Recent Divine Discussions

Tuesday, December 4, 2007

This is why I love my Credit Union

I use Fairwinds Credit Union as my main bank for paying all my bills. I have been with them for 2 years. I signed on today to check my checking account and I saw this:

I clicked on the banner and saw that the bank is offering members the opportunity to skip their December loan payments. Here is the breakdown:

Count on FAIRWINDS to help you save more with our exclusive Skip-A-Payment offer for the month of December*.

You can skip your payment on any of the FAIRWINDS products listed below:

  • New and used vehicle loans
  • Personal loans
  • RV loans and boat loans

You may qualify to skip your December payment on any of these products if:

  • You have made at least six consecutive monetary payments on your loan.
  • Your FAIRWINDS accounts are in good standing.
  • Your FAIRWINDS loans are current and up-to-date.

I have my personal loan with them so you know I was definitely interested. I called in to get more details. The bank is basically allowing you to defer your loan for one month. And no this does not change your monthly payment, your loan just gets extended by one month. I plan to pay that sucker off wayyyy before the end of the loan, so that tidbit didn't stress me none. I signed up and got approved. I just got an email confirmation so I am good to go. I had my budget all planned out but will need to revise it in order to give the $295 that just opened up a home.

You all should check and see if your credit union is doing something similar (of course if it only applies to you).


SavingDiva said...

Are you still being charged interest on the loan for the month that you're skipping the payment?

Dimples said...

@ saving diva

I called and they said that I am. I am going to direct the money towards my credit card debt which is accruing double the interest than that of my personal. I included this into my debt snowball calculator and I will be reaching my goal a month earlier.

Thats a pretty good trade off.

SingleGuyMoney said...

If you've run the numbers and it makes financial sense...sound like a good deal.

Mya. said...

you know, I got one of these last week, and immediately wrote it off, like "yeah right bank, suuuure I'd like to skip a payment."

but you're right, it would make way more sense for me if I could take my $277 car payment and apply it toward my highest rate credit card.

off to look for that paper...