IMPORTANT NOTICE: COVID-19 Financial Assistance
NOTICE TO MEMBERS
MARCH 24, 2020
Dear Valued Members,
Aero Services Credit Union continues to take measures in managing the impact of COVID – 19 in the interest of its staff, members and all stakeholders.
Over the years, as a Society, steeped in the values and philosophy of the Credit Union Movement, we have always worked with our members to find meaningful and relevant solutions to their needs, particularly in difficult times. For this reason, Aero Services stands ready to work with our members at this time.
We at Aero recognize the significant negative impact the COVID-19 pandemic is having and will continue to have on our members. In light of this, we are committed to work with members in offering the following adjustments based on your individual requests and circumstances. This is to ensure that members are positioned to weather this COVID-19 storm and recover to normalcy in the shortest possible time:
- Waivers of loan payments from 1 to 3 months in the first instance based on individual circumstances.
- Requests to loan restructuring will be considered on a case by case basis and members are asked to call in to set up a time for a phone / online interview.
- Requests for ‘Liquidity Relief Loans’ will be considered at reduced interest rates for members experiencing financial difficulty as a result of COVID -19. Further details will be provided upon completion of the discussions and negotiations with the Credit Union stakeholders.
- Members whose accounts are more than 30 days in arrears, will not be eligible for the deferral, but we encourage you to liaise with your Recoveries Officer to work out a solution.
- Aero Services will also waive the break-rate on Fixed Deposits being broken before maturity.
- ALL requests for financial relief must be supported by documentation from your employer.
We urge members to use the technology including, online services, telephone, email etc… to make contact and to arrange your requests. Our Customer Service Representatives, Recoveries Officer and all staff are here to work with you to overcome this challenge.
We thank you for your co-operation and look forward to your usual co-operation.
By order of the Board & Management of
Aero Services Credit Union.