True Sky CU aids furloughed gov't workers with financial relief options

True to their "people helping people" philosophy, credit unions around the country continue to offer assistance to members affected by the government shutdown. True Sky Credit Union President/CEO Sean Cahill reports that they, too, are doing their part to help their members.

Since the beginning of the shutdown, the Oklahoma City-based credit union has processed upwards of $157,000 in furlough loans and absorbed $3,480 in skip-a-payment fees.

"We know how deeply our members are affected during the furlough, and that the longer this goes on the more impact there will be," Cahill said. "We are here for them. We will help them bridge the gap until they can return to work. This is what credit unions do, and we are proud to serve the men and women in government service and pray for a speedy resolution to the shutdown.”

To get the word out about the furlough assistance, Cahill says his credit union has worked with Michelle Coppedge, director of the FAA campus in Oklahoma City. True Sky has also promoted the assistance programs on their website and in social media, and Cahill says they're really seeing the requests accelerate.

“The Board of Directors at True Sky is committed to serving our members and finding ways to help affected government workers and contractors,” said True Sky Chairman Linda Lindsey.

To date since the shutdown, True Sky has processed:

• 87 skip payments, which relates to $3,480 in skip pay fees that members did not have to pay; and
• Furlough loans:
  • 0.00 percent loans – 31 totaling $86,255.89
  • 1.99 percent loans – 25 totaling $70,968.20
  • Total combined: 56 for $157,224.09

Following are the currently available True Sky Credit Union assistance programs:

Interest-Free Loan

Furloughed members have two loan options:

1. They can obtain a 60-day, 0 percent interest rate, unsecured loan in an amount equal to their last deposited paycheck, up to $6,000.*
2. They can obtain a six-month low interest rate of 1.99 percent on an unsecured loan for up to six months in an amount equal to their last deposited paycheck up to $6,000.

* If the 0 percent loan is not repaid within 60 days, the member will need to arrange refinancing of the loan at a qualifying interest rate and term. Furloughed members will need to qualify for the loan request. True Sky CU standard credit criteria and underwriting guidelines apply.

Overdraft Forgiveness

True Sky CU will refund up to $100 in overdraft fees per furloughed member for up to 30 days after the furlough ends.

Free Skip-a-Payment

True Sky CU will allow furloughed members to skip up to two monthly loan payments per loan, excluding mortgages and lines of credit, and will waive the skip-a-payment fee. For example, a member with a True Sky CU auto loan and signature loan may choose to skip two payments each month for two consecutive months.

Certificate of Deposit

No penalty on early withdrawal from their CDs. Members who have a furlough letter may withdraw money from their CD, and True Sky will waive the early withdrawal penalty.

FREE Credit Counseling

True Sky will provide credit counseling for all members, at no cost to the member, through GreenPath Financial Wellness. Members are urged to call 877-332-2235 to take advantage of this free service to all members of the credit union, and they can take advantage of this service at any time.

About True Sky Credit Union
With headquarters in Oklahoma City and eight branches in the greater metro area, True Sky Credit Union has been serving members for more than 72 years. Today, the credit union has 52,800 members in Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, and Pottawatomie counties. Membership is open to anyone who resides, works, worships, or attends school in our eight-county service area. True Sky Credit Union has assets in excess of $580 million. Learn more about the credit union at TrueSkyCU.org.