Financial Wellness and Recovery
What DCU can do for you if you are now or think you may
soon be experiencing a financial setback
- We're here to help
- Q & A
- Contact Us
Financial Wellness and Recovery
- Receive help if you are now or think you may be soon experiencing a financial setback
- Common causes of financial setbacks includee job loss, death or illness of a family member, divorce, a spouse called to active duty in the military, or a member of your family on medical leave
- DCU offers many helpful options depending on your current situation
DCU is here to help
DCU isn't just there for you when times are good and you want to invest in a Certificate or get a great rate on a Home Equity Loan. At some point in each of our lives, we are likely to encounter some type of financial challenge. Whether it be the result of job loss, a death in the family, divorce, illness, or you just can't make ends meet, DCU will be there for you then too.
Getting help early is key to keeping even temporary financial problems from turning into major, complex, long-term difficulties. DCU encourages all members to contact us before you feel overwhelmed so that we can best assist you. We have a number of financial wellness and recovery programs available and we are here to help you.
By email: Contact Financial Wellness
By phone: 508.263.6700 or 800.328.8797 and ask to speak with a Financial Wellness Representative.
DCU encourages you to contact us at the first sign that your financial situation may be changing. Some common reasons to contact us are:
- Job loss or cutback of hours
- Death or illness of a family member
- A member of your family on Family Medical Leave
- A spouse called to active duty in the military
Most financial predicaments don't happen overnight. Once you start to feel a bit overwhelmed or start to exhibit any of the below warning signs, it is probably a good time to get some assistance. A credit problem could be in the future if you answer "yes" to any of the following:
- Are you usually late with bill payments?
- If you lost your job, would you be in immediate financial difficulty?
- Do you receive calls and letters from creditors about overdue bills?
- Have you withdrawn money from your retirement account to pay current expenses?
- Do you regularly use credit card cash advances to pay off other creditors?
DCU offers many options
Depending on your current situation, DCU can help determine which options are best suited for your needs. Some possibilities include:
- Temporary Reduction in Loan Payments on your existing DCU loans. The amount and term of the reduction is determined by your individual needs.
- Loan Rewrite or Extension on an existing DCU loan. The terms on your loan could be lengthened, or the loan could be re-written to minimize monthly payments.
- Continuation with certain Checking Benefits for up to one year if you have experienced a job loss.
- Penalty-free Certificate Withdrawals DCU will waive early withdrawal penalties on your DCU Savings Certificate Accounts.
- Personal Loans Consolidate your loans into one personal loan that combines your debt into one payment per month
- Financial Counseling DCU can work with you to map out what options are available both in the short and long term.
- Soldiers and Sailors Relief Act All financial institutions are required (and DCU does so gladly) to provide relief on loan obligations entered into prior to entering active duty when the borrower is a member of the Army, Navy, Air Force, Marines, Coast Guard, or officer of the Public Health Service detailed for duty with the Army or Navy, or a reservist called to active duty, by way of a lowered interest rate.
For more details on these options visit our web page, Is an unexpected loss of income creating a financial hardship for you?
Questions and Answers
Following are some common questions we get from members in certain circumstances:
Specific to job loss:
Do my loan payments accelerate?
No, your loan payment schedule remains the same, according to your original loan agreement. If you feel you may need some temporary relief or a permanent extension, contact us now before you feel overwhelmed.
Does DCU have any savings options in which I can temporarily deposit my 401(k) or pension funds, and preserve the tax deferred status?
Yes. You can do a direct rollover to a Traditional IRA. If you are later employed and find that your new employer will accept these funds into their retirement plan, you need only be able to identify the amount that was originally rolled in. Many members find it easier to keep 401(k) or pension funds in a separate Traditional IRA for record-keeping purposes, but this is no longer required.
Will I lose my Plus or Relationship benefits on my DCU Checking Account?
Normally, if you qualified based on direct deposit and it simply stopped, you would lose those benefits. However if you let us know, we will make sure those benefits continue for at least one year. By that time, we hope you'll be direct depositing your net pay from your new employer. This is an automated process, so make sure you let us know.
I had a number of benefits through my or my spouse's employer such as life insurance. Can DCU help me determine what I need to do to make sure I remain adequately covered?
