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SDCCU Loan Deferment Relief FAQs

 
Q: Can I defer an auto, credit card or personal loan payment, and for how long?
A: Yes, members who choose not to make their auto, credit card or personal loan payment, will automatically get their loan payments deferred for 90 days, with no fees1. No need to do anything, this deferment will happen automatically if you choose to not make your loan payment. Additionally, if you do not make your payment, you will see your loan due date advanced within Internet Branch online banking.
 
Please note, if you have automatic payments via auto transfer, Bill Payer Plus or the payment originates from another bank, you will need to manually stop these payments by cancelling the payment within Bill Payer Plus, contacting us to stop the automatic transfer, or contacting the other bank where the payment originates.

If you have already taken advantage of the 90 day deferment and are still experiencing a financial hardship, please fill out this request form4:
  • Consumer Loan 30 day deferment request form (auto, Visa, personal loans)
 
Q: Can I defer my mortgage, home equity or home equity line of credit loan payment, and for how long?
A: Yes, for members with a mortgage, home equity or home equity line of credit loan, we will defer your payments up to 90 days, with no fees2. To initiate a mortgage loan payment deferral, please complete the Mortgage Loan Relief Request contact form at www.sdccu.com/relief. A representative will contact you within 10 business days.

If you have already taken advantage of the 90 day deferment and are still experiencing a financial hardship, please fill out this deferal request4:
  • Residential Real Estate Loans 30 day deferment request form (1st mortgage, home equity loan or HELOC)

 
Q: If I defer my payments will I have to pay all three at the end of 90 days?
A: No, you will not have to make three payments. Your regularly scheduled payment will be due. For example, if your payment is $300 you will only need to pay $300 at the end of the deferment. $900 will not be due. The deferred payments will be added to the end of your loan.
 
Q: If I take advantage of this program, will it affect my credit?
A: No, this program will simply advance your due date and it will not have a derogatory impact to your credit.  
 
Q: I have a business account, am I eligible for the loan deferment program?   
A: Yes, if you choose not to make your business auto loan and/or credit card payment by the due date, SDCCU will automatically advance the due date for your business auto loan and/or credit card and defer your payment for 90 days, with no fees3. No need for you to contact us. You will see your new payment due date in Internet Branch online banking.
 
Please note, if you have automatic payments via auto transfer, Bill Payer Plus or the payment originates from another bank, you will need to manually stop these payments by cancelling the payment within Bill Payer Plus, contacting us to stop the automatic transfer, or contacting the other bank where the payment originates
 
Members with an existing commercial real estate loan can contact Marc Mathews, SDCCU Business Loan Officer, at (877) 732-2848 ext. 4616 or email mmathews@sdccu.com to discuss your options.
 
Q: Can I make partial payments on my loan during the deferment period?
A: Yes for consumer loans (auto, personal loan, and credit card), if you choose not to make your payment, and we advanced your due date 90 days, you can continue to make payments.
 
However, the credit union does not accept partial payments on mortgage loans, unless it is for your escrow, but that must be clearly designated when making the payment.
 
Q: Is there any proof of hardship that I must submit?
A: No proof of hardship is needed, deferment automatically happens if you choose not to make your payment for an auto, credit card or personal loan.
 
For real estate loans, you must fill out the SDCCU Mortgage Relief contact form, and a representative will contact you within 10 business days.
 
Q: If I made my March payment, can I defer April, May and June? 
A: Yes, if the loan relief program continues to be offered for a 90-day deferment period, you may choose to defer future payments by either not making a payment for consumer loans, or by completing the Mortgage Relief Request form online at www.sdccu.com/relief for real estate loans.
 
Q: How do I apply for the Government’s SBA Hardship Loan or the small business Paycheck Protection Program?
A: While SDCCU is not a SBA 7(a) lender, we are providing a link to Kabbage for the convenience of SDCCU business account holders interested in the Paycheck Protection Program (PPP). Kabbage is a third-party and unrelated to SDCCU. SDCCU will have no means of providing status updates or other information pertaining to any application submitted to the Kabbage website.  For more information, visit sdccu.com/covid19.
 
Q: Are you waiving any other fees at this time?
A: In addition to payment relief, SDCCU will temporarily suspend the fees for the following services:
  • ATM Fees
    • Non-CO-OP ATM Withdrawals (non-SDCCU ATMs). Please note, SDCCU does not control the fee imposed by other financial institutions to use their ATM (ex. Bank of America, Chase, Well Fargo, etc.)
    • Non-CO-OP ATM Inquiry Fee
    • International ATM Withdrawal Fee
  • Real Estate Late Fees
 
Also, if you are experiencing a hardship due to the pandemic, you can request a fee waiver for the following services:
  • Business Account Deposit Fees
  • Certificate Accounts Early Withdrawal Fee/Penalty
  
 
  1. Offer only available on SDCCU auto loans, personal loans, and credit cards. If the loan is not paid, and is not more than 35 days past due, it will automatically advance the due date 90 days and interest will continue to accrue during the deferment period. Deferring a payment may extend the original term and increase total finance charges. Your loan must be no more than 35 days past due to qualify. If your loan is more than 35 days past due, other options may be available. The regular monthly payment amount will remain the same. The first payment after the deferred payment(s) will include the deferred months’ interest.
  2. Interest will continue to accrue during the deferment period. Deferring a payment may extend the original term and increase total finance charges. Your loan must be no more than 35 days past due to qualify. If your loan is more than 35 days past due, other options may be available.
  3. Interest will continue to accrue during the deferment period. Deferring a payment may extend the original term and increase total finance charges. Your loan must be no more than 35 days past due to qualify. If your loan is more than 35 days past due, other options may be available.
  4. Maximum of 6 months deferment over the life of the loan.