While the devastating financial impact of COVID-19 continues to escalate, Ent Credit Union responded by eliminating fees, reducing loan rates and launching emergency loans to help ease its members’ financial and emotional stress.
“Until further notice, we are suspending or drastically reducing fees,” said Chad Graves, Ent CEO. “This includes eliminating fees for excessive transactions for savings and money market accounts, minimum account balances, Skip-A-Pay and credit card usage for loan payments. Our overdraft/non-sufficient funds fees are now just $0.01. And we are also waiving early CD withdrawal fees to help members access their money for immediate needs.”
“We are also temporarily eliminating limits for the number of transfers from savings and money market accounts,” Graves said.
Ent wants members who are now without income and struggling to make their mortgage payment to reach out for help. Members won’t be charged late fees or have their credit impacted due to slow payment during this crisis. “They just need to talk to us. We’re here to help,” he said.
Included in the extensive list of ways Ent is taking action to help reduce financial strain for members are long- and short-term emergency loans of $1,500 to $10,000 with a 0.00% to 5.99% annual percentage rate.
In order to help keep Colorado businesses strong, Ent is also offering emergency business loans, doubling its business line of credit limit (up to $50,000) and offering assistance programs to corporate banking members.
“I’ve said it before, but as this pandemic progresses, I feel it’s worth repeating. At times like these, I am especially thankful we are a not-for-profit financial institution. This allows us the flexibility to do what is in everyone’s best interest – rather than what’s best for the bottom line,” Graves said.
For more info please visit Ent.com/Coronavirus.
Founded in 1957, for the second consecutive year Ent is ranked Colorado’s #1 credit union by Forbes. A different kind of financial institution, Ent is committed to improving members’ financial quality of life with better rates, lower fees and Ent Extras® Cash Rewards. With $6+ billion in assets, Ent serves more than 370,000 members at more than 35 convenient service centers all along the Front Range. Businesses and people (who live, work, worship or attend school) in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Elbert, Fremont, Jefferson, Larimer, Pueblo, Teller and Weld counties may join the not-for-profit financial, community-chartered credit union. Ent is an Equal Housing Opportunity and Equal Opportunity Lender, insured by the NCUA.