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Financial Relief Programs

Financial Relief Programs

If you are experiencing a financial setback, our team of wellness experts is here to help

Mortgage Alert

Important message to our members experiencing financial hardship due to COVID-19

In addition to our standard financial relief and recovery programs, we have also implemented special fee waivers, terms changes, and product offerings for those requiring assistance as a result of the ongoing COVID-19 pandemic. Please click here for additional details.

Overview

DCU's team of wellness experts are here to help you by offering financial obligation relief and assistance plans, should they become necessary.

What to Expect

Custom Programs Whether you are facing a 3-6-month hardship, or your financial situation has changed permanently (such as a divorce, death, injury, etc.) DCU's team of wellness experts will work with you to create a custom program based on your current situation.
Financial Health Check An extensive review of your DCU account, monthly income, and monthly expenses will take place to see which options are right for you to help put you back on the road to financial recovery.
Contact Us To request a conversation with a wellness expert, please login to Online Banking and navigate to Account Manager to fill out a Financial Relief Request form.
Gather Documentation Please gather your documentation while waiting for DCU to contact you. A complete application package will help speed up the review and decision process. For consumer loans such as vehicle loans, personal loans and Visa® credit cards, we may only need proof of income.
Documentation Review Once your application is received, you will be notified within 5-7 business days confirming completion or if additional information is needed for review. Allow up to 30 days for review on real estate loans and up to 14 days on consumer loans such as (Auto, Visa®, Solar, Personal, etc) The timeframe for review is based on completed application.
Documentation

Proof of Income

Proof of income for all stated income sources (generally 2 most recent paystubs within the last 30 days or account statement showing that direct deposits were made) Also, your most recent 401(k) and/or retirement plan statement.

Hardship Letter

Hardship letter that explains the change in your financial situation.

Property Value

Most recent mortgage statement, if loan is held outside of DCU. A copy of homeowner’s insurance and property tax bill. If property is listed for sale, please provide full listing agreement.

Supporting Documentation

Any other documentation you would like to provide to support the financial hardship
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Financial Relief Request Form

Sign in to Online Banking and navigate to account manager to submit, and we'll respond within 5-7 business days.
Sign in to Online Banking and navigate to account manager to submit, and we'll respond within 5-7 business days.
  

Financial Relief Programs

Our approach is the same whether you have a mortgage, credit card, auto loan, or any other type of loan with us. Depending on your current situation, a wellness expert can help determine which options are best suited for your needs.

Some possibilities for Auto, Personal, Visa® and Solar include:

  • Deferment — Defer one monthly payment and apply it to the end of your loan.  
  • Interest-only payments — This program is designed for members that are in a temporary hardship that will be resolved within 3-6 months or have already fallen behind on their DCU payments and need help to catch up. The number of months that are reduced to interest-only payments will be applied to the end of the loan. For example, if you are approved for 3 months of interest-only payments, the term of your loan will be extended by 3 months
  • Work Out Loan — This program is designed for members whose financial situation has changed permanently (such as a divorce, death, injury, etc.). A Work Out Loan may allow you to change the original terms of your loan agreement and put you into a payment that is affordable. An extensive review of your DCU account, monthly income, and monthly expenses will take place to see if this option is right for you.
  • Re-Age — This program is designed for members that are already delinquent on their loan more than 180 days. A Re-Age allows a member to bring the loan completely current by adding the delinquent payments to the end of the loan, extending the maturity date by the number of payments missed.
  • Other Options — DCU has other financial wellness and recovery programs available. Please fill out the Financial Relief form found within Account Manager in Online Banking to learn more.

Skip-A-Payment

We are offering changes to our standard Skip-A-Payment program, including allowing members to skip two payments and no fee to participate.

Our approach is the same whether you have a mortgage, credit card, auto loan, or any type of loan with us. Depending on your current situation, a wellness expert can help determine which options are best suited for your needs.

