ONALASKA, Wis.–Altra Federal Credit Union has become the latest to announce it will pay its teller and member relations team members with a 20% pay increase during the coronavirus pandemic. The premium will remain in effect until the office lobbies are able to reopen.
“As an essential business, these front line employees are here for our members on a daily basis to help them with their financial needs,” said Steve Koenen, Altra’s president/CEO. “They are our heroes and this is just a small way we can recognize the important work they are doing.”
Altra FCU said as part of the effort to protect its front line team, Altra’s Business Innovation team rallied to make more than 100 cloth face coverings.
Altra suspended service in lobbies on March 19, but continues to conduct in-person business through the drive-up lanes at branches that have drive-up lanes.
In addition, Altra said it continues to pay its entire working team of over 440 employees, the majority of whom are working remotely.
As CUToday.info reported earlier here, Wauna Credit Union in Oregon also recently announced it is paying frontline team members an additional $3 per hour as part of a “Hazard Pay for Heroes.”
Help for Members
To help members, Altra is offering:
- A 2020 Relief loan offering a loan up to $3,020 with no interest and no payments until July 15, 2020.
- Altra said it is also working with individual members who are experiencing significant financial hardship as a direct result of the coronavirus pandemic. The CU said it has deferred payments on 2,000 loans totaling more than $70-million in loan balances to date.
- The credit union said it is also an ABA lender and is participating in the Paycheck Protection Program and has taken loan applications from more than 300 businesses resulting in $20 million of loans in process.