Teachers Credit Union has announced a package of relief measures available to members impacted by the federal government shutdown. The measures are intended to help provide financial security to impacted members and include:
- 90-Day Member Assistance Loan1 to help members bridge the gap until federal pay resumes.
- Loan Payment Deferment Assistance2 provided to members at no charge.
- Delinquent Loan Collection Solutions to help members who fall behind on loan payments during the shutdown.
- Waiver of early withdrawal penalty on Certificates3 to allow members access to their funds.
These measures are available to TCU members and their spouses who are employed by the federal government and are experiencing a loss of income.
“TCU is based upon people helping people,” said President and CEO Paul Marsh. “We have a history of helping our members during tough times and hope that these measures will provide some peace of mind to our members impacted by the government shutdown.”
Impacted TCU members who would like to use these measures are encouraged to visit a TCU Service Center or call the TCU Member Call Center at (800) 552-4745 for assistance.
1 Member Assistance Loan available to qualified borrowers. Loan amount subject to credit underwriting and approval. Interest accrues from the date of loan closing. Principal and interest due at loan maturity.
2 Applies to consumer installment loan products with TCU. Real estate loans not eligible. Approval may be subject to other terms and conditions. Original loan terms may be modified or affected by approved requests. Interest will continue to accrue during modification period.
3 Maximum $5,000 withdrawal per transaction. Limit to one withdrawal every 30 days.
Verification of federal government employment status is required to take advantage of these measures (pay stub and/or W-2).