The COVID-19 (coronavirus) pandemic has created upheaval in global economies around the world. It seems, almost overnight, lists were constructed of businesses and services deemed essential or nonessential. We have had to start practicing safe social distancing of at least six feet apart and stay at home unless we absolutely need essentials.
During this time, our Texas credit union branch locations have been here to help our members and communities. The following are just some of the steps we have taken and the resources we are providing our members to help during the COVID-19 pandemic.
1. Protecting the Safety of Members and Employees
We have implemented new measures to protect the safety and health of our members and employees by closing all branch lobbies. We have kept open all locations with drive-thru services. ATMs are also still accessible 24/7.
Members can also take care of financial needs, bill payments, etc. online through our virtual branch or by using our mobile app. If a member needs access to a safety deposit box or must speak to an employee in person, we are making appointments based on need and whether the matter can be resolved via telephone, online, drive-thru, or ATM.
2. Monthly Mortgage Payment Assistance
For our members impacted by COVID-19 with temporary job losses or reduced working hours, we are offering monthly mortgage payment assistance options. Based on your circumstances, we may be able to suspend or reduce your mortgage payments and waive late fees.
3. Cash Relief Loans
If you have bills to pay but are lacking cash, we are now offering Cash Relief Loans for our members. These loans provide quick cash to help pay your bills. They feature low-interest rates and low monthly payments.
4. One Rate Vehicle Loan Refinancing
If you are worried about your current car, motorcycle, truck, boat, or RV payment, we are offering One Rate Loan Refinancing. Rates start at 2.45% APR. You do not need perfect credit to get a great rate, either! Loan terms are three, four, five, or six years with flexible credit terms. These refinancing loans are available through June 30th.
5. Virtual Board Meetings
To keep our board members safe, we have adopted the practice of virtual board meetings. Our regular, special, quarterly, and annual board meetings can be held virtually without an in-person quorum. However, a virtual quorum must be met for all virtual meetings.
6. Loan Deferments
For qualifying members, we are offering loan deferments for 60 days, with extensions if necessary, for various loan products. During the deferment, no payment is required, all late fees are being waived, and there will be no repossessions or foreclosures initiated for at least 30 days after the deferral period.
7. Skip a MasterCard Payment
Qualifying members may be able to skip a payment on their MasterCard monthly bill. This program is a month-to-month program, meaning the member would need to requalify each month to skip their monthly payment. We are also waiving late fees.
We understand the COVID-19 pandemic has drastically changed all our lives and has impacted it in some manner. We want to remind our members we are here to help and provide assistance if you need it.
Give The People’s Federal Credit Union a call at (806) 359-8571 to learn more about credit union debt help that is available. We are also here to answer your questions about online banking, our mobile app, refinancing your vehicle, or opening a credit union savings account, as well.