Post-Hurricane Support for Credit Union Members
If you are a credit union member who needs emergency assistance due to Hurricane Sandy, we encourage you to call NCUA’s toll-free consumer assistance hotline at (800) 755-1030 and press the appropriate option. Operators will answers calls Monday through Friday, 8 a.m.-5 p.m. EST.
As a reminder, share deposits at federally insured credit unions remain protected. Administered by NCUA and backed by the full faith and credit of the U.S. Government, the National Credit Union Share Insurance Fund (NCUSIF) insures share accounts up to $250,000.
NY CU post-hurricane outreach
As communities continue to rebuild after Hurricane Sandy, New York credit unions are stepping up to offer special services, products and donations. The following initiatives have been reported to the Credit Union Association of New York.
Bethpage FCU, Island FCU, Nassau Educators FCU, Nassau Financial FCU, People’s Alliance FCU and Teachers FCU are offering members deferral payment options for both new and pre-owned vehicles, as well as extra time to make timely car lending payments without being penalized through a partnership with dealerships in the GrooveCar network.
Bethpage FCU is waiving late fees on loan payments and insufficient fund fees on the deposit accounts of members impacted by the storm, deferring loan payments, reducing rates and offering the same benefits to both members and non-members. Special offerings include: a storm emergency cash advance loan; a storm emergency rehab HELOC; a storm emergency HELOC; and a 1.99-percent storm emergency auto loan.
The credit union also expanded its annual food drive to support Hurricane Sandy victims, collecting 2,500 frozen turkeys and 25,000 pounds of food and supplies for impacted families. Additionally, Bethpage FCU made a $25,000 donation to the American Red Cross Relief Operation for Hurricane Sandy and established a Bethpage Disaster Relief Fund with the United Way of Long Island, matching every donation up to a total of $50,000.
Entertainment Industries FCU is offering a special hurricane relief loan with a limit of $5,000 and low monthly payments of $99. The credit union has also been actively providing assistance within its community by supporting local relief efforts through a local Kiwanis club and contributing to numerous local relief funds. Entertainment Industries FCU employees have also volunteered at local food banks.
Justice FCU is offering impacted members the following: instant personal loans (up to $3,000), personal loans and auto loans with low interest rates and 90-day payment deferral options; deferred payments on all existing personal and auto loans and VISA credit cards; up to 6 months of deferred home equity and mortgage payments on all existing homes financed by Justice FCU determined uninhabitable; no wire transfer fees; ATM fee refunds for affected areas; and free credit and debit card replacement via Federal Express.
McGraw-Hill FCU is offering impacted members an expedited hurricane relief loan with low interest rates, flexible repayment options and a 90-day payment deferral option. The credit union is also offering members a free natural disaster financial toolkit through the BALANCE Financial Fitness Program.
Municipal CU is offering impacted members the following: unsecured loans to cover emergency needs; emergency credit line increases on existing MCU VISA cards; options to modify or extend payments on loans, credit cards or lines of credit; and special assistance with lost, missing or late loan and credit card payments. The credit union has also donated $25,000 to the Mayor’s Fund to Advance New York City and is collecting canned goods at all open branch locations to donate to City Harvest.
Nassau Educators FCU is offering a variety of special loan programs for those impacted by the storm, including: a hurricane relief loan; a full 1-percent discount off low rates for loans to purchase quality pre-owned vehicles from Enterprise Car Sales; an optional 90-day payment deferral for new auto loan applicants; and 0 percent APR for six months on all purchases made at major home improvement retailers using the credit union’s Platinum VISA credit card.
Nassau Financial FCU is offering impacted members: 90-day payment deferrals on all vehicle loan applications received through Dec. 31, 2012; rates reduced by 1.5 percent for loans to purchase vehicles at Enterprise Auto Sales; low-rate personal hurricane relief loans; 0-percent financing through Dec. 31, 2012, on all Visa Platinum card purchases made at merchants providing goods and services for home repairs and furnishings; the option to skip a payment on November and December Visa platinum accounts; modified or extended payments on loans, credit cards or lines of credit; special assistance with lost, missing or late loan or credit cards payments; waived penalties on certificate of deposit funds withdrawn early for recovery use; and refunds for overdraft, non-sufficient funds and ATM fees incurred as a result of storm conditions.
The credit union is also conducting a clothing, food, cleaning supplies, etc., drive for those in need and supplying financial and recovery assistance resource information continuously via their website, email, and social media.
Oceanside Christopher FCU was one of few local businesses with power (via a generator) immediately following the hurricane and served as a community meeting place for members to get warm, recharge their cell phones, have light refreshments, etc. The credit union has continued its relief efforts by offering impacted members the following: a low-interest hurricane relief loan; forbearance agreements for deferred loan payments; flexible terms for home equity advances; and auto loans and payment assistance for those who lost their cars in the storm.
The credit union also participated in local clothing/food drive to support impacted families and worked with the local Knights of Columbus chapter to coordinate the distribution of $75,000 in VISA gift cards.
Palisades FCU is offering low interest rate emergency loans to all Rockland County residents affected by Hurricane Sandy. Personal loans are being provided at 50 percent off standard rates for up to two years and are processed within 24 hours. The credit union is also waiving fees—including late payment and overdraft levies—and reimbursing members for ATM fees incurred due to limited power.
Polish and Slavic FCU is waiving fees accrued during the hurricane and its aftermath, including non-sufficient funds, returns of deposited checks, auto transfer of funds, Intell-a-check and eligible late payment fees on consumer loans.
SEFCU sent nearly 150 volunteers to New York City and New Jersey to assist with the Hurricane Sandy clean-up efforts. Volunteers assisted with Red Cross efforts and then travelled home the same day. The credit union also accepted monetary donations at all branches from Nov. 13-21 to benefit the clean-up efforts and accepted donations to benefit the Empire State Relief Fund, which will help New Yorkers rebuild homes damaged by Hurricane Sandy.
Sidney FCU collected clothing, food items, cleaning supplies, pet supplies and everyday necessities, which they then delivered to families staying in a temporary shelter after the hurricane.