Maine Credit Union proposes to defer loans to its members

The company says the optional 3-month program will be offered to members whether or not they have been directly affected by the virus.

HAMPDEN, Maine – One Maine Credit Union has come together to help Mainers feeling financial pressures caused by the COVID-19 virus.

Maine Savings Federal Credit Union is postponing all of its loans, visa payments, and mortgages for the next three months.

The company said the optional program will be offered to members whether or not they have been directly affected by the virus. Maine Savings President and CEO John Reed said the payment stops carried no penalties for members.

Reed said that during this difficult time, they wanted to help allay people’s concerns.

Reed said, “There is a terrible burden there. People lose their jobs, they are laid off temporarily or permanently, and businesses have to close. So the best way we felt we could help was to defer their loan payments. “

Reed also said that access to cash is another big concern that worries many people. He said the Fed has assured banks and credit unions that they will always have access to the liquidity consumers need.

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At NEWS CENTER Maine, we focus our news coverage on the facts, not the fear surrounding the disease. To see our full coverage, visit our coronavirus section, here: / coronavirus

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