Ohio credit unions strengthen efforts to help members facing coronavirus hardships
People-first philosophy drives development of additional membership assistance programs
Ohio credit unions are committed to serving members without interruption throughout the COVID-19 outbreak and helping them through the financial struggles that have accompanied state and federal guidance to slow the spread of the virus. As many Ohioans face job loss, temporary loss of income, and other economic hardships, credit unions are doing their best to respond through various membership assistance programs. Examples include:
- Emergency loans to assist with loss of income or other unexpected expenses.
- Fee waivers for late payments and Skip-A-Pay to defer monthly payments.
- Consumer payment deferral with no credit bureau impact and no late fees.
- Mortgage and home equity payment deferral with no credit bureau impact.
- Business loan payment deferral to re-evaluate business member payment terms.
- Emergency credit card limit increase on credit cards issued by the credit union.
- Increased daily ATM withdrawal limits.
- Penalties waived for CDs closed or cashed out before the maturity date.
- Suspension of new repossession actions associated with vehicles financed by the credit union.
- Suspension of new foreclosure actions on residential properties.
* The availability and specific details of these relief measures vary by credit union and are subject to change.
Credit unions also offer financial counseling, debt consolidation, and credit protection. They are a secure and trusted resource and members are encouraged to contact their credit union directly with pressing needs, questions, or concerns. To find a credit union or learn more, visit yourmoneyfurther.com.
If you are a legislator or reporter and would like more information on what credit unions in your area are doing to help impacted individuals and communities, please contact a member of the League advocacy team.