7 17 Credit Union Coronavirus Planning

To our valued members and communities,

All of us at 7 17 Credit Union hope that you remain well. These are disconcerting times, and while none of us know the degree to which we may be further restricted in our daily activities, we are confident our resilient communities will pull through.

In the meantime, your credit union remains strong and ready to serve. While we have steered routine transactions away from the lobbies in accordance with social distancing mandates, our drive-thrus, ATMs, call center and remote services continue to provide you with access to your accounts. Our Personal Teller Machines located at our Larchmont, Canfield, Cortland, Canton, Austintown, Howland, Hubbard, Kent, Ravenna and Boardman branches and our free-standing Express PTM in Weathersfield Township - provide a safe way to interact face-to-face with a Personal Service Representative via video. This technology allows for almost any transaction that could be performed inside a branch. Branch appointments are available for certain essential non-transactional services that cannot be provided remotely. A list of these services, along with recent updates regarding the current situation, can be found below. Protecting you and our employees, while maintaining service remains a priority, and we continue to follow measures recommended by the National Centers for Disease Control and Prevention.  

We know that many of you have been affected by the ramifications of the COVID-19 pandemic, and we are committed to assisting you. We have many options available to help and invite you to explore www.717cu.com or call our Teleservices department to learn more.

Every day our thoughts are with our members and the communities we serve. We are all in this together, and together we shall overcome these trying times.

Respectfully yours,

Gary Soukenik
President and CEO
 

All 7 17 branch locations are currently open. To reduce traffic in the branches, for the safety of members and staff, we encourage the use of drive-thrus, ATMs and PTMS, and onine and mobile banking options for routine transactions. We also request that members needing non-routine transactions make an appointment to meet with a Personal Service Representative.

In addition to our traditional drive-thrus, our Warren (Larchmont), Canfield, Cortland, Canton, Austintown, Howland, Hubbard, Kent, Ravenna and Boardman drive-thrus offer Personal Teller Machines (PTMs) which provide extended hours and services via two-way video with a Personal Teller or members can use the machines in self-service mode. Members can also visit our free-standing Express PTM in Weathersfield Township. Learn more about our PTMs.

COVID-19 related protocol:

• Based on current recommendations and mandates from the state of Ohio and the Centers for Disease Control and Prevention, 7 17 Credit Union will no longer require fully vaccinated members to wear masks in our branches. Members who are not fully vaccinated should continue to wear a mask per the state and CDC guidelines. Please note that we are still asking all members to practice social distancing. We appreciate the understanding and cooperation of our members in helping us to keep one another and our broader communities safe.
• Employees and members experiencing symptoms or feeling ill are asked to stay home.
• The lobby has clearly marked areas for members to sit or stand to maintain social distancing. 
• For security reasons, members and guest will be asked to briefly lower their masks.
• Protective barriers have been added at teller stations and the desks of Personal Service Representatives for added protection.

Just as we ask our employees to remain home if they are ill for the safety of our members and staff, we encourage members who are ill to avoid using 7 17 branches and instead utilize remote service points like 7 17’s Online Banking and Mobile App, and telephone banking.

If you have not taken advantage of these services in the past, but are interested in learning more, please visit www.717cu.com/Personal.

For members practicing social distancing and trying to reduce face-to-face interactions, our drive-thrus, ATMs and PTMs can provide you with numerous account transaction options. Online account opening and online loan applications are also available on our website and many of our loan options can be completed electronically.

Learn More About Our Remote Services
 

While 7 17 remains hopeful that any impact of the coronavirus (COVID-19) on our communities is well-mitigated and short-lived, we are committed to working with members that may suffer financial hardships as the result of the current situation.

To help our members through this difficult time, 7 17 is offering:

• free skip payments
• loan extension agreements
• loan modifications
• 60-day foreclosure and repossession holiday
• emergency loans

Members can learn more by calling our TeleServices Department:

Trumbull: 330–372–8100
Mahoning: 330–726–0344
Portage: 330–677–0001
Stark: 330–492–1106
Elsewhere: 800–775–7741
 

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Emergency Loans

If you find yourself in a difficult financial position, your credit union is here to help.
Members can take advantage of 7 17’s Emergency Loans to help them navigate the financial impacts from the COVID-19 pandemic. Members can apply for a loan amount that works for them – up to $15,000*, and choose their loan term – up to 60 months. Plus, we’re offering 90 days until your first payment.

Note: A $150 processing fee will be included in your approved 7 17 Credit Union Emergency Loan.