Some possibilities for mortgages and home equities include:

  • Temporary Loan Modification — This program may allow a member a temporary reduction of payments or a reduction in the interest rate. Based on the members' financial situation, DCU may allow a modification on the original terms of the mortgage note to reduce the monthly payment to a more affordable level. The reduction of the interest rate and payments could be from 6 months to 1 year depending on the members' situation. After the assistance period has ended, payments are reverted back to the original terms.
  • Rewrite (Amending Terms of the Loan) — This program allows a member the ability to restructure the mortgage note or home equity loan by lowering the interest rate and monthly payment. The loan would then be recalculated to establish a new monthly payment.
  • Refinance — This program allows a member experiencing a hardship the ability to be brought current by refinancing the loan. A refinance is paying off an existing mortgage or home equity loan to structure a new loan secured by the same property.
  • Re-Cast — This program allows a member who has recovered from a financial hardship the ability to be brought current by Re-Casting the loan. The past due amount along with any applicable fees are added to the current principal balance owed and the loan is then recalculated to compute a new monthly payment based on the remaining term of the loan.

Financial Relief Request

Need to talk to a financial wellness expert? Submit a relief request in online banking and we'll respond within 5-7 business days.

Commercial & Business Relief

The impact to our community businesses affects us all. DCU has programs to support business members impacted by COVID-19.

At this time, DCU is not accepting new PPP applications.

Small business needs have changed as the COVID-19 crisis has progressed over the past several months. PPP was originally created to provide short-term financial relief to small businesses and Congress has made several revisions and amendments to the program to extend assistance while the pandemic continues. The PPP Flexibility Act, passed by Congress on June 5, 2020 changed some fundamental aspects of the existing PPP, therefore the guidelines for forgiveness must be adjusted as well. DCU is in the process of finalizing our forgiveness application system to reflect these changes. We anticipate launching our application system in the near future.  Please keep in mind that PPP borrowers have up to 10 months from the last day of their covered period to apply for forgiveness.

The PPP Flexibility Act has changed the following requirements:

  • Now only 60% of your total loan amount needs to be used for payroll costs, with no more than 40% of your loan to be used for non-payroll expenses, such as rent, utilities, etc.

  • PPP borrowers with loans approved prior to June 5, 2020 may now choose to use a covered period of either 8 weeks OR 24 weeks. The original PPP regulations stated that all loan funds must be used entirely within 8 weeks. 

  • PPP loans approved on or after June 5, 2020 now have a covered period of 24 weeks.

  • PPP borrowers with loans approved prior to June 5, 2020 now have the option of changing the term on the unforgiven portion of their loan from the current 2-year term to a term of 5 years. No changes to the loan term need to be made until borrowers have applied for forgiveness for their PPP loan.

  • PPP loans approved on or after June 5, 2020 have a default term of 5 years for any unforgiven amount of the loan.

  • All PPP borrowers, regardless of the date the loan was approved, have up to 10 months from the last day of their covered period to apply for forgiveness before payments are due.

  • For sole proprietors and self-employed individuals, owner compensation is calculated based on your 2019 net income. If using an 8-week covered period, divide the 2019 net income by 52, then multiply that amount by 8. Owner compensation for an 8-week period cannot exceed the amount of $15,385.00. If utilizing the 24-week covered period, divide your 2019 net income by 12, then multiply that amount by 2.5. Owner compensation for a 24-week period cannot exceed the amount of $20,833.00. 

  • A new safe harbor was established which created two new exemptions based on employee availability in which a reduction in FTE employees would not affect a PPP borrower’s forgiveness amount. During the period between February 15, 2020 and December 31, 2020, loan forgiveness is determined without regard to the FTE employee reduction if a PPP borrower, in good faith, is able to document that (1) they cannot rehire previously employed individuals or qualified employees; or (2) they are unable to return to the same level of business activity that the business was operating at before February 1, 2020 due to compliance with requirements established or guidance issued by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention or Occupational Safety and Health Administration relating to the maintenance of sanitation and social distancing due to COVID-19.

  • All PPP borrowers have the right to change the term of their PPP loan and we will address term changes in the near future.

FTE employee stands for “full-time equivalent employee” and is a figure used to calculate your forgivable loan amount. Instructions for how to calculate FTE start on page 4 of the Interim Final Rule on Loan Forgiveness.

The covered period is the number of weeks that you utilized your PPP funds. For PPP applications approved prior to June 5, 2020, your covered period will be 8 weeks or 24 weeks, depending on which of these timeframes you chose. If your PPP application was approved on or after June 5, 2020, your covered period is 24 weeks. 

