Does Your Credit Union Offer a "Skip-a-Payment" Program?
by CUAD Staff

Credit unions across the nation offer members the opportunity to “skip” their loan payment for a nominal processing fee. Some offer the program during holidays and summer vacation months, others offer the program as an option year-round to combat unexpected hardships that members face. Instead of having to cut corners to make a monthly payment on their loans, members can skip a payment for a month and use those funds for other things!

Did you know that your credit union can use a Skip-a-Payment program not only to help your members, but also your local Children’s Miracle Network Hospital? This is a powerful way to help members, the community and local kids all at the same time.

In 2016, 25 credit unions included a fundraising component with their Skip-A-Payment program, raising over $150,000 for local CMN Hospitals! Give it a try! You may even see an increase in members benefiting from your Skip-A-Pay program when you do!

Your Skip-A-Payment Program Can Help Your Local Children’s Hospital. Here is how it works:

Most credit unions charge processing fees between $20 and $40 per loan payment skipped. Your credit union can choose to donate all or a portion of the fees to CMN Hospitals. If you already offer a Skip-a-Payment program as a service to your member, consider raising the fee by $5 (or other chosen amount) with the additional dollars going to CMN Hospitals as a donation. This would allow your credit union to participate without a loss in revenue. It’s a WIN-WIN! Click here to learn more. 

Additionally, to support the Skip-A-Payment campaign, CO-OP Financial Services will be guaranteeing a Miracle Match for ALL applications submitted between now and September 30, 2018! Apply for a Miracle Match by clicking here to have your Skip-a-Pay donation matched up to $10,000.

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