PEARL RIVER, N.Y. — Palisades Federal Credit Union invited members to take a load off this summer.
The $147 million Palisades FCU offered its members a take-the-summer-off loan program. The program allowed members that are in good standing to skip their July and August payments on all loans except first mortgages. While many credit unions offer a program allowing members to skip a payment on their loan charge a processing fee, Palisades charged no fee to its members who decided to take advantage of the program. The only stipulation was that members understand that the loan continues to accumulate interest.
"We noticed that inflation was quickly rising and that unemployment was rising and thought this would be a good way to give back to members," said Anthony Pili, marketing coordinator at Palisades.
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