COVID-19 Financial relief programs


Understanding that our members may be adversely impacted by an interruption of income or other circumstances, we are offering special options to help members who are experiencing challenges due to this crisis.

SEFCU logo being air-dropped

Deposit Products

  • Waiver of all early withdrawal penalties on Share Certificates.
    While Share Certificates may be surrendered at any time, penalties may be assessed if withdrawn prior to maturity. Under SEFCU’s Relief Program, SEFCU’s early withdrawal penalty will be waived for the duration of the pandemic in the United States. Additional IRS penalties and tax implications may apply on early withdrawals from a Traditional and/or Roth IRA. Call our special Relief Hotline at 518-464-5350.
  • Coin Sorter Fees Temporarily Waived.
    So members can have full access to their funds, SEFCU has temporarily waived the 4% fee of the counted total that was previously assessed.

Consumer Loan Relief

  • Establishment of a skip-a-pay program on certain loan programs.
    • Vehicle loans, RV and Sportscraft loans, Personal loans, Personal lines of credit, Share and Certificate secured loans (except interest only variations of these loans), Home Equity loans and lines of credit (except interest only variations of these loans), and Student loans, both tuition and consolidation.
    • This program excludes credit cards, mortgages, interest-only loans, and Auto Advantage loans.
    • To be eligible for this program, you cannot be 30 days or more past due on any SEFCU loan. If your loan is more than 30 days past due, please contact Loss Mitigation to discuss your options at 518-464-5225.
    • To request a skip-a-pay for your eligible loan(s), complete this Skip-A-Pay form and we will reach out to you the next business day to complete the process.  
    • For additional information and frequently asked questions, click here.
  • Payment Protection
    • If you elected Credit Life and/or Disability Insurance on your SEFCU loan, underwritten by CMFG Life Insurance Company, and are experiencing a protected life event (loss of life or disability) due to COVID-19, please contact SEFCU to file a claim or discuss what benefits may be available under the policy coverage.
  • For all other banking needs, or to request consideration for any other fees or charges caused by a COVID-19 Financial Hardship, please call 800-727-3328.

Mortgage Relief

Commercial Loan Relief

  • Small Business Administration’s Paycheck Protection Program (PPP): UPDATED 08/20/2021

    As has been previously mentioned SEFCU is no longer accepting applications as the funds are exhausted.
    Please see the  for complete detail and more information.

    Loan Forgiveness for the First & Second Round of Funding:
    If you have received your PPP funds from SEFCU, please note that we are working the loan forgiveness process with our borrowers starting with the earliest loans that were granted. Please also note that any correspondence regarding your loan forgiveness will come directly from your loan officer, not a third party. SEFCU will not be participating in the SBA Direct Forgiveness portal and will be utilizing Abrigo/Sageworks as we did during our Round 1 forgiveness. For this upcoming round, expect to receive a portal link from your loan officer beginning August 23, 2021 and continuing into September. 

    If you have a general question about the Paycheck Protection Program, please email [email protected].  We will respond as soon as we can.
  • Commercial Business Member Relief Loan
    Loan amounts of $5,000 -$50,000 are available to existing SEFCU commercial loan members who are experiencing hardship due to the coronavirus pandemic, with a total loan term up to 66 months. The first six months will be interest only, after that the loan will convert to principal and interest payments up to 60 months. There will be an expedited underwriting process and expedited funding…with no SEFCU fees (legal, lien filing, and other fees may apply). The rate will be Prime minus 50 bps, with a floor of 3%. Apply today by calling 518-464-5322 or emailing [email protected].


COVID-19 Relief: Skip-A-Pay FAQs


Q: What does Skip-A-Pay do to my loan?
A: This option will allow you to “skip” up to three months’ worth of payments during your time of need and have them added to the end of your loan term.

Q: Will I be penalized for using this relief option?
A: No, there will be no impact to your credit score or repayment history by choosing to use Skip-A-Pay.

Q: How do I know if my loan is eligible for Skip-A-Pay?
A: There are three categories of eligibility to qualify for this option.
(1)    Loan type: All loan types except SEFCU Credit Cards, Mortgages, Auto Advantage loans, and interest-only loans are included in this option. Other loan types may be available in the future, so please bookmark this page for future reference.
(2)    Loan status: A loan must not be more than 29 days past due in order to process this request. If you are 30 days or more past due, please contact our Loss Mitigation team by calling 518-464-5225.
(3)    Length of membership: You must be a SEFCU member for three months or more to take advantage of this option.

Q: How long is this Skip-A-Pay option being offered?
A: This option will be available for our members until further notice and may continue to evolve as we receive additional direction from state and federal authorities.

Q: What if my loan type is not eligible, or I do not qualify, but I still need relief?
A: SEFCU has several relief options available that may help you. Please visit this page to see more. If those options do not offer the type of relief you need, please continue to monitor this page and your email for SEFCU communications about new relief options.

Q: How do I apply for Skip-A-Pay?
A: You may apply by logging into your account online (by mobile device or desktop) and starting a live chat with a SEFCU representative or contact us at 518-464-5350. Please be aware that we are experiencing high call volume at this time and are working hard to assist each member as quickly as possible.

Q: How do I request assistance on my mortgage?
A: Please visit this page to submit a request to our Mortgage Servicing team and someone will be in contact with you as soon as possible.

Q: How do I cancel the automatic payment to my loan if I choose to skip a payment?
A: For automatic payments that were set up with SEFCU, we will assist you in cancelling those. If you have a payment set up by another financial institution, you must contact them to cancel your payment.

Q: Can I skip payments on more than one loan?
A: Yes, eligible members may request to skip payments on any eligible loan types.

Q: How long does it take for my Skip-A-Pay request to be processed?
A: All requests will be reviewed within 72 hours of receipt.

Q: Is there a fee associated with the Skip-A-Pay option?
A: No, this option is being offered to our members at no cost.