Member Emergency Relief Plan
At ALPS Federal Credit Union, the health and well-being of our members, team members, and community is our top priority. Because of our strong capital position, we are empowered to help our membership through the unprecedented long-term effects of the COVID-19.
In order to support and give credit union members flexibility to manage the challenges and hardship that they may encounter as a result of the spread of COVID-19, the credit union has created this COVID-19 Emergency Member Assistance plan that can be used during the current pandemic. This plan is intended to be temporary in nature and shall be in effect as of March 13, 2020 and will remain in effect until terminated. Discontinuation of this plan will be the responsibility of the credit union’s management who will rely on information received by the Governor of the State of Alaska and City Administration.
Actions for Immediate Relief and Assistance
ALPS FCU recognizes that members may face financial difficulties or loss of income due to the Coronavirus pandemic. We are committed to being responsive to the needs of our members as the situation evolves. In the true credit union spirit of people helping people, we will offer the following relief options to all members in need:
Secured and unsecured consumer loans (auto, boat, hi-line, signature, Visa, other)
- Up to 90-day skip payment (fees waived).
- Loan payment reduction up to 3 payment cycles.
- We encourage members NOT to skip payments on hi-line lines of credit, signature loans, or Visa loans.
Mortgage and Commercial Loans
- 60-day payment extension on mortgage and monthly installment commercial loans.
- For SBA PPP and EIDL information, visit our COVID-19 relief site.
- Contact us directly at (907) 747-6261, Option #3 or email email@example.com.
Emergency Hardship loan
- One loan per member up to $5,000
- 6% rate regardless of credit tier
- Up to 24 month term
- Membership open for six months
- Must be a member in good standing and not causing a loss to the credit union
- All Reg D fees will be waived (over 6 transfer limit from primary share account)
- Certificate early withdrawal penalties waived
- Use your Certificate or IRA for a share secured loan rather than early withdrawal
- IRA minimum distribution requirement has been waived
- Financial counseling, advice on modifying a loan, or restructuring debt (contact our loan department)
To qualify for any of these relief options, you must have experienced at least two weeks of lost or significantly reduced (50% or more) work/wages resulting from one of these qualifying COVID-19 factors:
- A lay off/loss or reduction of employment
- Required quarantine, at the instruction of a health care provider, either the individual’s health care professional or a local, state, or federal official, in order to prevent the spread of COVID-19
- Time off work to care for an immediate family member diagnosed with positive COVID-19.
- Time off work to provide childcare to elementary age (or younger) or special needs children resulting from school or childcare closures.
- Other COVID-19 related scenarios
ALPS FCU reserves the right to verify member circumstances by requesting proof of unemployment, a furlough letter, or other documentation.