Alabama Credit Union launches loan payment relief programs
TUSCALOOSA, AL (March 26, 2020) — To help its members navigate the unprecedented financial challenges posed by the COVID-19 pandemic and its effects on the economy, Alabama Credit Union (ACU) is allowing its consumer loan borrowers to skip their next two loan payments. Eligible loans include credit cards along with auto, RV, boat, personal, and other consumer loans financed by ACU.
The optional program is automatically available to the credit union’s borrowers, requiring no application to take advantage. ACU is advising borrowers that they can simply skip their next two payments, with no further action needed. ACU estimates that nearly $20 million in payments will not be collected during this period.
The not-for-profit financial cooperative has also announced that it will defer for 60 days the loan payments on any new consumer loans closed now through May 1, 2020.
“We understand that in moments of crisis our members’ finances should be their last concern, so we’re working to make options available that will help them remain focused on what’s most important: staying safe,” says Steve Swofford, President and CEO of Alabama CU. “Our credit union wants our members to feel good about their money, their goals, and their lives – and we understand that feeling healthy is also a big part of that. The safety of our community, our staff, and our members is our top concern, and we’re committed to being there for our members during this difficult time.”
Alabama Credit Union members whose loan(s) qualify do not need to call – their due dates will be moved automatically. For more information contact Alabama Credit Union’s Member Care Center at 888-817-2002 or visit AlabamaCU.com
About Alabama Credit Union
Alabama Credit Union is a not-for-profit financial cooperative chartered in 1956 by people who wanted a cooperative approach to banking. Alabama Credit Union remains a people-driven organization that exists to serve its members, support its team members and their families, and enhance the communities we serve. Alabama Credit Union has over $940 million in assets and serves over 94,000 members with 32 branches across the state of Alabama and into North Florida.