The SBA expanded the eligibility requirements for businesses with owners who have past felony convictions. The changes made to the PPP application are as follows:

The eligibility threshold for those with felony criminal histories has been changed.  The look-back period has been reduced from 5 years to 1 year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have (1) been convicted, (2) pleaded guilty, (3) pleaded nolo contendere, or (4) been placed on any form of parole or probation (including probation before judgment).  The period remains 5 years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance.  The application also eliminates pretrial diversion status as a criterion affecting eligibility.

Everything from completing the application to submitting documents will be done online. DCU will not be accepting any paper applications to ensure the forgiveness process moves as quickly as possible. You will receive an email with a link to your application, which will be prepopulated with the details of your specific PPP loan. You will be able to update the online application and the system will use the information you provide to calculate the forgivable amount of your loan. You will also be able to upload and submit documents that support the information you provided directly through the online portal.

Please make sure that the email on file for the Membership under which you applied for the PPP is the best means of contacting you. We will only be contacting the primary email on Memberships with open PPP loans, regardless of what email you used on your PPP application or any email addresses you may have used to contact DCU in the past. If you are unsure of the email on your Membership, please send your preferred email address to [email protected]

You will receive an email with a link to your specific application. You will need to provide the name as it is listed on your PPP application (individual name or the name of the business) and the tax ID listed on your PPP application (SSN or EIN) to login. Then, you will be prompted to create your own password. You will be allowed to save your application and continue it later if needed.  

No, our forgiveness application will closely mirror the applications released by the SBA. We recommend that you read the instructions for forgiveness applications here.

DCU’s application system will calculate the amount of your PPP loan that is eligible to be forgiven. This amount will be calculated using the guidelines provided by the SBA. The SBA will review each application and determine the final forgiveness amount. DCU will only be reviewing applications to ensure they contain all the information and documentation required for submission by the SBA and will not be involved in determining forgiveness amounts in any way.

The exact documentation required varies depending on the type of business as well as how funds were used. Examples include, but are not limited to, payroll reports, tax documents, cancelled checks, bank statements, and receipts for services paid for directly from the account into which your PPP funds were deposited. If you would like to provide statements or any other documents from your DCU account, the SBA requires that you upload these documents to the application yourself. For example, if you want to use a DCU statement as proof, DCU can send the statement to you and you will need to upload it to your application. However, you cannot submit your application and request that DCU upload your statement to your application on your behalf. For the full list of required documents, please visit this website

No, your forgiveness application can be completed by anyone authorized to sign on the behalf of the business regardless of who applied for or signed the loan documents for the PPP loan originally. Please be advised that the forgiveness application does not currently require proof of the applicant’s authorization to sign on the business’s behalf, such as incorporation documents, partnership agreement, etc. However, we recommend that you keep these documents readily available in case they are requested by the SBA.

No, only an individual authorized to sign on behalf of the business can complete the application. This is because the application must be completed online and signed electronically. Thus, the person completing the application must also be the one to sign it. 

No, forgiveness applications will be randomly assigned to a loan officer for review. 

DCU is required to review your application and send it to the SBA no more than 60 days from the date your application is submitted. However, we anticipate that we will be reviewing applications much faster than this. The SBA can take up to an additional 90 days from the date your application is submitted to them to provide a decision on your application. 

Your first payment is due when the SBA issues the forgiveness amount, or the SBA notifies DCU that no forgiveness is granted. If you do not submit a forgiveness application, then your first payment is due 10 months from the last day of your covered period.

If the total amount of your PPP loan is forgiven by the SBA, all accrued interest will be forgiven in full. However, if only a partial amount of your PPP loan is forgiven, you will need to pay interest on the unforgiven portion. The amount of interest that has accrued during the deferment period will then be prorated so you are only required to pay interest on the unforgiven portion of your loan.

These bills are automatically sent each month and serve as a reminder to apply for PPP forgiveness as your due date approaches. You do not need to take any action in response to these bills. Furthermore, your first loan payment amount will be adjusted either at the time your loan is processed for forgiveness OR no later than 10 months from the last day of the covered period, whichever comes first. Please note that bills are calculated using the original terms of the loan. However, your final payment amount and loan terms will be adjusted to reflect the final unforgiven amount of your loan as well as the new term of your loan. DCU also recommends that you keep these bills for your financial records.

