Altra Federal Credit Union will provide its teller and member relations team with 20% premium pay to help members during the COVID-19 pandemic.
The premium will remain in effect until the office lobbies can reopen.
“As an essential business, these frontline employees are here for our members on a daily basis to help them with their financial needs,” said Steve Koenen, Altra’s president and chief executive officer. “They are our heroes, and this is just a small way we can recognize the important work they are doing.”
To protect the frontline team as they continue to come to work every day, Altra’s business innovation team rallied to make more than 100 cloth face coverings.
Altra suspended service in lobbies March 19; however, it continues to conduct in- person business through the drive-up lanes at branches that have drive-up lanes. The branches accept deposits, loan payments and documents in their night deposit boxes.
Almost all business with Altra can be done electronically or by phone, and Altra encourages members to use those channels whenever possible.
In addition, Altra continues to pay its entire working team of more than 440 employees. The majority of this team was quickly deployed to work remotely to protect employees and the public health in early March. All credit union functions are operational and running efficiently.
To help members, Altra introduced a 2020 relief loan that offers a loan of up to $3,020 with no interest and no payments until July 15. Altra also works one-on-one with members who are experiencing significant financial hardship as a direct result of illness, business shutdowns, or shelter in place orders due to COVID-19. To date, Altra has worked to defer payments on close to 2,000 loans that total more than $70 million in loan balances.
As an SBA preferred lender, Altra further helps business members by processing paycheck protection program loans to more than 300 impacted businesses, resulting in more than $20 million loans in process.
“This is a very challenging time, and we are responding to care for our employees, members and our community,” added Koenen.
Altra encourages its members to visit the COVID-19 information page at altra.org for updates and information.
Altra Federal Credit Union has made members a fundamental part of its vision since 1931. Thorough the years, that focus has seen the credit union grow into a leading financial institution with more than $1.7 billion in assets and more than 111,000 members worldwide. Both not-for-profit and member-owned, Altra’s mission is to create member loyalty by providing products, services and guidance that enable members, staff and communities to prosper. In addition to banking services available through online, chat, mobile or phone options, Altra offers a full range of financial services, from personal and business to lending and investments.