Update from Our Executive Management Team

This Page Will Be Updated Frequently; Check Back Often
Updated 5.15.20 2:00 pm
Protecting our community

There is no higher priority to Awakon Federal Credit Union than the safety and health of our members, staff and community. We are constantly monitoring the latest developments with respect to Coronavirus/COVID-19, so that we can be timely in our response and we will continue to implement additional precautionary measures to help you stay prepared and safe. We will provide updates as needed. If you have any questions or concerns, please call or text us at (989) 733.8557

Until further notice, our lobbies will be closed to the public. Our Drive thru service will remain open for normal business hours. We apologize for any inconvenience, our main priority is to keep our employees and members safe.

Our Wolverine Branch will re-open on Monday, May 18th.

Prevention Implementation at all Awakon Locations

• Increased cleaning and sanitizing of workspace and public areas.
• Social distancing when possible.
• Holding virtual meetings as needed.
• Staff working remotely or refraining from coming into the office if showing any symptoms of illness.

WE ARE ALL IN THIS TOGETHER

Please Use Our Online Services @ AwakonFCU.net,
our AwakonFCU Mobile App or Call/Text 989.733.8557 For Assistance

Crisis Management

Awakon Federal Credit Union has always had a Crisis Management Team in place to be prepared for emergency situations and to prevent or minimize any interruption of service to our members. Our Crisis Management Team has been meeting on a regular basis and is prepared to implement different phases of protection for our staff and members as needed.

Beware of Scams

Unfortunately, some people and companies are taking advantage of the fears surrounding the spread of the virus. Do not let fear cloud your judgment when accessing links from emails and social media.

Awakon Federal Credit Union continues to provide you with the best member experience possible. For convenience and 24/7 availability, we offer the following digital banking tools, which are easy to use.

Online Banking Services
Online Bill Pay
Alerts & Notifications
Online Statements
• Direct Deposit
• Transfer Money Between Accounts (Online and in Mobile App)
Person to Person Payments (P2P)
Online Loan Applications
• Mobile Deposits (AwakonFCU Mobile App)

In addition, in consideration and support of our member’s financial well being, we are waiving ALL phone payment and Skip-A-Pay fees, moving forward.

At this time we will be using Fannie Mae’s definition of a hardship for COVID-19 for our portfolio loans, which includes:
• Unemployment
• Reduction in regular work hours
• Illness of borrower/co-borrower or dependent family member

If a member has a Fannie Mortgage, they can contact NMS’ Loss Mit Team at lossmit@gonms.org ,text a message to 989.497.1440 or call 989.497.1651, ext 620. NMS will discuss workout options with them.

Please know that if you, our member, are experiencing financial hardships, Awakon is willing to work with each one of you to help keep you financially sound through this time in our country’s history.

COVID-19 Income Replacement Loan

For Members who are experiencing a financial hardship due to COVID-19 (Work Displacement, Unemployment, Reduction in regular work hours, illness of borrower/co-borrower or dependent family member, etc.)
-Loan amounts ranging from $500 up to a maximum of $1,500
-Terms up to 15 months
-0% APR for 90 days and then 5% APR
-First payment deferred for 3 months (90 days)

Apply online and email last paystub to lending@awakonfcu.net or text it to 989-733-8557, referencing your loan application.

If you are a small business owner, please follow this link for resources: Small Business COVID-19 Assistance

We Are In This TOGETHER!

If you have any questions, please call or text 989.733.8557

Your Funds Are Safe

We would like to remind you that your deposits at Awakon Federal Credit Union are safe. Awakon is well-capitalized and financially strong. Further, your funds are federally insured by the National Credit Union Administration (NCUA) to at least $250,000 and backed by the full faith and credit of the United States Government.

Stimulus Scam Notice:

Coronavirus Stimulus Scams Surface Targeting Members

Fraudsters have been quick to deploy scams involving the coronavirus stimulus package that would include direct payments to individuals and married couples filing jointly. Many variations of the scam could impact our members.

Better Business Bureau (BBB) reported that fraudsters have deployed a variety of scams involving coronavirus stimulus checks and have received several reports of coronavirus scams where individuals are contacted through text messages, social media post /messages, or phone calls.

