Pandemic Help

Dear Community First Members –– By now, you probably know the drill.

Subsequent waves of COVID-relief checks are coming from the IRS. CFCU can only release those funds on the date specified by the IRS.

Kindly visit the IRS Economic Impact Payments Information Center page should you have questions about your eligibility, payment amounts, what to expect, when to expect it and more. 

Should you need to check your balance, kindly use mobile or online banking if you can. Our locally staffed Call Center has been taking a record number of calls from Members who need additional help. 

One last thing: a sudden rush of money from the government attracts scams. If someone offers “help” so that you can get your money faster … don’t!

Here is the latest information Community First has received from Treasury:

 

As authorized by the American Rescue Plan Act of 2021, the U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) will start printing and mailing Economic Impact Payment (EIP) checks. Estimated check volume is approximately 5 to 7 million checks per week. 

The Treasury check for an EIP will be the same as the Treasury check for a tax refund payment, except that the check will have identifying text in the memo field stating, “Economic Impact Payment”. 

Here is a sample of how the payments will look:

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When a once-in-a-hundred-year pandemic struck, Community First made quick changes to help. We instantly deferred 4,652 consumer loans so that Members could assess the economic damage posed by the shelter-in-place orders. Additionally, despite a near zero-rate environment on the deposit side, we kept interest rates relative high so that Members could continue to earn more. 

For those who refinanced their mortgage, our lowered rates saved them an average of $495 a month, every month! Further, an additional $52,000 a month (totaling $700,000 during the pandemic!) in common fees were waived, such as rush payments over the phone, providing another financial lifeline to many Members.

Beginning in April, after a year of waiving the $5 non-activity fee to our landmark Local Advantage Plus checking account, the fee will be reinstated. But it's easy to dodge: just use your debit card 12 times during them month. Regardless, you still earn .10% (APY), which is 10 times higher than the big banks, and you get 5% back on a portion of all purchases!

Lastly, if you need to check your balance, kindly use mobile or online banking if you can. Our locally staffed Call Center has been taking a record number of calls from Members who need additional help.