WATERTOWN, NY – It seems each passing day brings new changes and new challenges. Our COVID 19 Financial Relief Program has been able to help so many of you, your friends and neighbors, your co-workers, and to our collective
community. It was with our collective hearts, and in the spirit of genuine care for our members, we made our program available. It was not created based on federal or state government mandates, but knowing that this was another opportunity to further exemplify the credit union industry’s philosophy of “people helping people”.
Due to the overwhelming response and the rising need, we’ve grown our Financial Relief Program to include the following changes, new elements and added resources:
1. 0% Loan
This is now increased to 120 days at 0% APR with no payments for 120 days. The amount allowed for borrowing is now increased up to $10,000.
Any balances not paid in full at the end of the 120 day intro period will convert to a personal loan with your choice of terms up to 60 months, with a credit score-based rate determined at the time of opening. Certain underwriting and credit guidelines apply to this loan.
This loan is open to all. You don’t need to be a current Northern Credit Union member to apply for this loan but you’ll need to become a member to receive the loan.
2. 120-day Loan Deferment
This is now increased to 120 days on most loan types, including credit cards. Unfortunately, we’re still unable to do deferments for ODLOCs and HELOCs. Members can utilize up to three deferments.
3. NEW! 120-day Mortgage Forbearance
Members will be able to get a forbearance up to 120 days on Owner’s Choice mortgages.
If you have a mortgage payable to someone other than Owner’s Choice Funding you’ll need to contact them for mortgage forbearance.
No late mortgage payments will be reported to the credit bureaus until further notice.
4. NEW! 90-day Student Loan or Student Loan Forbearance
Currently Student Choice is offering 90-day forbearance on student loans (undergrad and refinance).
You’ll need to contact Student Choice’s loan servicer University Accounting Service (UAS) directly at 800.723.2210.
5. Delinquent Loans
Any existing loans that are currently 30-60 days past due are eligible for a free Loan Modification, which places all accrued interest at end of the loan to bring the loan current.
We are not pursuing any foreclosures or repossessions for the next 60 days.
NEW! Waiving of late payment fees or refunding late payment fees will be considered on a case-by-case basis. This will be considered by request for all loans, lines and credit cards of members affected by the pandemic.
6. ODP/ATM Fees
NEW! On a case-by-case basis, we will consider more lenient than normal refunds of ODP fees and ATM fees for members affected by the pandemic.
7. Debit Cards
New and replacements debit cards will be mailed to you at no cost. They will arrive within 2 business days. .
8. Disability Claims
Members with Credit Disability Insurance are encouraged to submit claims should you need to execute a disability case.
Claims will be reviewed and decisioned on a case by case basis. Credit Disability claims can be filed over the phone by calling 1.844.707.4364 or online.
9. A Reminder About Cash
Your money is safest at Northern Credit Union. There is a lot to worry about these days but keeping your money is in a federally insured Northern account shouldn’t be one of them. There are countless risks to holding cash in your pockets or under a mattress.
While it’s good to have cash on hand, keep most of your funds secured in your Northern Credit Union accounts.
As always, any or all of these resources are available to members and non-members pending on the situation, so please share these with your family and friends. Additionally, we encourage everyone to contact any other creditors directly for more detailed information about relief programs and terms they may have available.
As our community rallies together to support each other here are some additional resources:
New York State Unemployment
https://www.ny.gov/services/get-unemployment-assistance or 888-469-7365
NYS is making it easier to qualify for unemployment insurance. They are asking for people to apply on certain days according to the first letter of the last name.
The United Way’s 211 Program
http://www.211.org/services/covid19
The United Way of Northern New York works with 211 to get information to residents in need of social services. This includes information about local food pantries, essential needs, housing relief, family services, healthcare, etc. All they have to do is dial 2-1-1 or text their zip code to 898-211.
As a reminder:
Drive-thru and call center hours during the week are extended to 7:30am-6pm.
Drive-thru and call center hours are extended to 9am-1pm on Saturday. The lobbies in Adams, Commerce, and Croghan are open by appointment on Saturday from 9am-1pm.
All Northern Credit Union lobby hours are by appointment only from 9am-6pm, Monday-Friday.
o Appointments will be taken by our website, mobile message and phone at 315.782.0155.
You can always quickly access your money and manage your accounts from home or on-the-go 24/7:
o Check your balance, transfer money between accounts, and more with Mobile, Online, Text Banking, or iTalk Telephone Teller.
o Deposit checks in a snap from your phone with Mobile Deposit.
o Pay bills in seconds with Bill Pay from the comfort of your home.
o Access 24/7, drive-thru and outdoor walk-up ATMs at Northern locations and throughout the country at our shared network of ATMs. Use our locator to find the ones closest to you.
o Learn more about our banking on-the-go options, and watch the how-to videos on our website or give us a call and we’ll get you setup and banking on-the-go in no time.
People helping people is not just a slogan credit union. It is something we believe in, something we live, every day. It is what drives us in service of you and what will always drive our decisions. As we navigate these uncharted waters, be good to
yourselves and those around you – and know that we’ll always be there for you.
We stand ready now to assist those who may be experiencing financial difficulty due to the impacts of this global outbreak through a range of measures. For more information about Northern Credit Union and updates about our COVID-19 preparedness, call 315.782.0155, visit mynorthern.com/covid19, our social media, or contact us at http://www.mynorthern.com/contactus to make an appointment.
Northern Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone who lives, works, worships or regularly conducts business in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga, and Madison Counties. Serving the financial needs of more than 34,000 members through world-class technology systems, Northern Credit Union strives to create mutual value by providing personalized service and banking solutions. Federally insured by NCUA.