As the impact of COVID-19 (Coronavirus) has deeply disrupted nearly every aspect of our lives, we want you to know that we are here to stand by you and help you through this ever-changing situation.
In light of the recent “Stay Home, Work Safe” order made by San Antonio Mayor Ron Nirenberg and Bexar County Judge Nelson Wolff, we want to remind you that Generations Federal Credit Union will remain open and ready to assist you with all of your financial needs. Further, we are providing the following accommodations to assist our membership through this challenging time:
Loan Payment Relief
- 90-Day Payment Deferment on Consumer and Home Loans – Effective April 1, 2020, we will be providing a 90-day payment deferment for all consumer loan types (auto loans, credit cards, personal loans, mortgages and home equity loans). This will apply to all loans that are current (less than 30 days past due).
- Auto Loans, Personal Loans, Credit Cards, and Non-Homestead Residential Loans: April, May, and June payments will be deferred automatically. No action is required on your part. However, if you currently have automatic payments set up on your loan from GFCU or another bank/credit union, you will need to cancel them.
- Mortgage and Home Equity Loans: If your loan is being serviced by Midwest Loan Services and your ability to pay your mortgage is impacted, you may be eligible to delay making your monthly payments, without incurring any late fees or negative reporting to the credit bureaus. Please call Midwest at 800-240- 4214 or email firstname.lastname@example.org for assistance.
Mortgage and Home Equity Loans being serviced by Generations Federal Credit Union will be deferred for 90-days with no other action required on your part.
- Late fees will not be charged.
- Deferred payments will not be reported negatively to credit bureaus. Your original loan term will be extended by three months.
- If you are not seeking payment relief at this time, please continue making your normal scheduled payments.
- If your loan is more than 30 days past due, we are here to assist you. Please give us a call at 210-229-1128 to discuss options. There are a number of ways in which we may be able to help, including loan deferment and modifications, depending on your specific situation.
- Commercial Loans: Payment relief options will be reviewed on a case-by-case basis. Please call our Commercial Services team at 210-767-5202.
*Please note that interest will continue to accrue during the deferment period and this payment relief offer does not represent debt forgiveness. Deferred payments may not be covered by debt cancellation, GAP, or credit insurance products. Please see your agreements with those providers for details.
- No-Penalty Certificate Withdrawal – Eligible members will be able to withdraw funds from certificate accounts without penalty. However, please note that the safety and security of your funds is in no way compromised by current economic circumstances. As always, your deposits with the credit union are insured up to $250,000 per member by the National Credit Union Administration (NCUA).
- Waived Fees for Wire Transfers – Incoming and outgoing wire transfer fees will be waived.
As we announced last week, we have closed our branch lobbies temporarily for the safety and well-being of our staff and members until further notice. We have also extended hours at all of our drive-thru locations and our member call center. We encourage you, if you have not already, to enroll in Online Banking and download our Mobile Banking App for easy online access to your accounts.
Services Available to you 24/7:
- Online Banking, Mobile Banking & Bill Pay
- ATM Networks
- EMV/Contactless Credit and Debit Cards
- No touch point-of-sale payments.
- Night Deposit Boxes
- Available at all traditional branch locations.
During this time of uncertainty, we want to thank you for your membership. Thank you for trusting us with your financial needs. Please rest assured that GFCU, as always, will remain here to help provide you with the tools and products you need to ensure your financial stability and safety.
President & CEO
Generations Federal Credit Union