Covid-19 and Your Finances - VFCU
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Covid-19 and Your Finances

 

Valley Federal Credit Union understands that many members may soon find themselves struggling to make their loan payments given the negative impact the COVID-19 pandemic situation.  Let us help with different options we have in place.

VFCU IS OFFERING DUE DATE EXTENSIONS & SKIP PAYMENTS

EFFECTIVE March 23, 2020 on most loans for most members

  • Automobile Loans & Signature Loans…if loan is current (not past due by more than 30 days) 90-day due date extensions can be automatic and pre-approved. Please call 956-546-3108 or email www.vfcu.net.
  • Credit Cards … If credit card is current (not past due by more than 30 days) 60-day Skip Payment will be automatic and pre-approved for April and May cycles.
  • Past Due Loans…If your loan(s) are more than 30 days past due, payment extensions might be provided after a phone call with our Collection Department.. please call either 956-621-3699 or 956-621-3701.
  • Don’t Want or Need Payment Extensions?  If you are not seeking loan payment extensions, simply continue making your payments normally and disregard this notice.

We are attempting to make this as simple and easy for everyone, but of course there are details to consider:

  • Importantly, this is temporary assistance and not debt forgiveness. Please only use the payment extensions if you REALLY need it because all amounts will ultimately be due and interest will continue to accrue during the deferment period.

Automobile & Signature Loan Details:

  • The 90-day extension will be only one per member.
  • BillPay and/or automatic payments from VFCU or other financial institutions will continue to be processed unless you cancel them;
  • f you have auto-debit payments, your payments will continue to be posted to your loan unless you call us to suspend payment.  An auto-debit is a payment that was set-up by the auto dealer or credit union on your behalf and not a self-directed payment such as BillPay or automatic payments.  Please call our call center at (956)546-3108 to suspend your auto payments;

Credit Card Skip Payment Details:

  • The skip payments include April and May 2020 cycle payments for accounts not currently past due by more than 30-days;
  • BillPay and/or automatic payments from Valley Federal Credit Union or other financial institutions will continue to be processed unless you cancel them;

Share Certificate Details:

  • We are temporarily waiving the early Share Certificate (CD) withdrawal fee; to access your funds early please call (956) 546-3108 and talk with a Member Service Representative.

As we all attempt to get through this difficult time together, hopefully this will help relief some of your anxiety of the uncertainty of your financial situations.  We are YOUR credit union and we CARE about  your well-being.  We hope these options will help.

 

 

 

 

 

 

 

God Bless You,

Olga I. Villarreal (President/CEO)