Yes, through DCU Financial.
Does DCU offer financial planning and investment advice?
Yes, through DCU Financial.
Will I Lose My DCU Benefits?
No you will not lose any DCU services or benefits when you contact DCU about any financial difficulty. As long as you keep your Savings Account open and continue to maintain your accounts in good standing (by working with DCU), you will have the same accessibility to services such as Online Banking, Mobile Banking, ATMs, and the Easy Touch Telephone Teller System.
Can I discuss a loan modification even if I haven't lost my job?
Yes. DCU understands that many times as with a job loss, along with the emotional impact of an extended illness, a death in the family, or a divorce, there are financial ramifications. There's the possibility that what was once the obligation of two salaries is now dependent on one salary. It's better for all concerned to discuss potential options now before concerns become real problems.
Why doesn't the Financial Wellness form work with Safari 5.1.7 or Firefox 16.0.1?
I want to refinance my car loan. How can I start the process?
What if I do not have the best credit, would I still be able to apply for a personal loan?
can you apply for a personal loan if you have went bankrupt?
How can DCU help me with my school loan debt?
Contact Us Today
We can only help you if we know about your situation. Our main goal is to help our members before a financial difficulty becomes a more serious issue. Contact us:
Digital Federal Credit Union
Attn: Financial Wellness
PO Box 9130
Marlborough, MA 01752
Please include your name, member number, and a daytime phone number. Let us know what areas specifically concern you whether it be loan payments now, planning for your future, financial counseling, or just extending your direct deposit benefits.
508.263.6700 or 800.328.8797 Ask to speak with a Financial Wellness Representative.
Or contact us by email. A Financial Wellness Representative will get back to you within two(2) business days.
DCU has a number of resources available for all members no matter what stage you are in your financial situation. Whether you just want a hand in creating a monthly budget, or if you need some relief on loan payments, DCU has the means and resources to provide you with the assistance you need. Some services and programs we provide are:
DCU In-house Review
If your financial situation has changed, or if you are having trouble repaying your DCU Consumer Loan(s), let us know. We will assess your current loan situation and, if you are a member in good standing, come up with a solution. Options may be to temporarily reduce your loan payments or rewrite or extend your loan. We'll continue your direct deposit benefits and waive penalties on Savings Certificate withdrawals if needed. Call DCU at 508.263.6700 or 800.328.8797 and ask to speak to a Financial Wellness Representative, or send us an email.
A credit union subsidiary, DCU Financial has Financial Consultants that are available to meet with you. When a life changing situation occurs such as a job change, death in the family or divorce, our Consultants can help you create, review or best modify your financial plan. They will work with you to make a positive difference in your family's future financial well-being.
DCU Financial offers a variety of products and services to assist members with all aspects of financial planning. They offer brokerage services for investments as well as life insurance and annuities. DCU Financial can be reached by at 508.263.6077.
BALANCE Financial Fitness Program
We've contracted BALANCE to provide expert help in debt and budget management to our members. You can get free unbiased financial advice and assistance from them. They provide many valuable services and can help you with:
- Reviewing your credit report
- Negotiating with creditors and coming up with a debt management plan
- Preventing bankruptcy
- Money management including help balancing your check book, buying a home, goal setting, etc.
- Bill payment schedules and advice on the quickest way to pay down debt
BALANCE is free to DCU Members. Call DCU at 508.263.6700 or 800.328.8797 and ask to speak to a Financial Wellness Representative or email us to find out more about the program and determine if it is right for you. BALANCE can be reached at 888.456.2227. Counselors are available Monday through Thursday, 8 am to 11 pm (EST), Friday 8 am to 8 pm and Saturday from 11 am to 8 pm.
- Payment Protection – Ease your loan payments, protect your family, and safeguard your credit rating
- Guaranteed Asset Protection – If your car is totaled or stolen, this optional insurance covers the difference between the insurance settlement and the loan balance.
- DCU Insurance –DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
- How finance charge are computed –Discover how DCU calculates finances charges on your loan accounts.
- StreetWise guide to Credit and Credit Management – This section of StreetWise will talk about credit how it works, how to use it responsibly, how to know if you are having difficulty with credit, and what to do if you are.
- Other resources – View this list of benefits that DCU offers to every member