Financial institutions across the country are working tirelessly to provide their patrons with options and resources during these challenging times. At Monroe County Community Credit Union, we always put our members first in everything we do. Your credit union account is insured through the NCUA for up to $250,000 and we will remain open (drive thru only) throughout the duration of this pandemic.
MCCCU Community Relief Options:
- 90 Day No Pay1 available for all new consumer loans with the credit union
- No-cost 60 day extensions2 on all consumer installment loans with the credit union
- No-cost Skip a Pay2 for the month of May on our consumer Platinum Rewards Credit Cards
- To take advantage of this credit card offer, call 866-576-1270
- Up to $2,000 closed end line of credit with rates as low as 4.99% APR3
- Real estate loans will be considered on a case-by-case basis
- Reduced rate revolving line of credit options
- Penalty-free early withdrawals on our certificates of deposit
If you have any questions, or would like to learn more about these relief options, give us a call at 800-541-2222. As always, we can accept loan applications online or over the phone and will utilize electronic signature to complete the process. At this time, the credit union does not offer Small Business Administration (SBA) loans.
Please be aware the IRS has released new guidance regarding stimulus checks made out to deceased individuals who passed away before the receipt of payment. Their official guidance is that any checks or deposits made out to the deceased individual must be returned. You can learn more about the process of repayment by visiting their website and referencing Q10 and Q41.
Common Coronavirus Scams:
- Phishing email/text/calls posing as COVID-19 resources
- The IRS will not contact you to confirm your personal information or ask you to pay a fee to receive a stimulus check
- There have been many instances of incorrect or incomplete information about the Coronavirus
- Department of Justice recommends only visiting the CDC, WHO, or other government-sponsored resources for COVID-19 information
- Do not give anyone your PayPal account information, Social Security number, account number, or any other private information if someone claims such information is essential to sign you up for a stimulus check relating to the coronavirus pandemic
- Tip: look for ".gov" in the website URL and check for a lock icon next to it
- Fake testing kits, masks and deep cleaning services
- Fraudulent companies and websites are up offering non-certified masks, gloved, hand sanitizers, testing kits, and deep cleaning products/services that claim to rid your home of the virus
- Amazon has reportedly removed over one million fake or overpriced products
- Tip: do your research (Google the company, look at customer reviews, etc.) on any company you are considering buy COVID-19 products from
- Investment and charity schemes
- There have been countless examples of people coming together to support one another and their communities during this challenging time. Unfortunately, there are also criminals who are taking advantage of the situation to try and steal money from people.
- If you see an investment opportunity that offers "safer" and "guaranteed" returns during this time of market volatility, it could potentially be someone trying to take advantage of the sense of urgency we're all experiencing
- Tip: don't share your personal or financial information with an unfamiliar sources
- Unemployment benefit fraud
- Con artists are trying to take advantage of the surge in claims by posing as individuals helping people file for unemployment and then stealing personal information
- You do not need to pay anyone to file or qualify for unemployment benefits
- If you are looking to file for unemployment, you should go directly to the State of Michigan's website to do so
- Medical bill grant scams
- Criminals targeting seniors are posting on Facebook that a government agency called the "U.S. Emergency Grants Federation" are giving out special grants to help people pay medical bills
- People are being asked to share their Social Security Number under the guise of verifying their identity
- Tip: there are many ways to receive assistance during this challenging time but if something seems too good to be true, it usually is
Tax Deadline Extended:
The IRS and State of Michigan have both extended their tax filing deadlines to July 15, 2020
Key CARES Act Information:
- CARES will deliver relief through a range of measures, including stimulus checks for individuals and joint taxpayers
- The IRS will not contact you to confirm your personal information or ask you to pay a fee to receive a stimulus check. The majority of Americans will not need to take any action to receive a stimulus payment--do not give anyone your PayPal account information, Social Security number, account number, or any other private information if they claim such information is required.
- The stimulus checks will be based on information from your most recent tax filings (either 2019 or 2018 if you have not yet filed this season) and and they will start depositing funds the week of April 13th.
- If you would like to check the status of your economic impact payment, click here.
- If the IRS has old direct deposit information on file and you have since closed that account, the deposit will be returned to the IRS and they will issue a paper check
- The IRS has launched a new website to enable people who don’t normally file a tax return enroll for Economic Impact Payments. For further information, please see this IRS press release.
Local and National Resources:
1 Offer may be modified or discontinued at any time. Interest will accrue during 90-day deferment period. First payment must be made on the due date disclosed in the loan agreement. Certain restrictions apply. Subject to credit approval.
2 Offer may be modified or discontinued at any time. Interest will accrue during deferment period. First payment must be made on the due date disclosed in the loan agreement. Certain restrictions apply. Subject to credit approval.
3 Offer may be modified or discontinued at any time. $2,000 maximum loan amount with rates as low as 4.99% APR for terms up to 24 months. Monthly payment on $2,000 at 4.99% APR for 24-month term would be $95.33. Subject to credit approval.
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