BRAINTREE, Mass.–Credit unions across the country continue to announce emergency loans and assistance for members affected by the coronavirus outbreak and resulting business shutdowns, while many others, including the CU that owns the largest branch network in the country, announced significant changes to operations.
In Massachusetts, Liberty Bay Credit Union has introduced an Emergency Loan Fund offering 12-month unsecured personal loans at up to $2,500 per applicant. The credit union is also offering the option of making their first payment up to 60 days after closing, allowing additional relief for those who need it, the credit union reported. The loans are priced below its traditional unsecured personal loans. “Taking care of the members of our community is the most important thing we do,” the credit union said.
In Gainesville, Fla., SunState FCU said it is encouraging “members experiencing, or expecting to experience, financial hardships in the next few weeks to get in touch with us now; the sooner the better! We want to help you work through this time of uncertainty. We are currently implementing programs to help provide some relief in regard to loan payments, late fees, etc. Additionally, we are implementing an emergency micro-loan policy to help members in need of immediate cash where pay checks have been temporarily suspended due to this coronavirus event.”
In Bellingham, Wash., WECU is offering a “Crisis Relief Loan” option priced at 3.9% APR with terms to 24 months, no payments for 90 days, and loan amounts to $5,000.
Additional reporting on relief programs being offered by CUs can be found here.
Branch Changes
Meanwhile, in Raleigh, N.C., State Employees CU, which has nearly 270 branches, announced it is temporarily transitioning to drive-through use only for the majority of its services to reduce the possibilities of transmission of the coronavirus.
SECU said members who need to access safe deposit boxes, drop off tax return information, or inquire about a loan should call the branch to schedule an appointment. It stated it remains open for business to make loans, take deposits and provide other financial services to its members.
In addition to its electronic channels, SECU pointed members to its more than 1,100 CashPoints ATMs in North Carolina.
“Our highest priority continues to be the health and well-being of our members, their families, our staff and the citizens of our state,” said SECU President/CEO Mike Lord. “By temporarily limiting branch access, we reduce the risk for virus exposure and remain available to meet the financial needs of our members."
Other Announcements
The latest credit unions to also announce changes related to their facilities include:
- In Capitola, Calif., in response to the “Shelter In Place” order given by the Santa Cruz County Health Department, Bay Federal Credit Union has announced it is temporarily closing its Aptos and Scotts Valley branches. The credit union is also temporarily ending its Saturday branch hours for all locations until the shelter order is removed (currently estimated for April 7, 2020). Remaining staff from the Aptos and Scotts Valley locations will be relocated to support other branch locations during the temporary closure. The ATMs at both locations will remain open, the credit union said. “During this period of uncertainty, we need to make some temporary changes to our branch network,” said Bay Federal President and CEO Carrie Birkhofer. “The health and safety of our members and employees is our number one priority. We want to emphasize that we are absolutely committed to serving our members as an essential business in our community and will make adjustments to our services and hours as needed. We will reopen these locations and increase hours of service as soon as our officials deem it safe to do so.”
- The credit union is also offering many financial assistance programs for members who are burdened by the COVID-19 crisis. Programs include skipping or deferring a loan payment, applying for a special emergency loan, and more. It will continue to evaluate additional ways to support their membership.
- In Wentzville, Mo., 1st Financial Credit Union said members will need to temporarily utilize drive-thru and ATM service at its branch locations, effective March 19, 2020 until further notice. At the CU’s downtown location, which does not have a drive-thru, deposit and withdrawal services through ATM will still be available, and members can also conduct business at a nearby shared branch.
- In Iowa, R.I.A. Federal Credit Union, Ascentra Credit Union and others have announced branch closures, urging members to make appointments for various services.
- Also in Iowa, the Mississippi Valley Bankers Association, Illinois Quad Cities Chapter of Credit Unions and Iowa Great River Chapter of Credit Unions issued a joint statement about how operations are changing moving forward. “Community banks and credit unions will continue to provide mobile banking services, ATM access, bill pay services, person-to-person payment services and other electronic/mobile services as usual,” the news release said. “ … We believe it in the Quad-Cities' best interest to proactively reduce the spread of COIVD-19 following CDC and government recommendations while also caring for the health and safety of our customers and team members. It is expected that these service limitations will likely remain in place until social gathering restrictions have been lifted.”
- Dale Owen, president and CEO of Ascentra Credit Union, told the Quad City Times, “At the end of the day, the big message with this is that we’re all here to serve the public in a responsible manner,” Owen said. “When you look at pandemic plans and business continuity plans, we all have things we plan for in these times, and this is all part of that to ensure we’re able to continue to serve the public as we go through this together.”
- In Florida, SunState Federal Credit Union said it has closed its VA Medical Center branches until further notice, and are planning to close the lobbies at all of its Alachua County branches until further notice, Branches in Chiefland, Fla. and Lake City, Fla. remain open. “We have increased the number of staff answering phones, emails, and live chat inquiries in an effort to minimize the inconvenience of the reduced branch access,” the credit union said. “In the coming days, as soon as schedules can be arranged, our plan is to increase branch drive-thru hours, as well as contact center hours. We will notify you promptly via email, and through our Facebook page and internet website when these arrangements have been finalized.”
- In Sumter, S.C., SAFE FCU said effective March 19 it is limiting its Camden and Lugoff branches to drive-throughs and ATMs only. All other SAFE branches remain fully accessible and are operating under normal business hours. “The health and safety of our members and employees are a top priority and especially now,” said Darrell Merkel, president and CEO. “We are closely monitoring developments and will continue to respond as the situation requires.”
- In Florida, Ocala Community CU said it has temporarily closed the lobbies of its two branches and is directing members to use the drive-up and the ATMs, in addition to online services.
Other branch closures/changes can be found here.