Local Government Federal Credit Union has come up with a creative way to help members who have lost their jobs.
To help ease the stress, the Raleigh, N.C.-based credit union has added "unemployment protection" to its share term certificates. Members now have the option of withdrawing funds from their share term certificates early without penalty. According to Maurice Smith, president of the $990 million credit union, the solution is a benefit 'that works for our members even if they aren't."
"Right now, people need a helping hand more than ever," said Smith. "The waived penalty may not be that much, but it's the peace of mind that comes with knowing you can access your money if you need it-that's what we want for our members."
The move is a timely one as the current North Carolina unemployment rate is about 11%.
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