A Message to our Members from CEO Benson Porter
In 1935, a credit union formed to serve the needs of a community faced with economic hardship brought on by the Great Depression. A small and committed group of people pooled their resources to provide critical help to their coworkers by making loans. That's how BECU got its start, and saw first-hand how a financial cooperative can make a difference in people's lives.
Since that time, we have persevered through other periods of hardship and challenge for our members and communities. Today's unprecedented pandemic crisis affects each and every one of us in many ways. We face fears and concerns about the personal and financial health of ourselves, families, neighbors, businesses and social services that make up our community. This is a time to take care of the things that matter most, taking on the challenges we face to manage our lives and endure as a community.
In response to the crisis, we continue to introduce financial support options available to help our members in need of assistance. These include applying for a 0% Income Interruption Loan for up to $1,000, modifying loan payments, and waiving late fees on consumer loans, credit cards, and any penalties for early CD withdrawals. Payment assistance may be available on existing loans, along with deferring payments on student loans. BECU is also providing much-needed support to foundations and organizations throughout our communities.
You can find the most up-to-date information on becu.org about how to pursue financial assistance opportunities, along with relevant resources for managing your finances during these turbulent times. Banking is an essential function and BECU is open for business in every aspect. We have adjusted our retail operations, safety procedures and hours to safeguard the health of members and employees. I encourage all members to make every effort to do your banking from the safety of your home. You'll find many easy-to-use digital tools on our mobile app and in online banking.
Should your needs require working with us in person, I ask that you please make an appointment in advance. We are metering the volume of people allowed in our centers at a time, limiting the number of people inside our ATM vestibules, and observing safe social-distancing practices.
I want to assure you that in in this time of uncertainty, BECU remains in a strong financial position, and fully committed to the health and safety of members, employees and communities. The guiding principle all credit unions share is “People Helping People.” That mission motivates and inspires us to do more. Together, we will make it through these incredibly challenging times.