Opt-In for Consumer Loan Skip Payment Program
Access this screen by selecting Tool #821: Member Skip-Pay Program Opt-in (Shortcut: skip).
Learn more about consumer skip-pay programs.
SEE ALSO: Learn more in the Skip Pay for Consumer Loans booklet.
IMPORTANT: The system will not allow two skipped payments for a program within a 60 day period for a program. If a member skips a payment on day one, then they cannot skip again (for that program) until day 61. For this reason, a member cannot skip two payments in a row for a single program.
SOME CAVEATS: If the loan qualifies for two programs. Then it may be possible for the member to skip a payment twice in a shorter time frame.
If a program has a 90 day window, a member may be able to skip two payments for a single program. If programs overlap, it should be understood that a member could potentially skip several payments in a row.
NOTE: This tool follows the rules of account security. If you cannot access the account, refer to this feature.
Once the program is activated, you can enroll members via this screen. Enter the loan account and suffix and press Enter to see the programs for which the member is qualified. If the member qualifies for more than one program, you will advance to this screen to select the program. If the member qualifies for one program, you will advance to the opt in screen for that program.
At this point, the loan is evaluated to see if it qualifies for a Skip-a-Pay program:
The loan is checked to see if it has reached the “Maximum skips per year” or “Maximum skips life of loan” per the Skip-a-Pay configuration.
CU*BASE checks the Interest Calc Type of the loan. It must be a 0 or 4 to qualify for a skip-payment program.
The payment frequency for the loan must be monthly.
The current date must be within the Opt in Period on the configured skip payment programs.
The next payment date must be within the Skip Payment Period of any of the current programs.
If the loan does not comply, CU*BASE will produce an error message.
Eligibility Settting for the Program
The loan is also checked to see if it is eligible according to the eligibility requirements on the configuration screen. A delinquent loan, for example, may not qualify. This is dependent on the program configuration. An error message is produced if the loan is not eligible.
AFT, AFT, and Payroll
CU*BASE also checks if the member has ACH, AFT, or payroll set up for the loan payments. This will determine the conditionally displayed message on the third opt in screen. Refer to the Skip-Pay for Consumer Loans booklet for examples of these messages. Learn more in the Skip Pay for Consumer Loans booklet.
Membership Level Evaluation
And one additional membership level check is made. If Block from skip-pay program is checked on the final membership screen, the message “Member has been blocked from skip pay programs” will appear and you will not be able to enroll this member.
Account security is used to evaluate whether an employee can use this feature. Learn more here.