Polish & Slavic Federal Credit Union during COVID-19 pandemic
BROOKLYN, NY (April 27, 2020) — The Polish & Slavic Federal Credit Union continues to offer all of its products and services without any interruption during the current COVID-19 pandemic. Branches are operating with minor changes to business hours and behind closed doors to help with social distancing measures as mandated by different executive orders in the States we operate in. PSFCU’s Online and Mobile Banking services are experiencing a significant utilization rate and are working uninterrupted, providing our members with access to money management tools 24 hours a day. Our Credit Union’s Member Services Center has experienced high call volumes during these times and is working hard to help our members perform transactions remotely by phone, if needed. In March, 92% of all incoming calls were answered within 40 seconds or less.
“PSFCU proves that it is an efficient and modern financial institution able to function effectively in all conditions – says PSFCU CEO/President, Bogdan Chmielewski.
PSFCU is providing assistance through loan modifications to members who are in difficult financial situation and are experiencing problems paying back their loans. Each PSFCU member’s situation is reviewed individually so as to find the most favorable solution for both parties. As of April 22, 388 members asked for such relief: 191 mortgage loans and 181 consumer loans were approved for a postponements or reduced payments.
“One of the first decisions taken at the beginning of the COVID-19 crisis was the waiver of a majority of fees and penalties associated with maintaining an account at our Credit Union. We are aware that, in the current situation, even small amounts can mean a lot – says PSFCU CEO/President, Bogdan Chmielewski. PSFCU has also pledged not to garnish the members’ Economic Impact Payment, if and when such members overdraw their accounts.
PSFCU is also providing its small business members the opportunity to file for Paycheck Protection Program (PPP) offered by the Small Business Administration (SBA) through an established relationship with a national SBA certified vendor. As of April 22, PSFCU assisted 179 Members to file for the Federal financial assistance.
In an effort to acknowledge and honor our medical community Heroes on the frontline of this pandemic, PSFCU sent out special food parcels to doctors, nurses, hospital workers and nursing home attendants. This was done to show our appreciation for everything they’re doing in these difficult times for us all.
Our Credit Union is still accepting applications for assistance under the PSFCU Coronavirus Relief Fund. Established by PSFCU’s Board of Directors, the fund is dedicated to provide financial help for those not-for-profit organizations that are providing assistance to those in need in the communities that we serve. The PSFCU Board of Directors decided to allocate $250,000 to this purpose, with the stipulation that this amount may be increased as needed. Thus far, more than two dozen different organizations from New York, New Jersey, and Illinois have received financial support from the Fund to help the elderly, the ill in need of care and those most affected by the COVID-19 pandemic.
About Polish & Slavic Federal Credit Union
Founded in 1976 by a group of Polish immigrants to help other ethnic Poles obtain mortgages, the Polish & Slavic Federal Credit Union now has 21 branches in New York, New Jersey, Pennsylvania and Illinois, a Mortgage Center in New Britain, CT and an operations center in Fairfield, NJ. In addition, PSFCU offers mortgage loans on properties located in the states of Florida and Indiana. Credit Union members can access our services through our Online Banking, accessible through our www.psfcu.com website or through our mobile app. Through its scholarship program, PSFCU has thus far granted over seven million dollars to over 6,000 students. The nearly 47-year-old credit union has over $2.5 billion in assets and serves over 114,000 members.