OSHKOSH, Wis.– Verve, a Credit Union, said it has allocated more than $4 million for COVID-19 support programs and services to help its members take care of personal and business financial needs.
The credit union said it has already issued more than $88,000 to members as part of its fixed-rate Paycheck Replacement Loan program through which members can borrow up to $5,000, with no payments due for the first 90 days of the three-year term.
Members can also free up funds in their personal budgets for other financial needs and reduce their monthly payments on current personal, auto or mortgage loans by only paying interest for 90 days, with some exclusions, according to Verve.
“In this time of uncertainty, we know that many have lost their incomes—either due to permanent or temporary layoffs and furloughs—and we want to help our members focus more on their families and their own mental and physical health, and less on stressing about making payments,” said President/CEO Kevin J. Ralofsky. “Over the course of four weeks, we have been able to help members quickly address their financial needs by reducing their monthly expenses.”
Current and new Verve members can also transfer their credit card or store card balances to a Verve credit card for six months of 0% APR or transfer their auto loan for 90 days of no payments.
“Our hope is that these options give people in our communities more money back in their budgets, money they typically would spend on a monthly loan or credit card payment, to pay for groceries and other essentials,” said VP-Retail Sales Renee Maeder.
Also Working With Businesses
In addition, Verve reported it has been working to help businesses with financial assistance through interest-only payments and payment deferments. To date, Verve has helped businesses by modifying payments on more than 170 loans for a total of $139 million—adding up to over $567,000 per month in relief from principal and interest payments.
“By offering payment relief options, small business owners now have money available to spend elsewhere for the next several months as we move through the crisis of this coronavirus pandemic,” said VP-Credit Ken Buksnes. “That adds up to almost $3 million over a three- to six-month timeframe with the purpose of infusing cash into our local economy, helping small businesses stay in business and keeping employees on the job.”
In addition to its coronavirus relief options for individuals and businesses, the $1.2-billion Verve, which has more than 66,000 members, said it has also allocated an initial $50,000 to invest in area community foundations to help support the most vulnerable in the primary communities it serves.
Community Choice’s Essential Employees Give Back
In Des Moines, Iowa, the teller team at Community Choice Credit Union, including 50 tellers across eight branches in the Des Moines metro-region, is giving back.
CEO Josh Cook notified all tellers that each week for the next four weeks each will receive $100 to spend and give in the local community. The goal is to support local restaurants, shops, and charities, the credit union said.
“Community is not just in our name, it represents a big piece of who we are” said Cook. “Our mission is provide unexpectedly delightful experiences for our members, our teammates and our communities. No matter the situation we may be faced with, we cannot change who we are as an organization and what we believe in.”
In all, the “UNbanking for Good” campaign will invest $16,000 into the community.
Disaster Recovery Efforts Pay Off
Tampa-based GTE Financial said its disaster recovery measures are paying off during the coronavirus pandemic. The credit union had earlier diversified its Member Care and Onscreen Member Advocates to include a new center in Phoenix. GTE Financial said it initially made the move because Tampa Bay is threatened each year during hurricane season.
"Taking care of our members has always been the heart of our mission, we need to provide them with the experience they deserve, and the access to our services they expect,” said Paul Wisniewski, vice president of Enterprise Infrastructure. “Planning and being able to finalize the structure of our Arizona call center during the pandemic has paid off. Our members have had uninterrupted quality service during these challenging times.”
GTE Financial said it conducts member banking needs through interactive teller machines, which it has branded Onscreen. “Now, with Member Care and Onscreen Member Advocates in Phoenix, a small portion of the interaction is done from 2,000 miles away, yet with a local feel and with no impact from local constraints,” the credit union added.