How do I stop my monthly loan drafts?

The IRS requires GuideStone to attempt a loan draft each month, therefore it is not possible to have your monthly loan payment drafts paused or stopped. In extreme circumstances, you may consider contacting your bank to request a stop payment to be placed on the draft requested by GuideStone. This will deny the draft request each month as long as the stop payment is in effect. 

Important: If you have 4 missed loan payments at the end of a quarter, you will be set to incur a "deemed distribution" which means your unpaid loan balance will be treated as taxable income.  Also, most banks will charge a fee of $30 or more for each monthly loan payment that is stopped.

Click here for more information on the consequences of a "deemed distribution".

Once you are ready for the drafts to resume, you must contact your bank again and request that the stop payment be removed

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