Massachusetts Credit Unions Offer Hardship Programs During COVID-19 Crisis
While the state is under a stay at home advisory, Massachusetts credit unions continue to provide essential financial services to their 3.1 million members across the state.
As they have always done in difficult economic situations, credit unions are offering financial hardship programs to help their members weather these unprecedented circumstances.
During this COVID-19 crisis, Massachusetts credit unions are creating new programs that meet their members’ changing needs, including:
- Low-interest loans (often up to 12 or 24 months)
- 60-90-day deferments on loan payments
- Refinancing options on mortgages
- Waived fees for early withdrawal on certificates
- Waivers on checking account overdraft fees
- Skip-a-Pay programs on auto and home loans and credit cards
- Mortgage and home equity payment relief
- Emergency hardship loans
- Increased credit limits
- Extended due dates on collections
“Massachusetts credit unions serve as the financial first responders for consumers and businesses in a crisis such as COVID-19. They are stepping up to meet their members’ needs, providing hardship loans, deferring loan payments, waiving fees and offering much needed financial counseling. Extraordinary times call for extraordinary service, and that is what Massachusetts credit unions will continue to provide each and every day,” said Ronald McLean, President/CEO of the Cooperative Credit Union Association, which represents Massachusetts’ 159 credit unions.
The Cooperative Credit Union Association is a regional trade organization serving as the voice for 200 credit unions located in the States of Delaware, Massachusetts, New Hampshire, and Rhode Island.
In Massachusetts, there are 159 credit unions who hold combined assets of $41 billion and a collective membership base of more than 3.1 million consumers.
Annually Massachusetts credit unions provide their members with $250 million in direct financial benefits. Annually, Massachusetts credit unions contribute $17 million to over 4,000 community organizations. For more information, visit www.ccua.org.
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