With the growing impact of the Coronavirus, we have been moving quickly to make sure you have access to the financial services and relief you need to ease your stress and give yourself some peace of mind. Here are some immediate steps we have taken to help members during this crisis.
Please let us know how we can help you.
For at least the next three months, we are waiving fees for overdrafts, late payments on loans, credit card cash advances, Certificate of Deposit (CD) early withdrawals, Reg D withdrawal limits, cashier’s checks, teller checks, money orders, ATMs outside the CO-OP Network, and fees when balances in Interest Checking drop lower than the minimum. These fee waivers are already in place and no action is required on your part.
You can defer your payments for up to three months on auto loans and unsecured term loans. During this time, interest will accrue as it normally would, but you will not be charged any late fees. The skipped payments are then added at the end of the loan.
- If you need to defer a loan payment, call us at 303-321-4209 or email us at WesterraCanHelp@WesterraCU.com and put “Skip Loan Payment” in the subject line. In the email, please provide your first and last name, phone number, email address, and the last four digits of your account number. Please include whether you are asking to skip one, two or three months’ payments. A Westerra representative will reach out to you within 2-4 business days.
- If you have a payment transfer set up from another financial institution, or in Westerra’s Online Banking, you will need to cancel it to stop the payment.
If you're facing financial hardship due to an interruption in your income, members who qualify can receive a 30-month Relief Loan with no payments and 0% for the first six months.
Call 303-321-4209 or email WesterraCanHelp@WesterraCU.com and put “Relief Loan” in the subject line. In the email, please provide your first and last name, phone number, email address, and the last four digits of your account number.
If you’re worried about making your mortgage payments, here’s what you should know:
- If you can, it’s best to continue making your mortgage payment because you will need to catch up eventually.
- Any late fees are waived for the next 90 days—April, May and June.
- If you need short-term assistance, you may qualify for our COVID-19 Relief Loan. Call 303-321-4209 or email WesterraCanHelp@WesterraCU.com with “Mortgage Help” in the subject line and explain your request.
- If you expect COVID-19 to impact you for a while, you may want to consider an initial relief option of a forbearance, which is a temporary stoppage of your mortgage payments for three months. If you need additional assistance after that time, we would work with you to determine the best options to resume payments. During the months of a forbearance plan, late fees are waived and missed payments are not reported to credit bureaus.
- The easiest way to start the forbearance process is to go directly to https://loansolutioncenter.com. Please be prepared to sign up, register and follow the prompts. You will need to have your Social Security Number (using the dashes between the numbers), the zip code of the property that is collateral for the loan, and your ten digit mortgage loan number. If you do not know your loan number, call 303-321-4209 or email WesterraCanHelp@WesterraCU.com with “Mortgage Help” in the subject line and request your number. After you register, if you do not receive a letter detailing what assistance can be provided within 14 business days, please email WesterraCanHelp@WesterraCU.com with your name, property address, and the last six digits of your loan number. We will research and reply to you as soon as possible.
- If you would like to call our mortgage service department to talk about this option, please reach out to them directly at 1-866-657-0139. Please be aware that they are currently experiencing extended hold times.
- If you prefer to email your request, send an email to email@example.com. Please include your name, property address and the last six digits of your mortgage loan number.
If you need help making payments on your credit card or home equity line of credit, please contact us to discuss your specific situation at 303-321-4209 or email WesterraCanHelp@WesterraCU.com with the subject line “Credit Card” or “Home Equity.”
If you have a business account at Westerra, we are standing by, and ready to work with you to find a solution for your specific situation. The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with the needs you have right now. Learn more.
- The Paycheck Protection Program (PPP) is an SBA loan designed to help keep workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Learn more.
- The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses currently experiencing a temporary loss of revenue. Funds will be made available within three (3) days of a successful application. This loan advance will not have to be repaid. EIDL loans are administered directly through the SBA and are funded by the U.S. Treasury— not through Westerra Credit Union. To apply for a COVID-19 Economic Injury Disaster Loan, click here.
- Westerra Credit Union Business Relief Line of Credit (Non-SBA Loan)- Current members may apply for this line of credit which includes a 12-month draw period and a special interest rate of Prime (the "Index") plus 0% margin rate for the first 6 months. To apply, just email us at WesterraCanHelp@westerracu.com and put “Business Banking Help” in the subject line. We will reach out to discuss this special low-interest line of credit and other options for your specific situation.
Additional resources are available at www.sba.gov or through the SBA Customer Service Center at 1-800-659-2955. Learn more.
The most vital thing we can all do to combat the virus is stay home. All Westerra branch lobbies are temporarily closed for the health and safety of our employees and members, but our drive-ups remain open if you absolutely must go to a branch. The vast majority of our team is working from home to make things happen behind the scenes, and to answer your calls and emails. You can also access your accounts through our Mobile App, Online Banking, Automated Telephone Banking and 1000 free CO-OP ATMs. If you need help using any of these services, please call us at 303-321-4209 or email us at email@WesterraCU.com.