WASHINGTON–As the country continues to respond to the coronavirus pandemic, defense credit unions are “uniquely prepared to respond to widespread disruptions in day to day operations and member income streams,” according to the Defense Credit Union Council (DCUC).
DCUC said that due to the repeated threats of government shutdowns over the last decade, defense credit unions already have emergency plans in place to support their military and civilian federal government employees. Those same CUs are adapting those plans to fit the needs of all of their members during the current crisis, DCUC said.
DCUC said a survey it conducted of its member credit unions found branch operations currently include limited hours and availability by appointment only to protect the health of their staff and members in affected areas.
“Many are keeping their drive thru lanes open for transactions and continue to regularly service their ATMs for maximum possible service,” DCUC said. “Online banking and call centers remain operational, as well. Service for on-base locations is determined by each Base Commander, and some branches have been shut fully to comply with Base Commander orders.”
For members experiencing financial hardships, DCUC said its survey found defense credit unions have a number of offers and special products in place to assist at this time. These include special emergency loans and lines of credit, interest free loans, allowing skipped payment on loans and/or credit card balances, interest only and deferred payments, and waiving of fees. A majority of responding credit unions also noted that they are waiving any early withdrawal penalties for CDs, DCUC said.
Supporting the Mission
“Apart from their normal credit unions operations, DCUC members remain ready to support their installation’s mission. For instance, despite branch closures and restricted hours and access, defense credit unions are still prepared to supply emergency missions with requirements for cash as needed,” the Defense Council added.
The organization added that those CUs that manage their installations’ Treasury General Accounts (TGA) report that they are available to assist DECA and military exchanges with daily deposits and cash needs, often by appointment.
“Anyone in need, including those working on-base operations, should reach out to their defense credit union for support,” stated DCUC President/CEO Anthony Hernandez. “Our members are ready and willing to help wherever possible.”