Credit Union News

SEQUESTRATION ASSISTANCE

If you're a federal civilian worker concerned about the effect sequestration may have on your finances, RBFCU is offering resources to help.

Early Withdrawal of Certificates

Affected members who currently have money in certificates with RBFCU will have the option to withdraw their funds without paying early withdrawal penalties. Many people establish certificates as a way to set aside some emergency money, and we want to give you the opportunity to access that money during this time.

Loan Options

A special loan offering will be available for members affected by sequestration cuts. This loan will be available at a rate of 6.9% APR and will be due on December 1, 2013. At that time, members may pay the entire loan back, or they can refinance it for another 12 months and begin making monthly payments.

Our goal in providing these resources is to help members manage their finances during a stressful time. We hope to give members some breathing room as they work to "step down" their financial obligations and adjust to furloughed or differing pay rates.

If you are a member affected by sequestration, you can contact us through a NetBranch Online secured message, call the Member Service Center or visit your neighborhood branch. You'll need to either have a direct deposit from a federal civil service organization or provide a pay stub from your employer.

If you anticipate additional financial difficulties because of sequestration, please do not hesitate to contact us. We want to provide you the resources to succeed and to take care of your family, and to help you retain financial peace-of-mind whatever the situation.

All loans subject to credit approval. Affected RBFCU members who do not currently have direct deposit with the credit union will be asked to provide pay stubs to verify civil service employment and income.

The refinance payment per $1,000 is approximately $86.73 per month for 12 months at 6.9% APR based on a first payment on 1/15/2014. Contact our Consumer Lending Center for more details. Some restrictions may apply.