DAY AIR CREDIT UNION HELPS MEMBERS DEFER OVER $1.4 MILLION IN LOAN PAYMENTS AMID CORONAVIRUS PANDEMIC.
Kettering, Ohio, May 6, 2020 – Day Air Credit Union, the largest financial institution headquartered in Montgomery County, is reporting that they have helped members defer over 3,700 loan payments totaling more than $1.4 million since March 15th.
In response to the COVID-19 Pandemic, Day Air enacted numerous measures to help ease financial and emotional stress for its members. These measures included enhancements to their skip-a-pay program and requiring no minimum payment for over 5000 credit card holders in April and May.
The Day Air skip-a-pay program is designed to allow members to skip eligible monthly loan payments by deferring them to a later date. As a result of the national pandemic Day Air enhanced their skip-a-pay program to make more loans eligible and increased the number of “skips” a member can make in a a given time period.
Day Air also developed assistance for their portfolio of credit card holders. Day Air already offers some of the lowest interest rates on credit cards in the area, but worked to create additional relief for members. The relief came in the form of not requiring minimum payments for Day Air credit card holders in April or May, this effort was met with resounding enthusiasm by members impacted by COVID-19.
In addition, Day Air is providing borrower assistance products and services to members impacted by COVID-19. Products and services being offered include a special Here to Help Loan, temporarily waiving certain fees, suspending foreclosures and auto repossessions, and offering to creatively work with members in a variety of other ways to help reduce financial hardships in this unprecedented time. View a complete list of the ways Day Air is helping impacted members at dayair.org/covid-19.
“Credit Unions were built on people helping people,” says Bill Burke, President and CEO. “During this time of uncertainty our goal is to help our members by giving them some peace of mind with their finances.”