Saint Louis, MO – Together Credit Union activated several relief programs during the recent government shutdown to provide support for members facing financial uncertainties. These short-term initiatives helped affected members continue managing their essential expenses during the prolonged lapse in government operations.
“Having previously supported our members during the 2019 government shutdown, we knew to focus on delivering relief options that could make an immediate difference. From emergency funding to flexible payments, the goal was to lessen stress and avoid unnecessary debt due to an immediate loss of income,” said Bob McKay, President and CEO.
Relief Program Highlights
Opening lines of communication were crucial during the shutdown to ensure members understood the resources available for their specific situation. Options included:
Disaster Recovery Loan (Specialty Product)
Together Credit Union offered a 0% APR Disaster Recovery Loan with terms up to 12 months and no payments required for the first 60 days to help federal employees cover essential expenses.
Together Credit Union processed 34 loans, totaling $245,592 in immediate financial assistance.
Skip-A-Pay Fee Waivers (Ongoing Program)
Skip-A-Pay Fee Waivers allowed members to skip a loan payment without incurring the standard associated fee, thereby avoiding late fees or missed-payment penalties and redirecting limited funds towards necessities such as groceries, utilities, rent, and/or medical costs.
Together Credit Union processed 50 Skip-A-Pay Fee Waivers for impacted members.
Loan Extensions (Ongoing Program)
Loan extensions offer longer-term relief by reducing monthly payment amounts, providing ongoing financial flexibility, and preventing missed payments and a negative impact on credit scores.
Together Credit Union processed 20 loan extensions during the shutdown period.
TruStage Protection Claims (Ongoing Program)
Through its partnership with TruStage, Together Credit Union ensured that its members had access to consumer insurance and debt protection during involuntary unemployment.
Together Credit Union members filed 352 claims, totaling $242,000 in payments. Members can still file a claim with TruStage. Please visit lendingclaim.trustage.com for more information.
“Serving as a trusted financial partner starts with showing up when our members need support the most,” added McKay.
Together Credit Union also partnered with GreenPath to offer free, confidential financial counseling for members impacted by government shutdown. This ongoing program offers debt management planning, housing counseling, credit report reviews, budget counseling, and more.
Since 1939, Together Credit Union has served as a trusted financial partner, empowering more than 145,000 members nationwide to achieve their financial goals. As a member-owned, community-focused, not-for-profit financial cooperative, Together Credit Union is federally insured by the National Credit Union Administration (NCUA) and manages more than $2.5 billion in assets across 26 branches nationwide.
For more information regarding this release, please contact Julie Linder, Brand Connections Manager, at (573) 268-0639 or jlinder@togethercu.org.
