DULUTH, Ga. -- To help members stay afloat amid the tidal wave of high gas prices, rising food costs and other recession-like signs, some of Georgia's credit unions are offering relief.
Georgia Credit Union Affiliates has tracked the relief efforts from a number of credit unions across the state. The $17 million Etowah Valley FCU has a short-term loan for members to help pay for back to school supplies as well as a loan product that cuts payments in half for six months for those who have lost their jobs.
"Members are facing a lot of financial challenges. The programs we offer help get them back on their feet," said Sonja Miller, member service representative at Etowah Valley FCU.
Members at $57 million CSRA FCU can restructure their accounts, including certificates and shares totaling more than $100,000, free of any withdrawal fees.
"Our members know that their deposits are insured up to $100,000 by the NCUSIF. We want to reassure our members that their money is safe at CSRA," said Charm McCall, CEO. "If a member is more comfortable to restructure their certificates and shares with us, we can walk them through the process."
Concerns over lifestyle hardships such as a divorce or medical emergencies were eased by $21 million Georgia Power Valdosta FCU, which is allowing its members to skip one payment once they have made three consecutive payments on auto and signature loans.
"Times are changing and we want to give our members an incentive to improve their lives and continue to count on their credit union for help when needed," said Deborah Clark, director of member development at Georgia Power Valdosta FCU.
Mike Mercer, president of Georgia Credit Union Affiliates, said everyone is hoping that the economic crisis won't last long.
"No matter your income, everyone is feeling the squeeze of the economy these days," Mercer said. "Credit unions are owned by their members, who are everyday people trying to make ends meet. So they operate specifically for the benefit of the members."
According to the league, 1.7 million Georgians are members of credit unions.
--msamaad@cutimes.com
