Defense Credit Unions Respond to COVID-19
Thursday, March 26, 2020
WASHINGTON, DC (March 26, 2020) — As the Nation ramps up its response to the COVID-19 health and economic crisis, defense credit unions are ready to serve their military installations and their members worldwide.
Defense credit unions are uniquely prepared to respond to widespread disruptions in day to day operations and member income streams. Due to the repeated threats of government shutdowns over the last decade, they already have emergency plans in place to support their military and civilian federal government employees. With this latest disruption caused by COVID-19, defense credit unions are adapting these plans to fit the needs of all of their members during the current crisis.
As reported in a survey conducted by DCUC, defense credit unions’ branch operations currently include limited hours and availability by appointment only to protect the health of their staff and members in affected areas. Many are keeping their drive thru lanes open for transactions and continue to regularly service their ATMs for maximum possible service. Online banking and call centers remain operational, as well. Service for on-base locations is determined by each Base Commander, and some branches have been shut fully to comply with Base Commander orders.
For members experiencing financial hardships, defense credit unions have a number of offers and special products in place to assist at this time. These include special emergency loans and lines of credit, interest free loans, allowing skipped payment on loans and/or credit card balances, interest only and deferred payments, and waiving of fees. A majority of responding credit unions also noted that they are waiving any early withdrawal penalties for CDs.
Apart from their normal credit unions operations, DCUC members remain ready to support their installation’s mission. For instance, despite branch closures and restricted hours and access, defense credit unions are still prepared to supply emergency missions with requirements for cash as needed. Those that manage their installations’ Treasury General Accounts (TGA) report that they are available to assist DECA and military exchanges with daily deposits and cash needs, often by appointment.
“Anyone in need, including those working on-base operations, should reach out to their defense credit union for support,” stated DCUC President/CEO Anthony Hernandez. “Our members are ready and willing to help wherever possible.”
DCUC will continue to monitor and track the status of defense credit unions as this situation evolves. Anyone needing support during this difficult time is encouraged to reach out to their local defense credit union to see how they can help.