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Positively Impact Your Community by Offering Skip-a-Pay
Thursday, May 3, 2018 7:00 AM

CUs for Kids

With medical care costs increasing and federal aid to children’s hospitals decreasing, your support of the Children's Miracle Network and CU4Kids is more important than ever to make sure children get the care they need. You can impact your community in a very positive way by instituting a Skip-a-Pay program in your credit union.

Credit unions across the nation offer members the opportunity to “skip” their loan payment for a nominal processing fee. Some offer this program during holidays and summer vacation months, while 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. This is a powerful way to help members, the community, and local kids all at the same time.

Your Skip-A-Pay Program Can Help Your Local Children’s Hospital. 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-Pay program as a service to your members, 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.

Nancy Croix-Stroud, president/CEO at First Class American Credit Union, runs a Skip-a-Pay program from October to December. "The member is able to skip a month's payments, and we charge $40 per loan payment skipped, and $5 from each skip-a-pay is donated to the CU4Kids program," said Croix-Stroud.

Croix-Stroud says about 30 percent of their membership with loans participates in the Skip-a-Pay campaign during the Christmas season, which allows them to have extra cash during the holidays.

First Class American CU does a few other things in coordination with the Children's Miracle Network and CU4Kids campaigns as well.

Nancy Croix-Stroud"Employees can pay $10 per month, which allows them the ability to wear capris and flip-flops on Fridays during the summer," says Croix-Stroud. The credit union then remits the total collected to CMN at the end of the summer.

"We also participate in Miracle Jeans Day (September)," she says. "Each employee contributes a portion of one day's pay. Depending on whether they contribute a full day, half day, or quarter day, they receive equivalent paid time off. For example, a full day donated equals a full day of paid time off."

"Participation benefits not only our memberships' families, but also all of Tarrant County and the outlying areas that utilize Cook Children’s Hospital," said Croix-Stroud. "Cook Children’s treats many of our members, our employees, and our families within our community."

Children are our future, and credit unions care, Croix-Stroud adds. "While the amount the credit union raises on its own may not be huge compared to the contributions of bigger credit unions, once combined with all the credit unions in their chapter, around the state, and nationwide, the total contributions add up to more than $20 million per year, which benefits children all over the US and Canada."

Get your credit union involved in a Skip-a-Pay program today.

Get more information on Skip-A-Pay.

Learn more about how Credit Unions Care.