Credit unions across the southeast have been remaining vigilant and proactive as the coronavirus (COVID-19) pandemic spreads. Credit unions’ first priority is helping members — no matter what the situation. To that end, many have begun offering measures meant to aid members who may be struggling financially as a result of the pandemic. Below, we’ve compiled a list of credit unions in the southeast that are helping members in this way. Please note – this is not an exhaustive list. Check back frequently for updates.
Alabama Credit Union: The credit union is allowing consumer loan borrowers to skip their next two loan payments. Eligible loans loans include credit cards, auto, RV, boat, personal and other consumer loans financed by ACU. The credit union will also defer for 60 days the loan payments on any new consumer loans closed now through May 1. For more information, call the credit union’s member care center at 888-817-2002. At the beginning of March, Alabama Credit Union allowed consumer loan borrowers to skip 20,000 upcoming loan payments for the next two months.
Alabama Teachers Credit Union: The credit union is offering the following to members negatively affected by the pandemic: discontinuation of the $3 transfer fee between share accounts; deposit account fee waivers based on need, no additional late fees incurred on loans now through April 30; eligible credit card payments deferred for the months of May and June; consumer loan payment due date extensions up to 60 days; business loan due date extensions up to 60 days; availability of various other loans. Click here for more information.
All In Credit Union: The credit union has rolled out a Pandemic loan for existing members that need access to quick cash to cover rent payments, food, utilities. etc. Click here for more information.
ASE Credit Union: The credit union has implemented an online scheduling tool so members can make face-to-face appointments. Once an appointment is made, an ASE Team Member reaches out to the member. To eliminate any unnecessary potential exposure, the credit union is helping members over the phone or online as often as possible. If that’s not possible, the credit union is helping members in person with certain safety precautions. Most of ASE’s branches have drive-thrus, but the Selma branch (which is 45 minutes away from another ASE branch) does not; so the credit union created a walk-up window instead. This allows us to the credit union to continueto serve members, while still adhering to the CDC recommendations. Third, the credit union has opened up an Emergency Skip-A-Pay program to include more months that members are eligible to skip payments.
Auburn University Credit Union: The credit union will offer a 60-day loan extension, credit card limit increase, an unsecured loan and a no-payment for 90 days deal for those affected by the pandemic. For more information, click here.
New Horizons Credit Union: New Horizons Credit Union has established a Coronavirus Assistance Loan for members affected by events connected to the Coronavirus. New Horizons is also working with existing members on loan payment deferrals. Most consumer loans now offer a 90 day no payment option as well. New Horizons Credit Union is also posting anti-fraud warnings on Social Media and Website to help combat recent spike in COVID-19 scams and fraudulent contacts being made to our members. New Horizons Credit Union’s partnership with GreenPath Financial Wellness is assisting members who are falling way behind on bills to help manage expenses and get on various payment plans.
Phenix Pride Federal Credit Union: Phenix Pride sent LSCU several stories about individual members the credit union would help:
A member of over 20 years recently cut her interest rate in half by allowing us to re-finance her boat! She was paying 15% interest we got her at a 7.9%. Not only did we lower her interest rate we also lowered her monthly payment by about $84.00 dollars, her previous payment term was 180 months, we got her paying $200.00 a month for 95 months. She also got $200.00 cash in her pocket for refinancing a loan of $10,000.00 or more with us.
We recently lowered a young couple’s auto loan interest by 8%. The wife got a credit card with us this year and took our credit counseling advice that we offer for free to our members. They now have lower interest, higher credit, and have started to build a savings!
A member got behind on his loans; he has 3 loans with us. We’ve been working with him for a few months trying to help him get caught up. With all 3 loans his payments totaled $1,528.00 a month. He has been trying to pay $550.00 a week to get them caught up, but would miss a week here and there. The Loan Relationship Specialist looked over all his loans and the Credit Union combined them into one loan with all the collateral under it, and got his payment to $1,100.00 a month for 30 payments. He is now saving $428.00 a month.
