Does your credit union offer a “Skip-a-Payment” program?
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.
Here what your colleagues are saying about Skip-A-Payment:
“Using our Skip-A-Payment program to engage our members and raise funds for our local CMN Hospital allows us to combine this very popular member benefit with our goal of helping hospitalized kids right here in our community. It is a win for our members, the community and the credit union.”
President & CEO
Rogue Credit Union
“Offering our members the opportunity to donate through our Skip-A-Pay program gives them an easy way to help raise funds for our local CMN Hospital. It combines our goals of helping our members and our community.
Senior Vice President, Marketing
Liberty First Credit Union
Here are just a few of the credit unions already participating in the program from around the country:
• GenFed Federal Credit Union
• Dexsta Federal Credit Union
• Strait View Credit Union
• Day Air Credit Union
• Progressions Credit Union
• Pine Tree Community Credit Union
• USAgencies Credit Union
• Spokane Media Federal Credit Union
• USPLK Employees Federal Credit Union
• Great Plains Federal Credit Union
• Mid-Kansas Credit Union
• MAINSTREET Credit Union
• Reliance Credit Union
• District 7 Highway Credit Union
• Kansas State University Federal Credit Union
• Sunflower U P Federal Credit Union
• KEMBA Financial Credit Union
• Central Kansas Credit Union
• Spokane City Credit Union
• Statewide Federal Credit Union
• First Abilene Federal Credit Union
• Healthcare Credit Union System
• Amicus Federal Credit Union
• Northwest Christian Credit Union
• Pocatello Simplot Credit Union
• Cyprus Federal Credit Union