Here’s an example of how it works:

If you need $10,000, borrow $10,150 for 60 months and your monthly payment could be as low as $203.26.**

Please contact us for complete details on our Emergency Loan program and how we may be able to help you during this difficult time.

  Apply Now
(Important: when using our online loan application, select “Note Loan” as the Product, then select “Emergency Loan” as the Loan Purpose).

Disclosure:
*For well-qualified borrowers. **You must be a member in good standing and credit qualify. Payment example for a $10,150 Emergency Loan and term of 60 months assumes a rate of 6.99% (7.58% APR – Annual Percentage Rate) and these requirements: a credit score of 740. Other examples (when all requirements are met): If you borrow $10,150 for 48 months at a rate of 6.99% (7.70% APR), your approximate monthly payment would be $245.81; or if you borrow $10,150 for 36 months at a rate of 6.99% (7.90% APR), your approximate monthly payment would be $316.96; or if you borrow $10,150 for 30 months at a rate of 6.99% (8.05% APR), your approximate monthly payment would be $373.99. Payment examples are for illustrative purposes only – other loan amount and terms are available. Your individual Emergency Loan payment amount, rate and APR will vary based on factors such as, but not limited to, credit worthiness, loan amount and loan term. Emergency Loans are not eligible for any discounts. A one-time processing fee of $150.00 applies to any Emergency Loan, which is included in the loan amount; for example, if you borrow $10,150.00, you will receive $10,000.00 in disbursed funds. Contact us for complete details and current rates.
 

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Member Education

With all the uncertainty surrounding the COVID-19 pandemic, we wanted to remind members that our financial education partner, KOFE (Knowledge of Financial Education) is an excellent resource. They’ve compiled a list of free tips and resources to help you navigate the short and long-term financial impacts from COVID- 19. To learn more visit, 717cu.kofetime.com/covid-19-relief-programs/. 
 

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Member Assistance Programs

7 17 has compiled a list of organizations in the region geared towards helping our members during this difficult time. If you are experiencing hardships, please visit our list of assistance programs.*

*7 17 Credit Union does not make any claims, endorsements or guarantees if you contact or enter into any kind of relationship with any of these service providers.

 

The American Rescue Plan Act was signed into law March 11. As a result, the third round of Economic Impact Payments (EIPs or EIP3s) will start to be distributed this week. Payments will come in waves. The first group of people to receive their EIPs will be people who have filed 2019 or 2020 taxes and have their Automated Clearing House information on file with the IRS.

Information about additional waves and distribution dates have not been released.

Eligible taxpayers will automatically receive an economic impact payment of up to $1,400 for individuals or $2,800 for married couples. Please visit IRS.gov/coronavirus for details and the latest updates.

To date, the federal government has issued payments via direct deposit, Direct Express card (used for paying federal benefits like Social Security), a prepaid debit card or physical check.

The prepaid debit cards, issued by MetaBank and on the Visa Network, are called Economic Impact Payment (EIP) Cards. Please note that if you receive an EIP Card, there are fees associated with its use. The EIP Card also comes with online account access options. You can learn more by visiting www.eipcard.com.

If you receive your payment via direct deposit, you may notice your stimulus payment transaction initially coming across as "pending." First, financial institutions received a Treasury Department transmission which triggers the pending notification, the IRS then starts processing actual payments up to a few days later. As an electronic payment, it can then take a couple of additional days for the payment to make its way through the ACH. The payments will show as available as soon as 7 17 actually receives the funds.

Didn’t Get the First and Second Payments? Claim the 2020 Recovery Rebate Credit.

All first and second Economic Impact Payments have been sent. If you didn’t get the first or second payment or didn’t get the full amount you were eligible for, you may be eligible to claim the 2020 Recovery Rebate Credit. To receive this, you must file a 2020 tax return even if you aren’t required to file.
 
You can check the status of your payments by visiting IRS.gov/coronavirus. You can use the “Get my payment” function to check your payment status.

For our members that receive their payment via check, we ask that you consider using our Mobile Deposit function (within our Mobile App) for quicker service and to help eliminate long wait times in our drive-thrus. Learn more about our Mobile Deposit and Mobile Banking App. The use of Mobile Deposit requires a 7 17 Checking Account.

Paper checks can also be deposited at many of our ATMs. Find a complete list of our ATMs.
 