During this Covid-19 time we’ve had members get laid off or their hours get cut. We have a member that got a car loan with his; it is his first loan with us he has had it for 1 ½ years. He has never made a payment late on it, never did a skip pay. He calls and says that he has been laid off due to the COvid-19 and doesn’t have a return date back to work. We told him not to worry that we would help him, we gave him a 2 month extension on his loan, that way he wouldn’t have to worry about his payment for 2 months, the member was so grateful.
121 Financial Credit Union: The credit union is automatically deferring all eligible consumer loans and credit cards for 60 days, effective March 28. If preferred, members can continue to make their normal payments and keep their current amortization schedule. Click here for more information.
Addition Financial: With social distancing, school closures and local curfews in place, Addition Financial launched a weekly blog series called “On the + Side,” developed to help keep members in good spirits during this time of uncertainty. Through this blog series, the credit union shares positive news stories, wellness tips and free resources to make the time feel less isolating. These articles are designed to help community members adjust to the unprecedented new normal brought on by COVID-19. The series is updated every Monday, with posts available here. Those interested can also subscribe here.
Alive Credit Union: Everyday financial tools, promotions and special emergency relief programs will be made available to members affected by COVID-19. Emergency relief loans are available at 4.99% APR with no payment for 90 days — and there’s a minimum approval of $500 regardless of credit score. Members may also be eligible for skip-a-payment, to defer payment or 60 days or for free financial wellness coaching. Click here for more information.
Coastline Federal Credit Union: The credit union started a relief loan for our members up to the amount of $2,500 and have already processed close to 20 loans. As of mid April, the credit union processed 121 Skip-a-Pays with another 20 in process. Financial hardship assistance is being provided to struggling members in the form of account fee waivers, loan and credit card payment skip options, and personalized financial wellness guidance.
Emerald Coast Federal Credit Union: Employees are ready to speak to members who have been financially affected by the pandemic because of a reduction in work hours or loss of work. The credit union has programs in place including extensions on consumer loan payments, reduced mortgage payments, waiving of penalties on early withdrawals and ore for those who qualify. These will be evaluated on a case-by-case basis. Click here for more information.
Envision Credit Union: The credit union will be enhancing its Skip-A-Pay Program by letting members automatically skip two months of loan payments starting April 2020. The offer applies to members with consumer loans as of March 31, 2020. The program will take place automatically — no need to reach out to the credit union. Click here for more information.
Florida A&M University Federal Credit Union: Members receive three-month payment deferral for loans due in March. Business loan members receive three-month payment deferrals for loans due in March. Members also receive $500 emergency loans if they have direct deposits.
First Coast Federal Credit Union: Members who need financial relief because of the COVID-19 virus should contact the credit union at 904-387-5660 or at 904-387-6152. Click here for more information.
First Commerce Credit Union: The credit union will be waiving ATM, early CD withdrawal and call center service fees. In addition, payments on First Commerce loans — personal, business and credit cards — with a due date between March 20 and April 19 will all automatically be deferred for 30 days. This excludes first mortgages. The credit union is offering a Pandemic Relief Loan up to $2,500 at a fixed APR of 5% for up to 48 months. Click here for more information.
Florida West Coast Credit Union: The credit union encourages members who may be financially affected by the COVID-19 pandemic to call the credit union at 813-643-5572 or by email at firstname.lastname@example.org.
FSU Credit Union: To assist members affected by the COVID-19 pandemic, FSU Credit Union is offering an Emergency Skip-A-Pay program in which members can defer loan payments up to 60 days. FSU Credit Union is waiving the standard application fee and offering this service free of charge.
iTHINK Financial Credit Union: iTHINK Financial credit union was one of the first financial insitutions in the country to process loans through the Small Business Administration (SBA) Paycheck Protection Program (PPP), as a certified SBA 7(a) lender. iThink Financial received more than 1,100 applications from businesses and has loaned more than $56 million.
Members First Credit Union of Florida: The credit union has a variety of programs available to help members experiencing financial hardship. For help, contact the credit union at 850-434-2211. Click here for more information.
My Healthcare Federal Credit Union: The hospital branch and main lobby branches are both closed — members will be served in the drive-through or remote service delivery channels. Click here for more information.
