Day Air CU Helps Members Defer over $1.4M in loan Payments Amid Coronavirus Pandemic
May 7, 2020
KETTERING, OH (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 cardholders 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 given time period.
Day Air also developed assistance for their portfolio of credit cardholders. 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 cardholders 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.”
About Day Air Credit Union
Established in 1945, proudly serves businesses and residents of the Miami Valley in southwest Ohio. With over $440 million in assets and more than 45,000 members, Day Air is a not-for-profit, full-service financial cooperative. Credit Union members have access to over 30,000 surcharge-free ATMs, and more than 5,900 shared branches nationwide. Membership is open to people living, working, worshiping, or attending school in the Miami Valley. Visit dayair.org for more information.