Published on January 15, 2019
Community Choice Credit Union Provides Financial Relief to Members Amid Government Shutdown
Community Choice Credit Union believes in helping their neighbors across the state achieve the life they desire, which includes providing peace of mind to those who may face challenges associated with the partial government shutdown that began in December 2018.
The Credit Union felt compelled to act, recognizing the opportunity to demonstrate the industry philosophy of “people helping people”. In support of their members who are federal government employees impacted by the shutdown, effective Monday, January 14, the Credit Union will begin providing three financial relief options. These options will be available throughout the duration of the shutdown.
No Fee Skip-a-Pay
The standard fee associated with skipping a loan payment will be waived for impacted members. Members will have the opportunity to delay their regularly scheduled payments at no additional charge.
Certificate of Deposit Access
For members with savings held in a Certificate of Deposit, CD, proceeds from the CD will be transferred to and available within their account, without a fee or interest penalty.
Short Term Installment Loan
Impacted members are invited to apply for an affordable short-term installment loan up to $3,000, providing them with cash to cover necessary day-to-day expenses. The interest rate for this loan is 2.99% APY and offers up to a 12-month repayment term, with no pre-payment penalties. Standard underwriting guidelines apply, and furlough verification may be required.
Eligibility guidelines for these relief options:
- Be a member of Community Choice Credit Union. The relief options are available to new and existing members.
- Provide letter of furlough verification.
“Since 1935 we’ve been helping our members during a time of need. In 2019, that remains true for Community Choice Credit Union. As a Credit Union, we’re fortunate to be able to make quick decisions that prevent a disruption in the financial lives of our members. We recognize the significant stress and challenges of trying to live without a paycheck, and the domino-effect it creates for individuals and families,” says Teresa M. Mayer, Chief Lending & Retail Officer, “We want our members to know we’re here to help.”