We're giving you payment breaks and more!
WE STAND READY
We are monitoring the potential impact of the Coronavirus (COVID-19) across all our stakeholders to ensure we can support you, our most valued members appropriately through this period of disruption. As a result of the impacts of the Coronavirus, we are prepared to offer assistance to our members by making available a number of options to help you honour your respective loan obligations or savings arrangements with us. However, each member’s situation will be assessed on a case-by-case basis.
Until August 31, 2020, expect:
A Moratorium (payment holiday)
Only available to loans that are not in arrears as of February 29, 2020
Will be actioned only if a Payment Holiday Application Form is completed and submitted (via email) with a copy of your valid identification card
The principal amount payable for the period March to May 2020 will be deferred thereby extending the contractual end date of the loan
Original signed Payment Holiday Application Forms are to be submitted in the box provided at our branches or be sent by registered mail.
To accept this offer, complete our Payment Holiday Application Form (below) and email same to firstname.lastname@example.org along with a copy of your ID (Passport, Driver’s Licence or National). Please ensure that your contact number is clearly stated as our team will conduct verification via telephone.
A waiver on all late charges
Applicable to ALL current borrowers in good standing (not currently delinquent)
Applicable to Cash secured loans, Mortgages, Home Equity, Motor vehicle loans, line of credit and other credit facilities.
Penalty breaks on all savings (Partners, Fixed Deposits & Golden Harvest)
Members can choose to pay in advance or be allowed to pay Partner Plan or Golden Harvest during the month of May without being penalized for late payment. For example, weekly or bi-weekly Partner Plan agreements can be paid monthly and monthly Golden Harvest amounts can be paid for at the end of the period- May 2020.
There will be no penalty charge for withdrawals from Fixed Deposits, Partner Plans or Golden Harvest.
Waiver of transfer fees (internal) from Share accounts to main deposits
Applicable to all members
Request can be made using our dedicated email or telephone lines
No fee for transfer request (s) for the period March 19-May 31, 2020
Transferred funds can be accessed at any multilink ATM within 24 hours of making the request.
Lifting of five (5) days hold on cheques
This will be facilitated ONLY IF enough funds are in member’s account, should the cheque be returned.
We encourage members, particularly those in the hotel/tourism industry and self-employed small business operators to reach out to us on our dedicated lines at the end of this message should there be a need for a customized solution or to discuss the support available to you during this period. We understand that you may have a need to access emergency funds (whether by withdrawing from your account or applying for a small loan) to offset personal expenses; as such, our team stands ready to process these request within 24-48 hrs. for your convenience.
We implore you to exercise caution when conducting businesses online and are guided by the updates/instructions from the relevant authorities to ensure the safety and wellness of you, your family and the community and reduce the spread of COVID-19.
Stay Safe. Remain Healthy. Keep Financially FIT!
Chief Executive Officer, Gateway Co-operative Credit Union (2017) Ltd.