As the possibility looms for sequestration and federal budget cuts, including layoffs, the $155 million Tobyhanna Federal Credit Union in Scranton, Pa., is reminding its members of its Furlough Assistance Program.
Through the program, members who are laid off from work can receive up to $7,000 with no interest charge and no payment due, for up to six months.
‘’This program has been available for years, but we want to increase the awareness, especially since one of our affiliated business groups, Tobyhanna Army Depot, could be affected by this reduction, ‘’ said Nina Waskevich, vice president of marketing and sales.
Members can sign up for the program at any time, but cannot access funds until the credit union receives written verification of the member’s furlough status.
Tobyhanna FCU also is extending skip-a-pay options for members who currently have loans, with the option to skip up to four monthly payments or eight bi-weekly loan payments.
While Tobyhanna began as a credit union for the army depot, membership is now open through many local employers.
Tobyhanna has more than 20,000 members and four locations in Northeastern Pennsylvania.