"Greater Texas Credit Union initiated and activated it's new Member Assistance Program, for current credit union members furloughed and affected by the government shutdown.
The Membership Assistance Program (MAP), can be initiated and activated by Executive Management during a myriad of significant events, including by is not limited to, severe weather events, government shutdowns, or other scenarios that impact a large sector of Greater Texas' membership. In light of the current economic strain many are feeling, current credit union members are able to apply or request assistance through the following 4 programs: Helping Hand Loan, Furlough Assistance Loan, Skip-A-Pay with waived fees and adjusted Fees and Charges for early savings withdrawal. Members cannot join the credit union just to receive these assistance steps. If Greater Texas Members have questions, they can contact the credit union at 800-749-9732
Helping Hand Loan -- these loans, offered year round, can assist members with the financial challenges they may face due to significant unplanned event. Benefits include: low, fixed rate, 10 month repayment, minimum loan amount of $700 to a maximum loan amount of $2,500. Members may receive one Helping Hand Loan in a rolling 12 month period.
Furlough Assistance Program -- A new loan with 0% interest and with a one-time payoff due at 60 days after funding. A loan of $500 can be funded without underwriting. Loans above $500 will undergo normal underwriting criteria. A loan maximum will be capped equal to the member's net monthly government payroll.
Skip-A-Pays -- While Skip-A-Pays options are offered twice annually to the membership for a $25 fee, for this instance the fee will be waived for those members impacted by the furlough event.
Fees and Charges -- Further fee and service or transactional charges may be reduced or waived in relation to early withdrawal fees related to Term Share Certificates and Christmas Club Accounts.
'It's imperative that in this time of uncertainty for government workers, that we step in to help in a big way.' said Greater Texas Credit Union President and CEO Howard Baker. 'Our philosophy of People Helping People is never more applicable than now, as credit unions across the nation are supporting their members through special programs. This isn't the first time, and it won't be the last, that Greater Texas deploys special measures to help members pay bills, feed their families, and meeting their financial obligations in the face of government shutdowns and natural disasters.'
Greater Texas Credit Union was created as a credit union to serve a state agency and has a long and valued relationship with state and government workers. On January 4, 1952, the Texas DPW Federal Credit Union was formed to serve all employees of the Texas Department of Public Welfare. In 1977, the Department of Welfare became the Texas Department of Human Resources, and so the credit union's name was changed to reflect that. In February 1986, the agency once again changed its name, this time to Texas Department of Human Services. A name was then chosen to represent the more diversified credit union membership, and Greater Texas Federal Credit Union was selected. Greater Texas Credit Union has 19 locations across Texas and has been serving Texans since 1952."