Work Stoppage Policy

Existing Member Loans

 1.     We ask that you make your monthly loan payment if possible.

2.     If you cannot make you monthly loan payment, we ask that you come in to see us immediately.

3.     We ask that you pay at least the interest portion of your loan payment to avoid compounding of interest.  You will be able to make interest only payments for 180 days or until the strike is over, whichever is the shortest amount of time.

4.     Once you return to work we ask that you come into the credit union and complete a loan extension agreement.  One loan payment must be made before we could grant an extension.

5.     If you do not come in to file an extension, your loan will be considered delinquent and reverts to its original terms and will be reported to the credit bureau as delinquent.

6.     Within one month after contract settlement you are required to resume regular monthly payments.

 New Loans (while on strike)

 New applications for loans will be handled in the same manner as before the strike, adhering to current loan policy regarding loan limits, debt ratio, income, etc.

 General Services

 It will be the policy of this credit union, that during the strike in the Sponsor Company, the credit union will continue to provide services to all members.

The credit union will follow the guidelines set forth in this policy.

The Board of Directors has the right to change this policy at anytime.