ATTENTION ONLINE CREDIT UNIONS
Introduced in the 21.10 CU*BASE release, the new expanded skip-pay program offerings allow members to opt in for a skip-payment program on their credit card loan account. Previously, credit card loan skip payments were only available via an automated batch process using Tool #317: Credit Card Batch Skip-a-Payment Config.
With this enhancement, you can now configure credit card loan categories for a skip payment program via Tool #820: Skip-a-Payment Program Configuration. This update allows users to charge a fee for credit card skip payments. Additionally, these skip payments will be tracked the same as regular consumer loan skip pays (incrementing skips per year and skips per life of loan) and will appear on the Skip Payment History Dashboard (Tool #817) and Skip Pay History Report (Tool #818), along with other consumer loans.
As we move into the holiday season and the new year approaches, we encourage you to share the new skip payment opportunities with your members!