GM workers go on strike earlier in September. (Source: Shutterstock)
As 49,000 UAW members begin their third week on strike against General Motors, some credit unions are stepping up to keep them out of financial trouble.
When the workers went on strike Sept. 15, they traded paychecks of about $1,200 a week from GM for $250 in strike pay from the UAW.
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In a letter to members released Monday, Jill Reno, president/CEO of Financial Plus Credit Union, Flint, Mich. ($566.7 million in assets, 55,799 members) informed members of financial assistance options available for members affected by the strike, including:
- 0% unsecured loans up to $1,100 for 12 months with no payments for 60 days.
- Loan payment deferment for qualified existing loans held at Financial Plus.
- Waiving early withdrawal penalties for certificates of deposit.
"We sincerely care about you and your financial well-being. We understand the impact the recent UAW strike against General Motors could be placing upon you and your family," Reno wrote.
Other credit unions helping striking members include LAFCU, Lansing, Mich. ($744.1 million in assets, 66,057 members) and ELGA Credit Union ($721 million in assets, 76,493 members) based in Burton, Mich., just outside Flint.
LAFCU, founded by auto workers in 1936, has a page on its website with an application for a 24-month strike loan with a 6.99% interest rate. "The LAFCU Strike Loan can provide you with the relief you need through your financial struggles," it says.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
