NEW YORK, NY (October 9, 2013) -- Municipal Credit Union (MCU) today announced the details of its program to assist members who are federal employees during the current government shutdown. The Member Assistance Program for Furloughed Federal Employees will assist current MCU members who were furloughed during the shutdown and are not receiving their paychecks.
The Member Assistance Program provides both hardship relief and special programs, specifically:
- Hardship relief in the form of full deferment of installment loan payments for three months, and full deferment of mortgage loan payments for two months.
- Expedited approval of credit card line of credit increases of up to $2,000 and reduction of minimum payments on existing, current-status MCU Visa credit cards
- Reduced fixed rate unsecured loans for daily expenses. The first payment would not be due for 90 days from loan origination date.
- Reduction in the add-on rates of share and certificate of deposit secured loans from 3% to 2% to allow affected members to use their deposited funds for loans.
- Waiver of early withdrawal penalties if members opt to redeem their certificate of deposits prior to their maturities in order to have instant funds
"Many of our members are greatly impacted by the government shutdown and are not receiving paychecks, yet they have bills to pay and need finances for their daily expenses. We understand their hardship and hope this assistance program can help make their financial situation less stressful," said MCU President/CEO Kam Wong.
Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, today MCU has assets of over $1.8 billion and offers a full range of financial services to over 350,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit union’s large and growing ATM network. Eligibility to open accounts at MCU is available to New York City and Yonkers municipal employees; state and federal employees who work in the five boroughs; health care professionals who work in New York State; members of select industry groups; employees of private colleges in New York City and private and public colleges in Nassau, Suffolk, and Westchester; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org.