DUBUQUE, Iowa—To help credit union members financially impacted by the COVID-19 pandemic, the Iowa Credit Union Foundation is providing $500 grants to eligible individuals and small business owners.
The foundation’s new fund is supported by donations from the state’s credit unions, including Dupaco Community Credit Union.
The foundation’s Emergency Relief Fund provides one-time, $500 grants to credit union members—individuals and small business owners—who are experiencing financial hardship due to the pandemic. The grants are available on a first-come, first-serve basis and are subject to availability.
“We are proud to support the new Emergency Relief Fund during this time of need,” said Dupaco President and CEO Joe Hearn. “Iowa credit unions have a long history of providing a safety net to Iowans when they need it most, and we are honored to work together to maximize our impact.”
According to the Foundation, eligible individuals must:
- Have experienced economic hardship as a result of the COVID-19 pandemic.
- Be a current member of an Iowa credit union.
- Iowa credit union employees are also eligible.
Eligible small business members must:
- Operate and own a small business that employs less than five people with an annual operating revenue below $250,000.
- Have experienced economic hardship as a result of the COVID-19 pandemic.
- Be a current member of an Iowa credit union.
The application and eligibility guidelines became available April 1 on the Iowa Credit Union Foundation’s website at www.iowacreditunionfoundation.org/emergency-relief-fund. Award recipients will receive an email from the foundation within one to two weeks of applying. Funds will be deposited into the recipient’s credit union account.
America’s Christian CU Offers Help, Auto Loans
“In California, America’s Christian CU is encouraging members with an existing auto loan, including from another lender, to refinance it to restructure it in a way that makes sense for the member’s current budget.
“This may include lowering your interest rate (if possible), or re-amortizing the loan, so your monthly payment is reduced. Also, when you refinance auto loans or take out another form of a personal loan with ACCU, you have the option to defer your first payment up to 90-days,” the credit union said.
Details on the ACCU offer include:
- Rates as low as 1.99% APR for terms up to 36 months
- Rates as low as 2.49% APR for terms 37 months - 84 months
- Up to 125% financing, including tax, license, and add-on coverage
- Additional GAP coverage and Mechanical Breakdown Insurance may be added to the loan, often at a lower cost than a dealer
A skip-a-payment is also available.
CrossState Annual Convention Postponed Until October
The CrossState Credit Union Association, which serves Pennsylvania and New Jersey, has moved its annual convention to Oct. 25-27 at the Hard Rock Hotel & Casino in Atlantic City. The meeting will be the first annual convention for the groups since the two associations merged. The new dates are those the association was already holding for its Reality Check conference.
Free Sign-Up & No Charges in 2020
Orlando-based Worldwide Interactive Services said it is offering any credit union of $25 million or less in assets that does not offer online banking or a mobile app to their members a totally free sign-up fee for either service, with the remainder of 2020 at no charge. The company said it will then start a 60 month service agreement in January 2021 for $399 a month. The company said the only caveat the credit union must be running one of the existing 40+ different core interfaces the company has developed.
IMM Adds Quick Start Program
IMM has announced a new one-year Quick Start eSign Program designed specifically for banks and credit unions that cannot currently complete and sign key documents remotely.
“Leveraging this new program, financial institutions can begin remotely processing documents within approximately 48 hours and have the ability to migrate to IMM’s full enterprise eSignature platform, IMM eSign, at any time during the one-year program period,” the company said. “This program is designed to be a ‘stop-gap”’ measure to assist institutions in navigating the current unprecedented situation, enabling them to electronically send documents to customers to sign remotely. With the Quick Start electronic signatures, financial institution employees can easily upload documents, ‘tag’ or drag and drop signature fields on the documents and send them off for signature. Once the customer has completed signing the documents remotely, the employee then receives an email notification that the transaction is complete. They can then view the document, print or download it – for subsequent downstream business processing.”
Complimentary Consulting Is Offered
For the next five months, through August 2020, Dallas-based CU Benefits Alliance said it is offering all U.S. credit unions complimentary employee benefits consulting and advisory services.
“CU Benefits Alliance wants to give back to the industry that inspired its formation and success. Credit union leaders that need professional advice or second opinions about anything related to their employee health and welfare programs, may contact the CU Benefits team here Contact Us,” the company said
CU Benefits Alliance said it can offer guidance in:
- Next-gen cost containment
- Credit union captive arrangements
- Benefit plan funding strategies
- Direct hospital contracting
- Reducing employee deductibles and out-of-pocket
- Employee and HR communications of new regulatory issues
- Insurance rate stabilization