Down East Credit Union offers help during government shutdown

Jan 04, 2019

Baileyville — Down East Credit Union is offering financial assistance to our military and federally employed members facing potential financial hardships during the government shutdown.

In December, nearly 800,000 people were notified they would no longer be receiving regularly scheduled paychecks as part of the U.S. government shutdown, until further notice. Their human resources department, the Office of Personnel Management, advised government employees to reach out to creditors for financial assistance.

“Recognizing the significant burden this places on a portion of our members at Down East Credit Union, we are designing programs to help those affected and their families,” said DECU Vice President of Lending Tonia Lanier. “DECU is offering free financial counseling, waiving early withdrawal fees on certificates, and providing no interest payroll advances to give our members peace of mind.”

With proof of government employment or retirement with a December 2018 paystub, DECU members may be eligible to:

- schedule a free personalized financial assessment with one of DECU’s Certified Credit Union Financial Counselors,

- access money saved in Share Certificates with the early withdrawal penalty waived,

- apply for a short-term, no interest payroll advance,

- apply for low rate, longer-term Furlough Loans, and

- Skip-a-Payment on eligible installment loans (auto loans, personal loans, recreational loans).*

Additionally, Lanier suggests government employees take a look at their current interest rates on current loans, savings rates and insurance products. Now may be a good time to save money by:

- refinancing an auto loan or mortgage,

- transferring high interest credit cards to DECU’s low-rate cards,

- moving money from other institutions to DECU's high-interest-paying certificates, Money Markets, and IRA accounts,

- obtaining free quotes to see if they can save money on your auto and home insurance from membership discounts with our affiliate, Down East Insurance.

DECU members who are affected by the government shutdown should call 1-800-427-1223 for assistance.

Down East Credit Union, basedin Baileyville, is a community-based, member-focused financial institution with branch locations in Baileyville, Bangor, Belfast, Calais, Machias, Richmond, Topsham and Unity. To learn more about Down East Credit Union, visit downeastcu.com.

 

Comments (0)
If you wish to comment, please login.