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Tax season can be a daunting time of year for credit union members. Some, who view their annual refund as a much-needed source of extra cash, want to maximize their refund opportunities. Others, who owe taxes, may be wondering how they’ll afford payments. To ensure the process runs smoothly regardless of a member’s situation, many credit unions are stepping up to help.

State Employees’ Credit Union, a $23.7 billion CU based in Raleigh, N.C., for example, has partnered with the North Carolina Department of Revenue and Office of State Personnel to offer members an individual income tax debt payment loan. The loan, which the CU is offering in conjunction with the North Carolina Department of Revenue’s Individual Income Tax Debt Relief Program, gives qualifying members a 5% interest rate plus a waiver of any penalties and fees associated with their tax debt, which can equal up to 35% of their total debt.

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Natasha Chilingerian

Natasha has served as an editor for CU Times since March 2015. She also served as a communications specialist for Xceed Financial Credit Union in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer for more than 14 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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