Allowing members in good standing to skip a loan payment during the holiday season can provide them with an extra financial cushion to help cover their expenses. Some CUs have found that combining such a program with a charity fundraiser benefits the greater community as well.

For example, Chantilly, Va.-based Justice Federal Credit Union's recent skip-a-payment program gave members the option to skip their qualified loan payments for November or December, and 25% of the $30 skip-a-payment fee was donated to the National Center for Missing and Exploited Children. In this way, the 2,395 members who participated raised $17,962 for the charity.

“The idea [for the program] came back in 2004 as a way to infuse value to the membership at a time when it is needed most,” explained Joan Marsh, vice president of retail delivery systems for the $512 million credit union. “The donation piece was something we thought would resonate with the membership.”