Effective August 1, 2020, SECU will automatically defer payments for eligible member’s SECU loan(s), for the next three months to proactively offer financial relief when we know you need it most. If you decide you’d like to continue making payments, you may do so and no additional finance charges will be accrued. Payments will resume in November.
Things to Know:
- This program does not include Real Estate Loans such as – mortgages, home equity lines of credit, or home equity loans. Finance charges - will continue to accrue, and the maturity date of your loan(s), as applicable, is extended. Consumer loans that are associated with bankruptcy are also excluded from this deferment program.
- Automatic payments - if your payment was set up as an automatic internal transfer from a SECU account or from another institution, SECU has stopped those payments.
- Automatic payments through another institution - if you have payments set up through online banking/mobile banking or bill pay from another institution, you must cancel the payment.
- SECU Credit Cardholders - we are continuing our skip a pay program through September statements. Payments will resume in November.
Still have questions? Check out our FAQs:
Q - What do I need to do to accept the loan deferments?
A - No action is needed from you. This will be done automatically by SECU to better assist our members. No paperwork is required. Simply wait until the week of August 1 for the automatic enrollment.
Q - Will SECU automatically defer my consumer loan and credit card payments for three months?
A - Yes, excluding certain accounts. All consumer loans and credit cards will automatically receive the deferment during the week of August 1 2020. Finance charges will continue to accrue, and the maturity date of your loan(s), as applicable, will be extended. The only loans not eligible for deferment are consumer loans or credit cards that are associated with bankruptcy.
Q - What is the process to opt out of the deferment on my credit card?
A - There is no need to cancel the deferment. Continue to make payments on your credit card as you normally would.
Q - Can I make payments on my consumer loan and/or credit card during the deferment period if I choose to?
A - Yes, you can make payments on your consumer loan and/or credit card during the deferment period. Finance charges will continue to accrue, and the maturity date of your loan(s), as applicable, will be extended.
Q - After three months, will I be required to make four loan payments?
A - After the deferment period, you will resume making your regular monthly payment. The loan will mature 90 days later than your current maturity date. Because interest continues to accrue during the deferment period, you may have a slightly higher final payment at the end of the term.
Q - Will I be charged a fee for the loan or credit card deferments?
A - No.
Q - Will I be charged a fee for payments that are late?
A - No. During the deferment period, SECU will waive or refund any late charges assessed on deferred loans.
Q - What happens if my monthly payments are set up to automatically transfer from another financial institution?
A - You’ll need to contact your other financial institution and discontinue the automatic payments during the deferment period. You will need to re-establish those payments after the deferment period.
Q - Will I still get the deferment if I’m currently late on my payments?
A - Yes, you will still be eligible for the deferment. Your due date will be advanced by three months and will reflect on your statement.
Q - If I have already pre-paid my loans, will I be a part of the deferral?
A - No. Any loans that have been pre-paid through the deferment period will not receive the deferment.