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Pontiac, Mich. — April 1, 2020 — Michigan Legacy Credit Union (MLCU)—with six physical branches in Flat Rock, Garden City, Highland, Pontiac, Warren and Wyandotte, and more than 20,000 members— announced a variety of financial assistance options – from mortgage deferments and small HELP loans, to increased ATM limits for greater access to cash – as members face the financial realities of the COVID-19 pandemic. The announcement, along with guidance on when and how to use these enhanced options, was made by Michigan Legacy Credit Union President and CEO Carma Peters.
Mortgage and home equity loan deferments
MLCU is offering two-month deferments on mortgage and home equity loans, but with cautious counsel. “We are speaking with our members to ensure they need this extension now,” Peters said. “For our members currently receiving income, we are educating them on its use. We want it to be available to them when they need it most.”
Skip A Payment, with no late fees, on consumer loans for those experiencing income disruption
“It’s critical that consumers understand the ramifications of Skip A Payment and other options,” Peter said. “The goal is not to push more financial distress to a later date. That’s why we look at their whole financial picture for long term solutions rather than short-term deferred pain.”
HELP now small dollar amount loans
“These are small loans to a maximum of $3,000 with 90 days of no payment and a 2.99% interest rate with a 12-month repayment.
Increased ATM limits for greater access to cash
Expanded call and webchat hours
“Use of our remote deposit capture feature has increased significantly as members start to utilize remote technologies,” Peters said. “Still, we expanded our call hours to 8 a.m. to 11 p.m. Monday through Friday and 8 a.m. to 5 p.m. on Saturday, as well as offering a webchat option within the Home Banking feature, so members can have more access points.”
Peters said the overarching goal of these new initiatives is to protect the financial and physical health of MLCU members. “Be smart, stay safe and make sure the decisions you make now do not cause greater pain down the road. That’s the message we want to share with our credit union members now,” Peters said.
About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.