COVID-19 - how credit unions can help you now!

Financial security remains one of life’s greatest worries for too many Americans. We see our communities challenged by the current Coronavirus (COVID-19) pandemic. A century ago, credit unions were formed to help people in times of financial crisis. They know better than any other financial institution, what people need to keep them safe, secure and able to provide for their families.

Credit unions are “owned” by YOU, the members, not shareholders. Joining a credit union means being part of a financial institution that works for you, protects your savings, and educates you on the best course of action to achieve financial goals.

Frequently asked questions

ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES

In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

For a top-line overview of the program CLICK HERE

If you’re a lender, more information can be found HERE

If you’re a borrower, more information can be found HERE

The application for borrowers can be found HERE

PRESERVING JOBS FOR AMERICAN INDUSTRY

The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE

Credit unions are here for you – today and for your future. Deposits are insured and protected up to $250,000 per account, and credit unions have the latest security to keep your funds safe and available when you need it.

Yes. You can access your money wherever you are, through mobile banking and ATM networks nationwide. Credit unions have what you need so you can get cash, pay your bills, and transfer funds quickly and conveniently.

Credit unions put members first and were created to elevate People over Profits. They don’t answer to shareholders. They give earnings back to their customers (members) through benefits like higher savings and returns, lower loan rates and fewer fees. Credit unions support their local communities and are responding to COVID-19 by providing services like emergency loan relief, fee waivers, delayed payment options, financial counseling and more. In 2019, credit unions provided $13.8 billion in total financial benefits directly back to consumers across the country.

The National Credit Union Administration publishes the most recent interest rates. Keep in mind that rates near you will vary by institution, and they fluctuate often.

Yes. There is a credit union for everyone. While required by law to have a “field of membership” (a specifically defined group of people they serve) this definition can be broad or narrow. Although there may be some restriction for specific credit unions for those that serve specific groups of workers, there are credit unions for almost all groups, clubs, companies and communities. It can be as simple as joining one within the community you live. You just need to find one for you.

According to the Credit Union National Association, 133 million Americans are credit union members.

Not-for-Profit. Since credit unions aren’t out to turn a profit, they can return earnings to members in the form of higher interest rates on savings products and lower interest rates on loans and credit cards. If a credit union should bring in more money than it requires to operate the organization, it may distribute dividends to members.

Member-Owned and Operated. The board of directors for credit unions are elected by the members, and each member has an equal vote.

Better Service. Members are the owners, so credit unions place a heavy emphasis on excellent customer service and financial education. Credit unions are designed to be involved with the community and offer personalized service. See what  Consumer Reports has to say about credit union customer service.

Accessible. Credit unions offer mobile banking and large, robust ATM and branch networks.

Credit unions are member-owned and not-for-profit. While they do not pay federal income taxes because of their organizational structure, they do pay many local, state, and federal taxes.

In addition to this, several independent researchers have found that credit unions have a moderating influence on bank pricing raising bank deposit interest rates and lowering bank loan rates. Based on this research, CUNA estimates that bank customers saved $4.6 billion in 2018 from more favorable bank pricing arising from the presence of credit unions in their local markets. Since 2007, those non-member financial benefits have totaled approximately $39.4 billion.

Collectively, credit unions pay more than $20 billion in taxes annually