PremierOne Credit Union provides community support during the coronavirus crisis
SAN JOSE, CA (May 22, 2020) — PremierOne Credit Union responded swiftly to the Coronavirus outbreak by focusing efforts on supporting the community it serves. The credit union provided immediate financial aid by creating the “Member Financial Assistance Program.” Business hours were reduced, and to coincide with CDC guidelines, social distancing protocols were put into place at all branches. The credit union heavily promoted their online and electronic services as an alternative to in-person banking.
The Member Financial Assistance Program was created to help members who were facing financial hardship due to the COVID-19 pandemic. The credit union developed a low-rate emergency loan up to $5,000, a hardship skip-a-payment option for qualified loans, and waived the fees for cash advances on PremierOne Visa credit cards. The credit union also participated in the Hardship Skip-a-Payment Program for 90 days on mortgages (CMFP), the California state initiative announced by Governor Gavin Newson.
“We recognized the financial impact the Coronavirus outbreak created, which affected many members within our community. Not only those who became ill, but also those who experienced a loss of income and families whose children are out of school,” said PremierOne Credit Union VP of Marketing and Community Development Janice Johnson Lugo.
As a health and safety precaution, PremierOne Credit Union canceled several in-person community events initially scheduled for spring and summer, however still found ways to support the local businesses and be part of the community. During this time, the credit union made a donation to Shop with a Cop Foundation who partnered with Disney and ABC7. The donation funds are going towards purchasing books which will be placed in SHIP kits, boxes aimed at hourly wage earners and families in need with kids under 12. The credit union also purchased and donated disposable protections masks and 15-piece hygiene kits to LifeMoves Homeless Shelter in two downtown San José locations. Another donation was made to the Almaden Valley Women’s Club online fundraiser, whose proceeds will go directly to a community institution struggling under the shelter-in-place order with significantly decreased donations due to the rapid downturn of the economy. PremierOne CU also sponsored the National Financial Bee Program, which provides 7th-10th graders an opportunity to have some fun and learn critical financial concepts from the comfort of home while social distancing. Three winners of the National Financial Bee will receive up to $10,000 in college scholarships.
PremierOne made a dedicated effort to keep its members well informed with the latest updates regarding the Coronavirus and shelter-in-place situation. The credit union developed a dedicated page on its website for COVID-19 news and provided information on the CARES Act. Members received weekly updates via email concerning branch hours and service availability, as well as CARES Act updates.
“Our top priority during this crisis was to take care of our employees and members first,” said Johnson Lugo. “Our mission is to ‘Deliver a better financial life to members’. That means delivering financial products and service and showing compassion to our employees and members during uncertain times to help people remain on their feet.”
PremierOne Credit Union staff keep save while continuing to serve members.
About PremierOne Credit Union
PremierOne Credit Union is a full-service financial institution headquartered in San Jose, CA. With more than $420 million in assets, PremierOne Credit Union has been in business serving Santa Clara County for the past 80 years. They offer five locations, as well as access to almost 5,000 branches and 30,000 ATMs as part of the CO-OP Network. In addition, membership is available to anyone who lives, works, studies, or worships in Santa Clara County, CA. For more information, go to www.premieronecu.org or follow us on Facebook, Instagram, LinkedIn, or Twitter.