Summer Skip-A-Payment

Could You Use Some Extra Cash for Summer Fun?

If your answer is YES, you might want to take advantage of our Summer Extension Agreement Plan.

This plan will allow you to skip your loan payment(s) for the month of July OR August. If this sounds like a great deal, simply complete the form on the back of this letter and return it to us along with the $35.00 processing fee for each loan you plan to skip. The money you would normally use to make your monthly payment(s) can then be used for summer fun. Loan payments eligible for
deferment are those due between July 1 – July 31, 2018 OR August 1 – August 31, 2018.

All signed agreements must be received at ACT 1st Federal Credit Union by Friday, June 29, 2018. All borrowers and co-borrowers MUST sign the summer agreement before it can be processed. We must receive one signed agreement for EACH loan you have with us. Additional forms are available at the Credit Union or on the Credit Union website. If you have payroll deduction, your loan payment(s) will be deposited into your share account. This offer DOES NOT apply to Member Business Loans, Mortgage Loans, Home Equity Loans or ACT 1st FCU VISA Credit Cards. Unfortunately, a summer extension agreement will not be processed if you have any delinquent loan payments, delinquent credit card payments or pending credit insurance claims. Other restrictions may apply.


Please note that there is a $35.00 processing fee that will NOT be applied to the principal or interest of your loan. Also, understand that interest will continue to accrue on your loan during this period. If you have credit insurance on your loan, an extension will not lengthen the term of your coverage. This Summer Extension may further extend the term of your loan beyond the original maturity date.

If you have any questions about this program, please feel free to call 301-729-8015 and ask to speak with a Loan Officer. If you are ready to sign up for the plan, simply complete the following form and send it along with the required $35.00 processing fee per loan you intend to skip. The entire staff at ACT 1st Federal Credit Union wishes you a joyous summer season.

Download the Summer Extension Agreement (PDF – new window)