. What do I do?
Call our Collections Department at 423-634-3550 to let them know. We recommend you pay what you can today. You will be delinquent the additional amount, but you have 10 days before a late fee is incurred, and 30 days before it affects your credit report.
Why wasn’t I notified of this change?
We attempt to notify members of the need for Proof of Coverage in the following ways:
- Multiple letters and emails requesting proof of coverage are sent prior to placement of insurance on your loan. If insurance is placed upon not receiving proof of coverage, a subsequent notification informing you of the insurance that was added to your balance is sent.
- The addition of the insurance to your loan balance is reflected on your statement in the month the insurance is added to your loan. .
I have more questions. Who at TVFCU can help me?
Our Insurance Services Team is ready to help with your proof of insurance! You can reach them by calling: 1-800-653-8812 and let them know you want to provide Proof of Insurance.
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Tennessee Valley Federal Credit Union
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What is the Credit Union’s routing number?
Our routing number is 261375684.These nine numbers can be found in the bottom left corner of your check or deposit slip. The next 14 digits are your checking account number.
There is also a link to our routing number at the bottom of every page of our website.
Can I call in to check on transactions by telephone?
Absolutely! With our convenient Choice24 telephone service you can call in 24/7 and check your balances, recent transactions and even transfer funds between your TVFCU accounts. Have your Choice24 PIN ready and call 423-634-3600 locally or 1-800-634-3600 nationwide.
What are the holidays that the Credit Union is closed?
The credit union follows the federal holiday schedule. You may consult the Holiday Closures page, to see a list of these holidays and other closure exceptions.
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