The Police Credit Union introduces debt forgiveness benefit exclusively for California law enforcement
New end of watch debt forgiveness benefit offers peace of mind for active law enforcement and a financial safety net for the families of fallen officers
SAN BRUNO, CA (May 27, 2020) — The Police Credit Union of California is honoring the sacrifices of its core membership of law enforcement with a debt forgiveness benefit available exclusively to its members who serve as active duty peace officers in California. Introduced May 26, 2020, the End of Watch Debt Forgiveness Benefit covers eligible member loans obtained at The Police Credit Union and is provided at no cost to the borrower.
Under this program, the Credit Union agrees to cancel the amount of the borrower’s eligible loan(s) if the member dies while engaged in work-related activities as a full-time law enforcement officer, whether on or off duty, as the result of external force, violence or heart attack, stroke, or illness directly caused by physical training or other strenuous activity required of a law enforcement officer.
“Since California became a state, it has suffered the loss of more than 1,600 peace officers to deaths in the line of duty. Having served law enforcement professionals for over 65 years, we understand the inherent dangers of the occupation. What’s more, we recognize the tragedies these families can face without notice are a major source of financial anxiety and stress,” said President and CEO Eddie Young. “This benefit offers peace of mind for those who risk their lives every day to provide protection and safety for our communities, and financial security for their families should they ever be called to make the ultimate sacrifice.”
To qualify for the End of Watch Debt Forgiveness Benefit, the borrower must be a member of The Police Credit Union, have funded a new loan of at least $10,000 with the Credit Union, and be an active, full-time law enforcement officer employed by a federal, state, county or municipal agency. After qualifying for coverage, in the event the officer is killed in the line of duty, at the time of death, the Credit Union will cancel the outstanding loan balances up to a combined maximum of $850,000. Eligible products include mortgages and home equity loans, auto loans, credit cards, personal loans, lines of credit, and more. For a full list of program exclusions, terms and conditions, visit www.thepolicecu.org/endofwatch.
About Police Credit Union of California
Founded in 1953 by a group of San Francisco police officers, The Police Credit Union is the trusted financial partner for its more than 42,000 members comprised of law enforcement personnel, their civilian co-workers, and their families. A full-service provider with assets exceeding $980 million, it offers competitive financial products including savings, checking, home, auto and personal loans, Visa® credit cards, investment services and more. For details, visit www.thepolicecu.org, or call 800.222.1391.