DCU recommends that you document the use of your PPP loan funds with as much detail as possible. You may want to reach out to your accountant, attorney, or tax advisor for assistance on how to document the use of your funds. We also request that you make sure that the email address on your DCU Membership is current. We will be contacting you about PPP forgiveness via the email address listed on the Membership under which you applied for the PPP. We also recommend that you familiarize yourself with the guidelines of the PPP by visiting this website as well the other resources referenced in these FAQs. Should you have any general questions about the forgiveness application or process, please contact DCU at [email protected].  

Member Assistance Program

During uncertain times, we want you to know you can count on us. To help ease the financial stress you may be under, we have made modifications to our fee structure and have updated the terms of some of our products.

Unlimited ATM Fee Reimbursements 

Not only do we not charge you for accessing your cash – we will help you out when others won't. Effective March 1, 2020 and until further notice, we’ll reimburse each of our members for all ATM fees charged by other institutions.

Overdraft & Nonsufficient Funds Fees

We understand that this situation has made your budget tighter than ever. To help alleviate that burden, starting on March 20, 2020, all Overdraft and Nonsufficient Funds fees will be reduced from $15.00 to $0.00 until further notice.

Up to 60-Day No Pay on New Personal Loans

For members who may need to borrow to meet their financial obligations during this time, we are not requiring payments for 60 days on personal loan products opened after 3/25/2020, including our Quick Loan product.

Skip-A-Payment Program

Defer two loan payments at no cost.

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Emergency Business Financing Options

Apply for emergency loans in Online Banking.

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Frequently Asked Questions

If you are unable to make your full payment or think you may be unable to in the coming months, contact us as soon as possible to discuss your options.

DCU will work with you to identify which options you may qualify for. Your mortgage relief options depend on many factors, including who owns or backs your mortgage. Nearly half of the nation’s mortgages are owned or backed by Fannie Mae or Freddie Mac. If you have a mortgage loan that is not backed by one of the federal agencies or entities listed above, there are other options available we can identify based on your unique circumstances. The CFPB and other financial regulators have encouraged financial institutions to work with borrowers who are or may be unable to meet their obligations because of the effects of COVID-19. In addition, many states are implementing or considering various mortgage relief options, including the suspension of foreclosures, as well as additional assistance for homeowners.

If your mortgage is a federally backed mortgage, you have two mortgage relief options under the CARES Act:

  • First, your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this period of time.
  • Second, if you experience financial hardship due to the coronavirus pandemic, you have a right to request a forbearance for up to 180 days. You also have the right to request one extension for another up to 180 days. You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.

Yes. DCU understands that there are financial ramifications that accompany 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.

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.

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 from the time you notify us. 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.

No. You will not lose any DCU benefits or services 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 over the phone.

No. There is no need to complete more than one application. Use the the Real Estate Hardship Application and specify your request within your hardship letter. We will use that application to consider assistance on all your loans with DCU.

We’ll accept the last 2 years signed tax returns as well as a profit and loss statement for the current year.

No. Unfortunately, there is a lot of misinformation out there that gives the impression a loan needs to be past due in order to qualify for assistance. We encourage you to not wait until you fall behind to apply for help and to reach out as soon as you encounter a financial hardship.

No. If you do not currently have income due to an unexpected hardship but have other means to make payments such as through family support and/or savings resources, describe what those are in your hardship letter. Additional information may be requested however your application will be reviewed to determine what options may be available based on your situation.

  • If you have questions regarding your student loans and making a payment, you can contact University Accounting Service (UAS), which is the loan servicer for your account.  
  • Website: www.uasecho.com
  • Mailing address: University Accounting Service, PO Box 5865, Carol Stream, IL 60197-5865
  • Telephone number: 800-723-2210

Resources

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: 

BALANCE Financial Fitness Program  

We've contracted with BALANCE – experts in debt and budget management. DCU Members can get free unbiased financial advice and assistance through 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

Using the services of BALANCE is free to DCU Members. BALANCE can be reached at 888.456.2227. Counselors are available Monday through Thursday, 8am to 11pm (EST), Friday 8am to 8pm and Saturday from 11am to 8pm.

Financial Education Videos

DCU's Education Center, powered by EVERFI, is a digital financial education program designed to help you better understand and manage your money.

Topics include videos on:

  • Banking Basics
  • Planning and Saving
  • Credit and Borrowing
  • Financial Health

Related Links

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  • 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.