Over the next few days, some credit unions will likely shift their focus to helping members affected by Hurricane Sandy by waiving certain fees and offering extensions on loan payments.
Although based in Hawthorne, Calif., the $356 million SkyOne Federal Credit Union serves the air transportation industry including government employees who work directly in the administration, regulation, or security of airlines, airports, or air transportation, such as the Federal Aviation Administration, Transportation Security Administration, National Transportation Safety Board, and airport authority offices. The cooperative also serves airline employees.
SkyOne said it will offer $5,000 disaster recovery loans with a 0% annual percentage rate. Funds can be available within one day of the applicant’s request. After 90 days, the loan is converted to a personal loan with terms up to 48 months.
The credit union said it is also offering a 90-day payment extension on any additional SkyOne loans and it will waive penalties for early withdrawal from SkyOne certificates. Members can also get a free supply of checks to replace lost or damaged checks and a free replacement Visa credit card or check card.
“Our hearts go out to you and other members who are in the path of Hurricane Sandy. In this time of crisis, rest assured we’re here to help,” SkyOne said.
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