Each and every one of us is affected in some way by the changes caused by COVID-19, whether you’re directly affected by a change in employment, your children are home from school, you’re an at-risk individual, or you’re practicing social distancing. For members of our community whose day-to-day finances have been disturbed by changes to certain industries, we’ve created a COVID-19 Relief Program. The program includes:
- 0% APR Loans
A special financing program is available to help eligible new and existing members manage through their diminished or total loss of income.
- This loan features a 0% annual percentage rate (APR) for the first 120 days. Any balances not paid in full at the end of the 120 day intro period will convert to a personal loan with the member’s choice of terms up to 60 months, with a credit score-based rate.
- Members may borrow up to 100% of their combined last two full month’s base pay (up to $10,000). Certain credit and underwriting guidelines apply, including providing a required paystub OR total monthly liabilities reporting on their current credit report if paystub is not available (ex: income derived off of tips).
- This loan is open to all. You do not need to be a current Northern Credit Union member to apply for this loan, however, you will need to become a member to receive the loan.
- To apply for this loan please:
- 120-day Loan Deferment
Members with existing Northern Credit Union loans may apply for a 120-day, complimentary, (no cost to members) payment deferment on most loans, including Credit Cards and Home Equity Loans. The following revolving credit lines are excluded from the deferment program:
- Overdraft Lines of Credit
- Home Equity Lines of Credit
Members can utilize up to three deferments. If you’re interested in one or more deferments, please complete our COVID-19 Financial Relief Deferment Form for our Credit Solutions team to review.
- 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.
- If you’re interested in one or more deferments, please contact our Credit Solutions Team at 315.779.3120 or by email.
- 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.
- Delinquent Loans
Any existing loans that are 30-60 days past due are eligible for a free Loan Modification, which places all accrued interest and late fees 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.
- If you’re interested a Loan Modification please contact our Credit Solutions Team at 779.3120 or by email.
- 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.
- To inquire please call 315.782.0155, send us a Mobile or Online message, contact us on our website.
- Debit Cards
- New and replacements debit cards will be mailed to you at no cost. They will arrive within 2 business days.
- To order a debit card please call 315.782.0155, send us a Mobile or Online message or contact us on our website.
- 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 protects members who are disabled due to sickness or accidental injury and are unable to work. During this pandemic, you would still need to meet the definition of disability to be eligible for benefits.
- A Credit Disability claims can be filed over the phone calling 1.844.707.4364 or online.
- 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.
- Financial Coaching
Northern Credit Union has many financial education resources available including, news articles, videos, worksheets, interactive budgeting programs, and financial calculators with our partners at Banzai and Balance.
- 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
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:
You can always quickly access your money and manage your accounts from home or on-the-go 24/7:
- Check your balance, transfer money between accounts, and more with Mobile, Online, Text Banking, or iTalk Telephone Teller.
- Deposit checks in a snap from your phone with Mobile Deposit.
- Pay bills in seconds with Bill Pay from the comfort of your home.
- 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.
- 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.
Any or all of these elements are available to members and non-members, 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.
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 and updates about our COVID-19 preparedness, call 315.782.0155, click here, our social media, or contact us here to make an appointment.