Indiana Credit Union League President John McKenzie was a guest on the WXIN FOX59 morning show where he talked about how credit unions are helping members during these challenging times.
McKenzie reminded viewers that credit unions follow the model of people helping people and putting people before profits. Due to their member-owned cooperative structure, this has always been the case in good times and bad. There are many important services being offered right now to help with the situations people are finding themselves in.
“Credit unions are reaching out to their members, seeing what their needs are, offering new types of loans with payments not due for many months, changing terms on existing loans, waiving fees, just a number of things,” he said.
He encouraged people to contact their own credit unions to see what options are available that can specifically help them.
Safety of credit union deposits compared to cash was also covered, with McKenzie explaining that money is safest in the credit union because of deposit insurance. Federally insured credit unions cover up to $250,000 per individual. He recommended that for those who need to get their money, they should make sure and become familiar with all of the electronic access options, drive-through service and other non-personal contact methods.
McKenzie closed the interview by emphasizing for the 2.6 million members of Indiana’s 151 credit unions, “While we all face concerns with health and the medical areas of our lives, in the financial area of their lives, for credit union members, credit unions are there for them as they always have been.”