We Can Help!
During this time of uncertainly, it's difficult to know where to go and whom to trust. Your not-for-profit, Michigan credit union is here. You can find security in knowing your money is federally insured and we have programs to support you and your family during this crisis.
The MiMortgage Relief Partnership was created with more than 200 of Michigan’s financial institutions to recognize and expand upon the measures that these institutions have been taking to assist customers to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during this public health crisis. For many homeowners with mortgages, there’s help. Click on the Consumer's Guide to Coronavirus Mortgage Relief link below for detailed information.
As your financial partner, credit unions are there for you in a number of ways. Consumers can seek assistance with a variety of services such as:
- Deferring loan payments
- Waiving fees for early CD withdrawals, overdrafts, phone payments, ATM fees, etc.
- Skip-a-Pay programs on personal loans and credit cards
- Emergency hardship loans (often for up to 24 months)
- Offering 0% interest loans
- Increasing credit limits
- Extending due dates on collections
- And helping small businesses acquire paycheck protection loans
Terms may vary between institutions.
Economic Impact Payments (Stimulus Checks)
With the passing of the CARES Act, the federal government will begin issuing funds to support the economy — a welcome relief to Americans struggling with job loss or decreased hours due to the COVID-19 emergency.
While it can be challenging to understand the details of the stimulus package, there are resources available to more easily find and understand the correct information. Michigan credit unions are locally based and uniquely positioned to help consumers with financial planning, loan restructuring, emergency funds, and delayed payment options during this time.
What you need to know:
- Visit: https://www.irs.gov/coronavirus/economic-impact-payments to find information on:
- Filers checking on payment status
- Updating banking account and address information
- Processing non-filer payment information
According to the Internal Revenue Service, funds are now being distributed. Individuals that filed their 2019 taxes electronically will have funds deposited into the account listed on their tax return.
- For those without direct deposit information listed on their tax returns, the treasury department is developing a web portal for individuals to load banking information into. *Protect yourself and family from scams, by reviewing the "avoiding fraud and scams” information below.
- A full list of FAQs regarding fund distribution can be found here.
Avoiding Fraud and Scams
During times of confusion and uncertainty, people are more susceptible to fraudulent vulnerabilities. For increased safety, consumers are encouraged to pay attention to the various types of scams currently being reported. The Better Business Bureau Scam Tracker has tracked numerous reports of coronavirus scams in which individuals are contacted through text messages, social media posts or messages and/or phone calls.
Know what to look for and stay safe:
- Government agencies do not communicate through social media outlets, such as Facebook.
- Never pay a fee for a government grant. A government agency will never request an advanced processing fee to receive the grant.
- Beware of fake government agencies promoted by fraudsters. The only official list of all U.S. federal grant-making agencies can be found at grants.gov.
- The Federal Trade Commission is directing the public to avoid coronavirus-related scams will diligent verification and products and services offer that are “too good to be true.” They offer a series of valuable links and reliable sources of information for those looking for trusted sources. Click here for the full article.
- According to Bankrate.com, consumers should watch out for websites that purport to offer work from home assistance or tract the coronavirus with promises of treatments. The site also offers caution against sites “guaranteeing” safe investments. Click here for the full article.
- Consumer Reports is also advising consumers on phishing scams and efforts designed to separate people from their personal information and finances. They offer real-life examples of phishing scams and offer advice on how to avoid scams. Click here for the full article.