Let’s face it, we are all feeling the impact of COVID-19. From temporary closings of businesses, schools and public facilities, you might be feeling anxious or stressed during these uncertain times. We’re here for you.
One of the biggest questions we continue to receive is how to protect your finances amid COVID-19. And we’re here with special ways to connect: drive thru, curbside service, digital, mobile and phone options – we can help you get through it – together. As we continue working with individuals and communities we serve, below are some of the latest tips from our personal finance experts for everyone – and some special options for those already impacted:
Already Suffering from Loss of Income
If you are already – or expect to be – financially impacted by the pandemic:
- Take a look at your budget and find ways to reduce your expenses
- If possible, replace some of your income by promptly filing for unemployment
- Engage with other members in your household about the situation.
- Proactively reach to your creditors and explain to them what is going on. Utilities, financial institutions and businesses have programs and options that can help you – some of them new since the stimulus package
- Before entering any formal new agreements, make sure you understand the short- and long-term impact. In times of uncertainty like these, it might be better if you take it one month at a time.
Some special options for Affinity Plus members:
- Skip-a-Payment for auto and consumer loans – with no fee
- Fee Refunds* – We’re automatically refunding all late and overdraft (also called Courtesy Pay and NSF) fees issued through May 1
- Minimum Balance & Other Fees* – We continue to cancel or minimize additional fees; no action needed on your part
- Recovery Loan** – To help bridge your financial gap, Affinity Plus is offering a special 0% loan for up to $2,500 for current members who are affected – with no payments for six months.
- Small Business Recovery Loan** – also at 0%, as well as access to new Small Business Administration programs
Reducing Financial Stress for Everyone
- Prioritize your expenses and review your budget. Consider tightening your budget to make sure you have enough funds to cover your expenses. This is an especially good time to look at recurring subscriptions and payments you may have forgotten about.
- Monitor your accounts to understand what is going in and out. Check them daily using Affinity Plus’s online or mobile platforms. Use our online digital banking feature. Be sure to download the most recent version of our app and test your login.
- Never give out any information about your current financial standing to unfamiliar businesses soliciting you through emails, text, social media, etc. Fraudsters love times of uncertainty and look for people to let their guards down – we’re already hearing about fraudulent emails about the coming stimulus checks. Stay vigilant and recognize that many times the things that appear too good to be true really are too good to be true.
- Have realistic expectations of the situation and yourself. In these uncertain times, it is easy to dwell on the things that may not be the way they used to be. Some will expect to get through it unscathed and some might, but many won’t. This isn’t a reason to give up. You will be able to get through these uncertain times – and we’re here to help. Just be real with yourself.
- Know your options ahead of time – we’ve got them! Look into options that may be available for any loans you have; many are listed below.
- Check your credit report. Make sure your credit reports are accurate. This way, you can identify any potentially fraudulent activity and respond to it before it damages your credit.
Affinity Plus is here to help you and we want to help. Please call us, chat with us or, use your online message center within the online banking application if you have questions or concerns about how to protect your finances.
*Standard membership terms and conditions apply. During the stated period, the above-mentioned fees will either be refunded, waived or suspended, depending on the fee type. And it will be done automatically. Affinity Plus reserves the right to discontinue the program at any time for any reason. See our complete list of fees.
**APR = Annual Percentage Rate. Subject to credit approval, and some restrictions may apply. Existing Affinity Plus membership is required. Membership must be open at least 60 days and in good standing. Payment Example: A loan for 24 months at 0.00% APR will result in an approximate monthly payment of $41.67 per $1,000 borrowed. To qualify for the Recovery Loan, you must be directly impacted by COVID-19 through loss or reduction of employment due to being employed in an affected industry (i.e. retail/restaurant/hospitality etc.). The credit union reserves the right to discontinue the product at any time, for any reason.
*** APR = Annual Percentage Rate. Subject to credit approval, and some restrictions may apply. Existing Affinity Plus business membership is required. Business membership must be open at least 60 days and in good standing. Payment Example: A loan for 24 months at 3.00% APR will result in an approximate monthly payment of $42.98 per $1,000 borrowed. To qualify for the Business Recovery Loan, your business must be an industry directly impacted by COVID-19 (retail/restaurant/hospitality, etc.), and be able to demonstrate direct and adverse effects by the COVID-19 pandemic. You must also have – or be in the application process for getting – SBA Economic Injury Disaster Loan assistance. And you must agree to pay off the Business Recovery Loan if financing is received after loan approval. The credit union reserves the right to discontinue the product at any time, for any reason.