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GECU IS READY TO SERVE OUR MEMBERS DURING THE GOVERNMENT SHUTDOWN
Our members and the communities that we serve are GECU’s top priority. We’re prepared to continue assisting our members who are impacted by the government shutdown with tools and resources that may provide some peace of mind during this time. If you are impacted by the government shutdown, we are here to support you with different solutions.
- Skip-a-payment1 option — extends your loan’s due date by one month on qualifying GECU loans. To request to skip a loan payment, please click here.
- Government Shutdown Assistance Loan2 — if you are an employee of a federal agency affected by the government shutdown, you may be eligible to apply for a Government Shutdown Assistance Loan. Click here to apply. Additional documentation may be required prior to loan funding.
- Deposit accounts solutions — GECU will waive the penalty fees for early withdrawals on certificate accounts. Overdraft fees will also be waived or refunded. Additional documentation may be required.
- Additional loan2 options — apply for a credit card or checking account line of credit. Click here to apply.
- Free financial literacy — our financial coaches are available to work with you to create a personalized plan. Click here to learn more.
FAQs
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Is my money safe in a credit union?Yes, credit unions remain financially strong. The National Credit Union Administration (NCUA) will remain open and individual accounts will remain federally insured during the federal government shutdown. Your money is federally insured and protected by the National Credit Union Share Insurance Fund of the NCUA.
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Do you have to be a credit union member to receive this support?We’re here for anyone affected by the government shutdown. If you’re not yet a member, get started by joining our credit union.
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Does GECU offer a loan for those affected by the government shutdown?Yes, we offer a Government Shutdown Assistance Loan.
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What is the APR for a Government Shutdown Assistance Loan?The Government Shutdown Assistance Loan APR is 6% for eligible members.
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What is the maximum loan amount I can request for a Government Shutdown Assistance Loan?The maximum loan amount you can request is $6,500 for a Government Shutdown Assistance Loan.
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How long do I have to pay back the Government Shutdown Assistance Loan?You may choose a repayment term from two months to up to 12 months for a Government Shutdown Assistance Loan.
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When is my first Government Shutdown Assistance Loan payment due?When applying for a Government Shutdown Assistance Loan, you have the option to select your first payment to be in 45, 60 or 90 days from the day that you finalize your loan.
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Will GECU check my credit score when applying for these loans?Yes, GECU will check your credit score, and all loans will be subject to approval. Other conditions may apply.
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Will GECU report these loans to credit reporting agencies?Yes, GECU will report these loans on your credit report.
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How will I receive these loans?GECU will deposit the loan funds into your share or checking account once all loan documents have been accepted by GECU and signed by all borrowers.
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Are there any fees associated with these loans?No, there are no processing fees on these loans.
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What happens if I am unable to repay a loan?Please reach out to the GECU Collections department to discuss alternative repayment arrangements by calling 915.774.6084
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I cannot make a payment to the loan(s) I currently have. Does GECU offer a skip-a-payment option?Yes, GECU can extend your loan due date by one month for qualifying loans. Interest and life/disability premiums will continue to accumulate during the period when no payment is made. Skipping a payment will extend the loan maturity date. Other conditions apply.