Special Assistance Options:
We are aware that many of you may be financially impacted due to the coronavirus (COVID-19) affecting your job and/or employer.
Find below options to assist you:
Loan Payment Deferral
- Credit Union of Denver is offering up to 90 days of no-fee payment deferrals on existing, current loans for members who have been financially impacted by the coronavirus. (not all loans will qualify for 90 days)
- Interest will continue to accrue on deferred loans.
- If you need a loan payment deferral, please contact us at 303.239.1150 or 800.279.3288.
Special Assistance Loan
- This is a signature loan up to $2,500 with a maximum term of 36 months (With approved Credit).
- No payments are required until 90 days from loan funding.
- The interest rate is 5.99% Annual Percentage Rate (APR).
- Please call 303.202.5658 or 800.280.0234 to apply or go online.
Waiver of Early Withdrawal Penalties for CDs
- Until further notice, we will waive the early withdrawal penalty on member CDs
Some other options to consider for increasing your cash flow.
Relief for IRA Account Holders
The CARES Act contains financial relief options for IRA accounts in 2020:
- Required minimum distributions (RMDs) from IRAs have been suspended for 2020.
- You may make withdrawals from your IRA up to $100,000 without the 10% IRS tax penalty if you’re under age 59½ and you have suffered financial loss due to COVID-19. Funds need to be repaid within 3 years. Please consult your tax advisor for full details before taking a withdrawal.
Paycheck Protection Program
Credit Union of Denver is not participating with the Paycheck Protection Program, but we realize this could be a benefit for our small business owners. For more information visit their website.
If you have any questions or concerns, please reach out to discuss options. It is always best practice to stay ahead of any looming issues. If you are struggling to make payments, contact us before your due date so we can avoid late fees.
Email us at firstname.lastname@example.org or call us at 303.239.1150 or 800.279.3288.