Skip-a-Pay Timeline

This topic outlines an overview of the steps (configured and automatic) which happen in the course of offering a Skip-a-Pay program for online credit cards.

For more information on setting up a Skip-a-Pay Program for Online Credit Cards at your credit union, see the booklet: Skip-a-Pay for Online Credit Cards

  1. The credit union configures a Skip-a-Pay program (for each online credit card loan category offered) which details the month the batch program will be run, indicates which online credit card category is affected, composes the text the members see in their credit card statement, and sets the exclusions (which members will not be included in the batch offering).

    • These programs must be configured during the month prior to month when the offer will be extended. For example, if a credit union wants to offer a holiday Skip-a-Pay on the December statement, this step should be completed early in the month of November. That way members will receive a Minimum Balance due of $0.00 and a message alerting them of the Skip-a-Pay offer on their December credit card statements.

  1. The credit union then runs a simulation of the batch program and CU*BASE generates two “Simulation” reports, one listing the members who will receive the Skip-a-Pay offer and another listing the members who will not receive the offer.

  2. The credit union has the option of adjusting the Skip-a-Pay program based on the results of the these “Simulated” reports. These changes must be completed prior to the last day of the month. It is recommended that this step is completed a few days prior to month end.

  3. During Beginning-of-Day on the last day of the month (in our example, this would be BOD on November 30th since November has 30 days) CU*BASE automatically runs the programs scheduled for that current month and adds a payment change record to included accounts. CU*BASE generates “Update” versions of the reports, which are sent to the credit union’s OUTQ. These reports list members who are scheduled to receive the Skip-a-Pay offer, as well as those who are not scheduled (and will not receive the offer).

  4. During the last day of the month (during November 30th) the credit union can add or remove individual payment change records using Tool #51 Miscellaneous Loan Maintenance.

  5. At End-of-Day on the last day of the month (still November 30th) CU*BASE processes the batch program.  Accounts that are included are updated so that a minimum payment of zero is posted.  This information is recorded in the transaction history of the account. Additionally, these accounts are marked appropriately for statement processing.

  6. At Beginning-of-Day on the first of the month the scheduled payment date of accounts with a zero payment amount are current are advanced ahead a month.

  7. When CU*BASE runs statement processing, the members included in the batch program will have the following adjustments made to their credit card statements: their minimum payment will be set to $0.00, and they will receive a statement message (which will appear below the transaction record) alerting them to the fact that they can elect not to pay during that current month. This statement message will also alert members that finance changes will still accrue during this period.