GLENDALE, Ariz.–With credit unions across the country providing relief for furloughed federal employees, California Credit Union has announced it is now offering
special relief programs to support members whose pay has been affected by a teacher strike.
It is also offering similar assistance to federal employees missing paychecks.
Those affected are being encouraged to contact California Credit Union to work with financial experts to review their individual situations to find the right options.
California Credit Union’s relief program includes:
- Loan Payment Assistance: Members may skip a payment, with all fees waived, on their consumer loan account (excluding Home Equity Lines of Credit).
- Penalty-Free Certificate Withdrawals: Members with certificate accounts may request early withdrawal to cover expenses with no fees or penalties.
- Reduced Rate (APR) Signature Loans: Members may apply for a signature loan at a 4.00% lower rate than the current lowest rate offered by the credit union. Members may receive up to two times their most recent net paycheck, up to $3,000.
Support for Educational Community
“Founded by educators, for educators, California Credit Union has always been here to support the educational community. We want our members to know that we are here for them if they experience financial challenges as a result of an active teacher strike,” said California Credit Union CEO Steve O’Connell. “We encourage members who may be affected to reach out to us so we can develop a personalized plan to meet their financial needs during this time.”
California CU noted its relief programs are being offered in addition to its ongoing benefits for educators, including special checking and savings accounts as well as discounted loans and lines of credit.
The $3-billion California CU has more than 165,000 members.