Alliance Credit Union posted this photo on Facebook of branch manager Rose Ann Cuddy, center, bringing lunch and umbrellas to workers on the picket lines at the GM Wentzville Assembly Center Tuesday.
Credit unions are finding ways to help members affected by the UAW's strike against General Motors from providing loan breaks in Michigan to handing out lunch and umbrellas in Missouri.
When 49,000 UAW members 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, 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.
Michigan is home to about 10,215 hourly GM workers, including 4,800 at its Flint Assembly plant.
Olga Long, SVP for strategic growth and marketing at Financial Plus, said on Tuesday that thousands of its members work for GM, and it has been encouraging them to come in before a crisis arises.
"Don't wait until bills start mounting," she said. "Get out in front of things, and start that conversation with your financial institution."
One member runs an in-home business while her husband works at GM. She came in recently to make arrangements for the income shock. "We were able to help her."
Other credit unions helping striking members include:
- Dort Federal Credit Union, Grand Blanc, Mich. ($962.4 million in assets, 92,811 members), which is based in Grand Blanc, Mich., about seven miles southeast of Flint
- Security Credit Union of Grand Blanc ($434.5 million in assets, 52,843 members), which was started by Buick employees in 1949.
- ELGA Credit Union ($721 million in assets, 76,493 members) based in Burton, Mich., just outside Flint.
- LAFCU, Lansing, Mich. ($744.1 million in assets, 66,057 members), founded by auto workers in 1936 in Lansing, where GM now employs 3,939 hourly workers.
LAFCU had an electronic sign outside a branch advertising "Strike Loans" four days after the strike began, and its website has a page for workers 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.
In Missouri, employees of Alliance Credit Union of Fenton, Mo. ($300.1 million in assets, 20,803 members) were handing out lunch and umbrellas to workers on the picket line Tuesday at GM's Wentzville Assembly Plant, which has 3,979 hourly employees and is 35 miles northwest of the credit union's headquarters.
Back in Flint, Long said she hopes the strike will end soon, but she is sure members and the community will withstand the economic stress.
"What Flint has gone through is nothing short of a miracle. It lands on its feet," she said. "Our members are strong. Our members are smart. And our members are tenacious."
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
