VIENNA, Va.–PenFed conducted a COVID-19 Financial Attitudes Survey designed to help the credit union gauge how consumers are thinking about their finances given the current public health crisis.
Among the findings from the national sample of 1,023 adults:
- More than 40% of those who anticipate using a loan or personal line of credit due to the effects of the pandemic say that it will be necessary as a result of lost wages.
- Of those who plan to postpone large payments due to the pandemic, most say that those payments were intended for home improvements/renovations, followed by car payments and mortgages.
- More than 60% of respondents state that they plan to save money by foregoing usual activities and purchases and reducing their overall budget. “This trend demonstrates that Americans are willing to change their habits and adapt financial mindsets in order to cushion potential financial hardship,” PenFed said.
- 55.33% of respondents state that they plan to use online banking more now than before the pandemic.
- Given the option of various banking benefits that would be specifically helpful during the pandemic, respondents state that waived ATM fees (19.79%), skip payment offerings (17.53%) and reduced minimums for credit card balance payments (15.96%) would be the most desired.
Hughes Supports Local Biz Via Checking Program
In Tucson, Ariz., Hughes Federal Credit Union is supporting local businesses with what it said is an exclusive local business partner program to help greater Tucson-area organizations reach thousands of potential customers without the cost of advertising. The program is being offered via retail price discounts offered to HFCU’s Checking PLUS members.
“Our goal is to keep people purchasing from local businesses, especially during these challenging times,” Hughes Marketing Manager Dani Gomez said. “At Hughes, we are committed to serving our community and feel privileged to partner with local organizations.”
Local businesses enroll by completing an online application at HughesFCU.org/LocalBusiness, where logo files, contact and discount information are collected. To qualify, business owners agree to educate employees about the program and honor discounts when presented with a Hughes Benefits Plus physical or digital card.
Listed in Directory
The credit union said approved organizations are featured on the Hughes online Local Business Discounts Directory, the Benefits Plus national website, and a mobile app that uses GPS technology to direct Benefits Plus members to participating establishments.
The online Local Business Discounts Directory, at HughesFCU.org/LocalDiscounts, is organized by shopping category and features participants’ logos, location, contact information and website links. Participating businesses also receive a complimentary Benefits Plus membership to take advantage of the discounts being offered and a Checking PLUS account from Hughes.
Hughes FCU said more than 100 local establishments have enrolled to take advantage of the free benefit.
SECU, Foundation Donates $2M to Feeding the Carolinas
In Raleigh, N.C., State Employees Credit Union and the SECU Foundation have made $2 million in donations to Feeding the Carolinas, North Carolina’s statewide network of food banks. The $1 million donation from each entity will help the food banks secure the supplies they need to provide food to those facing hunger in communities across the state.
According to SECU, these are the first of multiple donations anticipated from the joint commitment of $10 million ($5 million from each entity) to assist non-profit organizations in relief and recovery efforts from the COVID-19 pandemic.
“Feeding the Carolinas is an incredible organization and we are honored to continue our partnership to help ensure North Carolinians and their families have access to supplies of healthy food,” stated Jo Anne Sanford, SECU Foundation board chair. “Many North Carolinians are now struggling with food insecurity because of the COVID-19 outbreak. Increased economic pressures caused by loss of jobs and by school and business closings have produced a heightened reliance on food banks. With donations from the Credit Union, the SECU Foundation, and other foundations and businesses, our food banks will be better positioned to help sustain our fellow citizens.”
Veridian CU Donates $125K to Help With ‘Basic Needs’
In Waterloo, Iowa, Veridian Credit Union reported it is donating $125,000 toward pandemic response efforts across Iowa and eastern Nebraska. Donations will be distributed to existing community partners helping to address some of the most urgent and basic needs, with a focus on food insecurity, small business relief and individual grants.
“Veridian was founded during the Great Depression, and we have a long history of helping people through difficult times,” said Monte Berg, Veridian’s president and CEO. “Many of our community partners are experiencing unprecedented demand for their services. We have an opportunity and a duty to give more when it’s needed most.”
Help for 7 Food Pantries
The credit union said seven community food pantries will receive a total of $50,000, including Food Bank of Iowa in Des Moines, Northeast Iowa Food Bank in Waterloo, Independence Area Food Pantry in Independence, Community Kitchen Cupboard in Oelwein, Hawkeye Area Community Action Program in Cedar Rapids, CommUnity Crisis Services and Food Bank in Iowa City and Food Bank for the Heartland in Omaha.
That donation is expected to supply an estimated 200,000 meals across Iowa and eastern Nebraska. The Iowa Credit Union Foundation’s Emergency Relief Fund will receive $50,000 to help fund one-time, $500 grants to Iowa’s eligible credit union members. The Iowa Small Business Relief Fund will receive $25,000 to help small businesses who were disrupted by the Coronavirus pandemic and not recipients of federal or state relief funds.
In addition, Veridian CU reported it is also deferring loan payments, waiving fees and more for members experiencing a loss of income as a result of the pandemic. Branch employees who are interacting with members in pay.
Gift Cards to Local Biz On Tap in Colorado
In Colorado, On Tap Credit Union said over the next four weeks it will purchase more than 40 $25 gift cards from different local businesses in Golden or Arvada, Colo., to be given to a family in need.
In addition to local business support, the credit union said it has also been crafting new solutions for members during the pandemic.
"Local businesses are the heart of our communities and while we are on pause from connecting in person due to COVID-19," said On Tap Credit Union President and CEO Tracie Wilcox. "We can still continue to drive support through gift card purchases, to-go ordering, and shopping local online. Now is the time for us to pay it forward and care for these communities in which we live and serve."
Tropical Financial Supports Health Care Workers
In Miramar, Fla., Tropical Financial Credit Union teamed up with other corporate partners and a local nonprofit to buy meals for more than 270 health care workers at Memorial Hospital West in Pembroke Pines, Fla. who are on the front lines fighting COVID-19.
The group worked with Exquisite Catering by Robert which delivered fresh, individually prepared pasta dishes for two different shifts of medical workers as a way to say thank you for all they are doing, the credit union said.
The nurses, therapists and staff thanked the credit union right back with some homemade signs demonstrating their gratitude.
“These health care heroes are working around the clock risking their own lives to try and save people with the coronavirus,” said Richard Helber, president/CEO at Tropical Financial Credit Union. “We were honored to give back to them in a small way and show our appreciation for all they are doing.”
The Dellenbach Foundation and agents from the Weston office of One Sotheby’s International Realty also pitched in to help underwrite the cost of the meals.