The COVID-19 pandemic has led many Americans to look for financial assistance. Small business owners have access to loans, and individuals have received stimulus payments, thanks to the CARES Act.
A recent article in the Credit Union Times highlighted the important role that credit unions have played as our society adapts to social distancing and stay-at-home orders. At Addition Financial, we’re proud to be part of the solution. Here’s what you need to know about credit unions in a time of crisis.
Digital Access to Banking
One of the biggest changes that credit unions have had to face is a huge increase in the number of people using mobile and online banking.
While younger credit union members tend to prefer mobile banking, older members sometimes feel uncertain about adapting to new technologies. As financial educators, we consider it our duty to direct members to online and mobile resources – and to help them learn to use it when help is necessary.
Some of the things we’ve provided to our members include:
We’re always here to provide support to our members and we know that other credit unions are doing the same. The credit union mindset is one of community and education and that has been reflected in the response to the pandemic and resulting economic crisis.
Other technologies that Addition Financial and credit unions across the country have provided include contactless cards and digital wallets, both of which help to prevent the spread of disease. Many credit unions have also had to increase their bandwidth and digital capacity to meet the increased need for online services.
Making In-Person Services Safe
One of the biggest challenges of the pandemic has been helping people transition to online banking, but some credit union members still prefer in-person service. During Florida’s stay-at-home order, our lobby has been open for appointments only.
Members who preferred to meet with us could make an appointment and come into the lobby at a specified time. Appropriate social distancing measures and face mask requirements are in place to protect all parties.
We’re here to answer members’ questions about our new procedures. Here is our response page.
Helping Small Businesses
When the CARES Act first passed, banks were flooded with applications for PPP loans. The result was that many small businesses were left in the dust – and they turned to credit unions for help.
With more attention to give to members, credit unions have been able to provide the personalized service and access to loans that small business owners need.
Providing Financial Assistance
In addition to helping small businesses get access to the loans they need to stay afloat, credit unions – including Addition Financial – have created programs and safety nets to help their members in this time of crisis.
Some of the most common programs included:
- Skip-a-payment programs, which allow homeowners to skip a mortgage payment or car owners to skip a car payment.
- Deferred credit card payments
- Waived fees for early CD withdrawals
Credit union members are part of a family – and America’s credit unions have stepped up to provide the financial assistance and leniency members need in this difficult time.
Credit unions offer personalized service and benefits that banks can’t match – and that’s never been more true than it is during the current pandemic and economic crisis.
Wondering what Addition Financial can do for you? Click here to get the details of our COVID-19 response and member resources.
