COVID-19 Financial relief programs

Overview

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    While Share Certificates may be surrendered at any time, penalties may be assessed if withdrawn prior to maturity.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

  • 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 www.sba.gov  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].