PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

CO-OP Announces Cardholder Payment Relief Solutions for Its Full-Service Credit Clients

PaymentsJournal by PaymentsJournal
March 25, 2020
in Credit, Press Releases
0
EBANX, PicPay

EBANX, PicPay

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

CO-OP Financial Services has announced a series of programs for its Full-Service Credit clients to help them address the financial stress their members may be experiencing as a result of the COVID-19 outbreak.

The cardholder payment relief solutions enable Full-Service Credit clients – those credit unions using CO-OP to fully outsource the processing of member credit transactions – to adopt one or more plans to ease payment schedules for cardholders.    

“As a partner to our clients, CO-OP is taking swift and meaningful action to help them support their members in this unprecedented time,” said Todd Clark, President/CEO, for CO-OP. “As payments is one of the primary ways members are engaging with their finances right now, this is one way we could provide relief. We are here to lift the cooperative spirit of the credit union movement by supporting our clients and their members.”

Full-Service Credit clients acting on the opportunity by April 10, 2020, will be able to implement the cardholder payment relief solutions in time for the May statement cycle. 

Three Cardholder Payment Relief Solutions

The following solutions can be implemented by CO-OP on behalf its clients, allowing them to remain concentrated on their members’ needs:

1. Skip Payment. Skip Payment allows the cardholder to “skip” making the Minimum Payment Due (MPD) on their credit card account. When activated, the MPD amount will show “No Payment Amount Due” on the applicable cardholder statement(s).

2. Interest and Fee Relief. This service allows cardholders to forgo any new interest and fees while this program is in effect. Normal MPD will continue to calculate based on the current process but no new interest or fees will be assessed on the cardholder statement(s).

3. Fee Relief. This service allows cardholders to forgo any new Cash Advance, Late and Returned Check Fees while this program is in effect. Normal MPD will continue to calculate based on the current process but no new fees as stated above will be assessed on the cardholder statement(s).

Self-Service Solutions through Springboard

In addition to the three solutions, there are a number of cardholder settings that Full-Service Credit client credit unions can put into action immediately on an individual cardholder basis, via CO-OP’s Springboard app. Springboard is a simple-to-use application that gives credit unions real-time access to cardholder account information – all in one place. The self-service actions credit unions can take to bring payment relief to cardholders include:

  • Deferred Payment – delay the Minimum Payment Due by one month.
  • Temporary Credit Line Changes – increase a cardholder’s credit line for a specific timeframe.
  • Stop Interest Accrual – prohibit fees and finance charges from posting to an account.
  • Update Minimum Payment Due – quickly update Minimum Payment Due for an account.
  • Hold Correspondence – temporarily stop the delivery of statements.
  • Update Miscellaneous Fields – making it easier to track impacted accounts.
  • Credit Bureau Reporting – update an individual cardholder’s credit bureau reporting.

“We’re in This Together”

CO-OP has also made available a microsite with all COVID-19 related information, including client communications, resources and FAQs. Visit www.co-opfs.org/covid19  for the latest updates.

“We’re in this together with our clients,” said Clark. “We are working on additional solutions across our product sets and client base, and we will be communicating those initiatives promptly. CO-OP maintains a highly dispersed workforce, in which working remotely is business as usual – so we are moving full speed ahead to help our clients in these very unique circumstances.”

About CO-OP Financial Services

CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.

Tags: Co-Op Financial ServicesCovid-19Credit
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023
    cross-border

    Cross-Border Trade is a Cinch with the Right Payments Partner

    May 18, 2023
    debit

    5 Reasons Merchants See Debit As
    Top-of-Mind for In-Store Sales

    May 17, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result