Configure Consumer or Credit Card Loan Skip Payment Program (2)

Description

(Required) The description for the skip-a-pay program.  (30 positions)  Try to use a description that will assist staff with selecting the correct Skip-a-Pay program, should the member be eligible for more than one.  Additionally, the program name is used in reporting.

Enter the Corp ID.

Use the Select button to select one or more loan categories.  To select more than one category, hold down the Ctrl key while making the selection. 

• NOTE: This screen will only present loan categories of Interest Calc Type 0 or 4.

(Required field). Enter the “from” and “to’ dates for the period that the member can opt in to the program.  Use this format:  MMDDYYYY. 

NOTE:  This may be different than the dates entered for the “Applied to due dates from” field.  Please review these two field descriptions to understand their differences.

• NOTE:  If you want this program to be an annual program, such as a Christmas skip a pay program, enter 9999 in the “from” and “to” fields.  For example, if you wanted members to be able to opt in between October 1 to December 31 every year, enter 10/01/9999 in the “from” field and 12/31/9999 in the “to” field.

• If you want the program to never end, enter a valid year in the “from” field and 9999 in the “to” field.  For example if you want members to be able to opt in from January 1, 2022 on, enter 01/01/2022 in the “from” field and a date with a 9999 in it in the “to” field.

(Required field)  Enter the “from: and “to” dates for the period that the payment will be skipped. (The due date that will be skipped.)  Use this format: MMYYYY. 

• NOTE:  This may be different than the dates entered for the “Skip pay program active from” field.  Please review these two field description to understand their differences.

• NOTE:  If you want this program to be an annual program, such as a Christmas skip a pay program, enter 9999 in the “from” and “to” fields.  For example, if you wanted to skip loans that had payments between October 1 to December 31 every year, enter 10/01/9999 in the “from” field and 12/31/9999 in the “to” field.

If you want the program to never end, enter a valid year in the “from” field and 9999 in the “to” field.  For example if you want to skip loans that had payments in from January 1, 2022 on, enter 01/01/2022 in the “from” field and a date with a 9999 in it in the “to” field.

Check if you want the member to pay the interest at the time that they opt in.  Leave the box unchecked if you want the member to pay the interest with their next loan payment.  Defaults to unchecked.  

Enter the fee to be charged for the skip payment.

(Required if a fee is collected at opt in.)  Enter the G/L account for the skip pay fee. 

Check to indicates if the skip payment fee can be waived.  (This setting applies to CU*BASE only.  Members are not allowed to waive their fee in online banking.)  This field defaults to unchecked.

(Required if a fee is collected at opt in.)  Enter the transaction description for the skip pay fee. (20 positions.) 

Enter Tracker and Memo types that will be used to record when the member opts in for a skip payment.  

If your credit union wants to allow members to opt in while in online banking, check this box. 

If this is unchecked, the only way a member can opt in is with the assistance of a credit union employee. 

Defaults to unchecked.

(Optional and only used if “Allow opt in via online banking” is selected)  

Enter Tracker and Memo types that will be used to record when a member is not allowed to skip a payment in online banking.  (Employees can set up trackers if a member does not qualify in CU*BASE).

Optional and only used if “Allow opt in via online banking” and Tracker Type/Memo Type follow up when not eligible for skip pay are both selected.  Use this to record the Employee ID for the follow up for when a member attempts to skip a payment and is not allowed to due to being ineligible.

Loans to be Excluded is determined by status at Opt In

• IMPORTANT:  These rules are evaluated when the member opts in.  Subsequent changes to not disqualify the member. 

Check a box and enter days/time/score when needed.

The month delinquent and days delinquent fields on the loan record are used.  If checked, if the loan is xxx day or more delinquent, the loan will not be allowed to skip a payment.

The number of times the loan can be delinquent.  If checked, any loan that has been delinquent the entered number of times or more will not be allowed to skip a payment.

If the loan account was opened less that this number of days, the loan will not be allowed to skip a payment.

If this loan is overlimit, the loan will not be allowed to skip a payment.

Note for credit card skip-a-payment loans: If you allow credit card accounts to be over limit (Add overline to payment on the loan category configuration is set to Yes), and the account qualifies for a skip-pay program, then the member’s statement will not reflect that a payment was skipped. The overline amount will display as the “Minimum Payment” due and statement message that is configured for the batch skip-a-pay program will not appear. Since this might be confusing for members, you may elect to exclude members who are overline from being eligible for the skip-pay program.

If the loan has an ACH distribution set to pay on the loan, the loan will not be allowed to skip a payment.

If the loan has an AFT transfer set to pay on the loan, the loan will not be allowed to skip a payment.

If the loan has a payroll distribution set to pay on the loan, the loan will not be allowed to skip a payment.

Exclude loans with a balance less than or equal to the set amount. This can be used to prevent situations in which the balance on the loan is less than the amount of the configured skip payment fee, or for loans nearing payoff.

This excludes members that have block codes on all cards that are tied to this loan.

If the balance of the loan is over xxx percent or more of the available credit limit, the loan will not be allowed to skip a payment.

If the loan has any freeze code applied to it, the loan will not be allowed to skip a payment.

Use the Select button to reveal a screen where you can select Membership Designation(s).  Use the Ctrl key to select multiple designations on the pop up window. Loans of memberships with these designations will not be allowed to skip a payment.

Loans with a credit score at or below this score will not be allowed to skip a payment.  The credit score associated with the loan is used to determine eligibility.

• NOTE: If the member has received a different score independent of the score used to qualify for this loan, this second score will not be used.

 The current date and employee ID that is populated when a program is configured or maintained.