One version of the scam targets seniors through a Facebook post informing them that they can get a special grant to help pay medical bills. The link within the post takes them to a bogus website claiming to be a government agency called the “U.S. Emergency Grants Federation” where they are asked to provide their Social Security Number under the guise of needing to verify their identity.

In other versions, fraudsters claim individuals can get additional money –up to $150,000 in some cases. The victims are asked to pay a “processing fee” to receive a grant.

In North Carolina, there are several reports of a coronavirus scam in which potential victims received phone calls. Fraudsters told the victims they qualified for a $1,000 to $14,000 coronavirus stimulus payment; however, they must first pay a processing fee.
Coronavirus direct payments will likely be in the form of direct deposits or through U.S. Treasury checks.

Fraudsters may look to seize this opportunity to create counterfeit U.S. Treasury checks to use in their scams. Knowing when the stimulus checks will be issued, fraudsters could steal U.S. Treasury checks out of the mail and attempt to cash them at a credit union after opening an account. This was a common occurrence in the aftermath of Hurricane Sandy as fraudsters counterfeited and forged U.S. Treasury checks representing the Federal Disaster Assistance checks.

Fraudsters may also attempt to convince members into providing their account number under the pretense of direct depositing the stimulus payment to their account.

As always, DO NOT GIVE OUT ANY PERSONAL INFORMATION.

STIMULUS PAYMENT INFO

A quick and easy way to see if you will receive your check this week, is to use our AwakonFCU Mobile App and follow three easy steps (shown below) or go to our Online Banking. Click on “My Accounts” and select “ACH Transactions” in the dropdown menu. (If you do not have an “ACH” pending, the ACH Transaction button will not appear on the Mobile App)
You can view your anticipated Income Tax Refunds here, also!

* Please note that call volume is high in our Call Center; the fastest way to check your ACH status is to use our AwakonFCU Mobile App or Online Banking.
**If payments are assigned to a closed or invalid account; like taxes, they will be sent back and a paper check will be issued.
***An automated clearing house (ACH) is an electronic funds-transfer system run by the National Automated Clearing House.

The U.S. Treasury Department and the Internal Revenue Service (IRS) have launched a web tool allowing quick registration for Economic Impact Payments (EIP) for those who don’t normally file a tax return.
The new tool can be found at: https://www.irs.gov/coro…/non-filers-enter-payment-info-here

MIMortgage Relief Partnership

Awakon is proud to be one of just over 200 Financial Institutions in Michigan,to offer relief to those who are struggling to pay their mortgages during the coronavirus pandemic.

MiMortgage Relief Partnership was launched to recognize and expand upon the measures that we have been taking to assist our members to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during this public health crisis.

Questions concerning the MiMichigan Relief Partnership?

Here is some helpful info to know…

What is mortgage forbearance?

Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.
Forbearance can help you deal with a hardship, such as, if your home was damaged in a flood, you had an illness or injury that increased your healthcare costs, or you lost your job. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
Link: https://www.consumerfinance.gov/…/what-is-forbearance-en-2…/

What Is a Grace Period?

A grace period is a set length of time after the due date during which payment may be made without penalty. A grace period, typically of 15 days, is commonly included in mortgage loan and insurance contracts.
How a Grace Period Works
A grace period allows a borrower or insurance customer to delay payment for a short period of time beyond the due date. During this period no late fees are charged, and the delay cannot result in default or cancellation of the loan or contract.
Payment after the due date but during the grace period does not cause a black mark to be added to the borrower’s credit report.
LINK: HTTPS://WWW.INVESTOPEDIA.COM/TERMS/G/GRACE_PERIOD.ASP

For more info on the CARES Act Mortgage Forbearance, please follow this link:
https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/?fbclid=IwAR15f2ZueoinRQRYs0K6gMGG1zBfXhZz0g2RIBpe3wVuDKfkjj6z74miLPI

Follow this link for a Consumer’s Guide to Coronavirus Mortgage Relief:

https://www.mcul.org/News?article_id=29777&fbclid=IwAR2YqLJhgrMWs0VtvUBtCKgAh-69pI-qoWzPb9oM-hEyX2Z0ixCNXWnsVQQ