Pen Air Federal Credit Union: The credit union has removed fees, provided Emergency Relief Loan options, provided 90 day loan deferments, posted direct deposits early, and more.
VyStar Credit Union: The credit union is providing many options to help members with finances, including: advancing consumer loan and credit are due dates for 60 days; forgiving loan late fees for the month of March; providing quick, streamlined forbearance options for mortgages; offering emergency loans for members and small businesses; and partnering with the City of Jacksonville to facilitate a small business grant and loan program.
WinSouth Credit Union: The credit union is ready to help members impacted financially by the COVID-19 pandemic. Reach out to WinSouth at email@example.com or at 800-757-7302 for more information.
Altamaha Federal Credit Union: The credit union is offering a special community care loan up to $2,500 per member with a 5% APR for all credit tiers and terms up to 18 months. No payment is due on the loan for up to 60 days, and members may refinance existing loan balances into the special loan. The credit union is also offering a fee-free Skip-a-Payment program on all loans for situations caused or magnified by COVID-19-related issues. For the month-end March 31, we are waiving low-balance fees for all deposit accounts. For more information, click here.
Atlanta Postal Credit Union: The credit union is allowing members to skip two consecutive payments on eligible consumer loans to help financial burdens caused by COVID-19. The credit union will waive processing fees and 6-month loan life requirement, so members can request the extension even if the consumer loan is new. Existing APCU members who have been financially impacted by COVID-19 can also apply for a low-rate personal loan to help with budgeting concerns. Click here for more information.
Coosa Valley Credit Union: The credit union allowed two months of payment deferrals to any members who needed it. Coosa Valley also has $8 million in the Paycheck Protection Program. Click here for more information.
Delta Community Credit Union: For members who may suffer financial hardships because of illness or a layoff from work due to COVID-19, Delta Community will offer member assistance programs, including: fee waivers, deferrals, payment holidays, and/or reduced payments on a case-by-case basis. For more information, call the credit union’s Member Care Center at 800-544-3328.
Excel Federal Credit Union: The credit union has launched the EXCEL Cares loan to provide financial assistance during the pandemic. Members can use the loan to borrow up to $700 for 12 months at 12.99% APR. Members can apply online with ease. The credit union also recently distributed more than 110 care packages to members, containing paper towels, tissues, toilet paper and cleaning supplies. Click here for more.
Georgia United Credit Union: The credit union has implemented multiple emergency loan relief plans to assist members dealing with financial hardships due to the COVID-19 pandemic. In addition, the credit union’s already popular Skip-A-Pay program has been enhanced, offering members the opportunity to defer payments on eligible loans up to three months with standard fees waived. Members can contact the credit union’s Member Care Center at 888.493.4328 or send an email to firstname.lastname@example.org to find the best financial solution for their needs.
Go Energy Financial: The credit union is offering relief loans for up to $3,000 for six months at 0% APR. The first payment is not due for 90 days. This program has helped several self-employed and furloughed embers bridge their wages for a mortgage and food for families. Members can also request a Skip-a-Payment on their existing loans at Go Energy Financial to help them over financial issues during the pandemic.
Kinetic Credit Union: Kinetic is offering an Emergency Relief Loan to support its members experiencing difficulty due to the COVID-19 pandemic. Current members with direct deposit or evidence of three consecutive payroll deposits who are out of work or temporarily furloughed are eligible for an Emergency Relief Loan amounting to up to tow weeks net pay. The loan will be 0% APR for the first 60 days. After 60 days, the rate will be the same as the shared secured loan at that time, currently 4.10% APR. The term is up to 12 months. All members affected by the pandemic may also apply for a personal loan, take advantage of penalty-free withdrawals on qualified certificates or apply for extensions on current loans. Click here for more information.
Mutual Savings Credit Union: Members who need a loan to help hold them over during the pandemic should call the credit union to hear loan options. They may also apply on line. Click here for more information.
United 1st Federal Credit Union: The credit union has granted members 4-month loan extensions, waiving early withdrawals on club accounts and waiving fees on many services.
United Methodist Connectional Federal Credit Union: All April Visa payments will be deterred. The credit union is adding a special, no-fee Skip-a-Pay for non-real estate loans. Contact the office for more.