Summit Credit Union announces special line of credit to provide government shutdown assistance
Protection assistance includes 90-day interest grace period
MADISON, WI (January 29, 2019) — Summit Credit Union has launched a new financial assistance program for its current members affected by the government shutdown. The new offering includes up to a $5,000 line of credit and interest-free grace period.
“When they start getting paid again, members can start to pay back the loan. They have the option of setting up an automatic payment so the loan is paid right away. The 90-day interest free grace period gives them time to get their finances squared away before any interest even kicks in,” said Kim Sponem, the 17-year CEO & President of Summit Credit Union.
“The last thing we want is for this situation to push people into a long-term debt cycle,” added Sponem.
Summit’s short-term Overdraft Protection Line of Credit includes:
- 0% APR up to receiving their first paycheck after the shutdown.
- The 0% APR will remain in effect for 90 days following the resolution date* allowing members to pay it back quickly with back pay. 18% interest thereafter.
- Overdraft protection line of credit up to $5,000
Summit Credit Union members affected by the government shutdown are encouraged to call (800)-235-5560 or stop by any Summit location to confirm eligibility or discuss their individual situation.
More information is also available at https://www.summitcreditunion.com/borrow/government-shutdown-assistance.
*Offer only applies to existing Summit Credit Union members in good standing. Proof of government employment that has been furloughed is required. After the 0% interest rate period ends the interest rate will revert to the regular Overdraft Protection Line of Credit rate of 18% APR. Eligibility and credit criteria apply.
About Summit Credit Union (WI)
Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $6.4 billion in assets and has more than 240,000 members and 945 employees across 55 locations throughout south-central and southeastern Wisconsin. Since 2002, Kim Sponem has been CEO & President of Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union.
Recognized for its excellence in employee engagement, Summit was named a Top Workplace in the USA in 2021, 2022 and 2023 by Top Workplaces USA and a Top Workplace in the Madison area for 2021, 2022 and 2023 by the Wisconsin State Journal.
For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236-5560.
For additional media information, visit https://www.summitcreditunion.com/about-summit/press-room or follow Summit on Facebook, Instagram and Twitter.
