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SDCCU Responds with Financial Relief during the Coronavirus Pandemic

As the coronavirus (COVID-19) situation continues to change daily, we want to assure you that your funds remain safe, sound, accessible and federally insured up to the maximum amount permitted. 

SDCCU Remains Open, Safe and Sound   

 

All Branch Locations

Temporarily Closed Branch Locations


Simply put, SDCCU remains here for you. Banking is an essential service and is necessary for the safety of our community. We take that responsibility very seriously and remain available to meet your financial needs. With the more robust directives in place for the community to self-isolate to the extent possible, we encourage all SDCCU members to use online banking to meet their financial needs and forego in-person transactions. This is highly recommended for your safety as well as our team’s safety, and virtually all transactions can be conducted through self-service alternatives rather than in-person. With the coronavirus situation quickly evolving and temporarily impacting staffing levels, we will update our website to advise of temporary location restrictions and identify those locations that remain open to handle the limited situations that require in-person transactions.
 


Most importantly, you can rest assured your federally-insured funds are safe, secure and sound at SDCCU. Our conservative and prudent financial practices have enabled the credit union to consistently serve our members through good times as well as bad times, and we stand ready to serve the community’s needs during this difficult and unprecedented time.

Financial Hardships 

We recognize the pandemic, coupled with the related closures of many non-essential businesses and services, has adversely impacted many within our community. Our hearts go out to all affected, from both a health perspective, as well as a financial perspective. As some members are beginning to experience unanticipated financial hardships related to this pandemic, we also want to assure you we remain committed to providing financial relief, as follows:

Consumer Loan Deferment Relief

If you choose not to make your payment by the due date, SDCCU will automatically advance the due date for you, and defer your payment 90 days, with no fees1. This is for SDCCU auto loans, credit cards, and personal loans. No need to call us, this deferment will happen automatically. Additionally, if you don’t need financial relief, please continue to make your loan payments as you normally do.

Please note, if you have automatic payments via auto transfer, Bill Payer PlusTM, or the payment originates from another bank, you will need  to manually stop these payments by cancelling the payment within Bill Payer PlusTM, contacting the credit union to stop the automatic transfer, or contacting the other bank where the payment originates.

Mortgage Loans, Home Equity Loans, or Home Equity Lines of Credit (HELOC) Deferment Relief

For members who need payment assistance on a SDCCU mortgage loan, Home Equity Loan, or Home Equity Line of Credit (HELOC), the credit union will defer your payment up to 90 days, with no fees2. To initiate a mortgage loan payment deferral, please fill out the SDCCU Mortgage Relief contact form and a SDCCU Loan Representative will contact you about your options.

If your mortgage loan is serviced by Midwest Loan Services (MLS), please contact MLS at lossmit@midwestloanservices.com or 800-262-6574 to receive this same offer.

Business Loan Deferment Relief

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 you and defer your payment 90 days, with no fees3

Commercial Real Estate Relief

Members with an existing commercial real estate loan can contact Marc Mathews, SDCCU Business Loan Officer, at 877-732-2848 ext. 4616 or email at mmathews@sdccu.com to discuss options.

As during past times of challenge, whether related to the financial crisis of 2008 or the times our state workers’ direct deposits have been impacted by budget delays, SDCCU remains committed to working with our members on a collaborative basis when encountering temporary challenges and difficult times.

Our Team Commitment

We remain especially proud of our team members who have demonstrated extraordinary dedication to our commitment to continue to meet our members’ needs even during difficult circumstances.  We recognize it is in everyone’s best interests to utilize our safe, secure and convenient online banking services during this time of heightened concern regarding the potential spread of the coronavirus.  Nonetheless, we will maintain in-person branch services at as many branch locations as practicable as this situation evolves, for those instances where a member’s needs cannot be fulfilled through the online banking platform.  Our website will clearly provide relevant information as temporary changes occur regarding hours and branch locations.

Community Partnership

We remain committed to community safety as well as your financial well-being.  We have proactively discouraged individuals from withdrawing large sums of cash based upon unfounded fears, as their funds remain the safest in their SDCCU federally-insured accounts, and doing otherwise may put them at personal risk of robbery or being defrauded by nefarious individuals. Again, banking remains an essential service in the community much like law enforcement, and federally-insured financial institutions such as SDCCU are committed to continuing to provide uninterrupted access to your accounts and financial services.

As previously communicated, we took prompt actions internally to protect everyone’s health and help prevent the potential spread of this disease.  We continue to monitor the situation with appropriate actions being taken daily.  In addition to stronger measures to clean workspaces and office locations, social spacing was proactively implemented and other measures taken in our branches and Operations Center to protect our staff while maintaining our commitment to exceptional service.  As the coronavirus situation continues to evolve, we will continue to take proactive measures to protect the safety and well-being of our staff as well as our members, and we thank you for your continued trust and support.  

Teresa Campbell

Teresa Campbell
President and CEO

 

  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.