For members impacted by the partial Federal Government shutdown, Teachers offers loan extensions, short-term personal loans, interest-only payments on lines of credit and other support during partial Federal Government shutdown.
HAUPPAUGE, NY, January 14, 2019 –Teachers Federal Credit Union, one of the country’s largest credit unions with over 320,000 members and 31 branches across Long Island and New York City, announced today services and assistance to members who are impacted by the partial Federal Government shutdown.
Teachers recognizes that a number of members and their families are facing financial hardships and stress during the partial Federal Government shutdown. To assist them through this challenging period, the credit union has developed programs and services to help provide financial peace of mind.
“The partial Federal Government shutdown is impacting our members and our neighbors. Our team has developed a thoughtful program that will help members to make it through this period. The goal of this effort is to reduce stress and provide options that will help to minimize any member’s financial hardship while the shutdown continues and after it ends,” said Robert G. Allen, President/CEO of Teachers Federal Credit Union.
Teachers' special programs and services for members impacted by the partial Federal Government shutdown include:
Consumer Loans: Those members with close-ended consumer loans can request a three-month (90 days) extension for payments.
Lines of Credit: Members who have lines of credit will be able to pay the accrued interest only.
Credit cards: Those with Teachers credit cards can skip a payment if needed.
Mortgages: In terms of mortgages, the credit union has developed a forbearance plan that will allow for past-due payments to be extended.
Personal Loans: To secure funds for immediate needs, members will be offered access to a personal loan up to $5,000 where the first payment will be pushed out for three months.
Late Fees: For those who have been assessed late fees, they will be waived. This will also include the suspension of reporting to the credit bureau on the loans that are impacted.
For more information, contact Teachers at 1-800-341-4333