In addition to supporting automated consumer loan skip pay programs with monthly payment frequencies, CU*Answers now supports automated skip pay programs for loans with weekly and bi-weekly payment frequencies. Credit unions will be able to offer this popular program to more members and the timing is perfect! Skip pay programs are commonly offered by financial institutions in December and January to help members get through the hectic holiday season.

The credit union sets up the skip-pay program with the desired parameters and the member is opted in for the program either by a member services representative at the credit union or by the member via It’s Me 247 online banking.

Pete Winninger, VP Professional Services said, “The addition of this feature has been a big win for many credit unions that set up their loans and payments to mirror their members paycheck schedules which are often weekly and biweekly”.