Financial wellness in Kentucky during the coronavirus crisis
Three anecdotes show how Abound Credit Union is turning purpose into action in the Bluegrass State.
The new reality presented by COVID-19 has spurred operational changes at Abound Credit Union ($1.7B, Radcliff, KY). The Bluegrass State cooperative has a longstanding devotion to the financial wellness of its members and communities, however, and continues to help them make ends meet.
When the pandemic struck, the credit union was quick to offer assistance to protect the health and safety of members. For the month of April, it is waiving the $35 fee for its skip-a-pay program that covers auto, RV, and personal loans. It also is offering payment deferrals for up to 90 days on auto, personal, and home loans as well as consumer credit cards. New members refinancing loans from higher-rate lenders have payment deferral options, too, and members who need immediate assistance to stay current on their day-to-day expenses can tap into a low-interest emergency loan.
Across the United States, members and communities are looking for solutions to help them combat the fallout from the coronavirus. Credit unions such as Abound — those guided by values-based leadership — are stepping toward, not away from, the challenge.
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