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Tips on using the economic impact payment

1. Prioritize. Focus on the bills that keep a roof over your head, the lights on and food on the table. Many utilities and communications providers are working to waive fees, keep the power on and your internet working.
2. Talk with your credit union or other lenders. Many offer low or 0%, small dollar loans, skip payments, loan modifications and other help so you can use your payment for critical needs.
3. Save some of it. If you set aside $100-200, that can provide a cushion for bills that are coming in a couple of weeks.
4. Don’t hoard cash. Keep it in your credit union. It’s safest there.
5. Protect yourself from scams. There are a lot of fraudsters trying to manipulate the crisis to their benefit. Watch out for suspicious emails, texts or phone calls.
6. Pay your taxes. The deadline for filing and paying income taxes has been extended to July 15. If you have not saved the money to pay them, you may want to consider using your economic impact payment to pay your taxes.

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We want to remind our members to be mindful of fraudsters during this time. This is a payment being issued to taxpayers, so if you are told you need to send money to anyone, it is a scam. The IRS will not call and ask you to verify your payment details. Do not give out account information even if someone claims it is necessary to get your check. It is a scam. If you receive texts or emails claiming that you can get your money faster by sending personal information or by clicking links, delete them. It is a scam. Please also be mindful of bogus checks. If you get one for an odd amount, it is a scam.

If you have additional questions about your economic impact payment, visit IRS.gov/coronavirus.

7 17 remains committed to assisting our members. We appreciate your patience and understanding during this difficult time. For the latest information from your credit union, please visit www.717cu.com/coronavirus-planning.

 

As a local business, 7 17 Credit Union cares deeply about our community and the individuals and businesses hardest hit by COVID-19.  To demonstrate our support, we want to draw attention to the programs we offer to our business borrowers and provide information about where to access the loans offered by the Small Business Administration (SBA).

BUSINESS LOAN PAYMENT DEFERMENT
If you are an existing business borrower and would like more information about a modification to your business loan:
 

• For Commercial Loans financed through our Commercial Lending Department (which are loan suffixes 51-59 or 40-41), please email your inquiry to one of the following 7 17 Commercial Lending team members:
   
  • Brett Carnahan – BCarnahan@717cu.com
  • David Kovacs – DKovacs@717cu.com
  • John LaBounty – JLaBounty@717cu.com


• For Commercial Vehicle Loans or Business Visas (or any business loan that is not suffix 51-59 or 40-41), you can request a "Skip Pay," which postpones two loan payments.  To request a Skip Pay, please complete the online form (please note: Under Step 1 "Loan Type," click "Other" and write "Business Loan").

CARES ACT: ECONOMIC DISASTER LOANS AND PAYMENT PROTECTION LOANS FROM THE SBA
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the largest economic relief bill in United States history and allocates funds in support to individuals and businesses affected by the pandemic and economic downturn.  We have compiled the following information to help guide you on where to apply to access the SBA funding:
 

• Payroll Protection Loan (PPP) - Because 7 17 Credit Union is not an active SBA lender, we do not offer the SBA’s Payroll Protection Program.  Many other lenders around the state are also not participating, are only processing loans for existing customers or have stopped taking applications due to a backlog of requests limiting access for many businesses.  While we do not vouch for their ability to deliver or the quality of their offerings, the SBA has now allowed some large Fintech companies to begin processing PPP loans. In researching options, please make sure the solution is endorsed by the SBA, as there is considerable fraudulent activity surrounding COVID-19.


• Economic Injury Loan (which includes the Debt Relief Program, the Express Bridge Loan, etc.) - Please apply directly to the SBA via this link: https://www.sba.gov/funding-programs/disaster-assistance.   Be advised that the online application site has been overloaded, but please keep trying.


• Additional Resources - Our local SCORE program may be a helpful resource on the SBA application process:
  
  Youngstown SCORE office
  101 West Rayen Ave.
  Williamson College of Business - YSU Campus
  Youngstown, OH 44555
  Ph: 330-941-2948

 

Fraudsters are leveraging fears over the coronavirus as an opportunity to scam financial institutions and individuals. Scams include phony websites, fake GoFundMe accounts and phone calls and text messages that ask for personal information.

We want members to be aware of the measures you can take to safeguard your information, whether using your personal computer, laptop or any mobile device. By visiting www.717cu.com/bestpractices, you can review safety information for online and mobile banking, mobile devices and email, as well as fraud prevention tips.

Here are a few quick tips to keep your information safe:

• If you did not request to be contacted, do not give your account information or Online Banking login credentials to anyone who is contacting you by phone or online.
• If you receive a phone call, email, text or other electronic communication that is suspicious, do not give out any personal or confidential information.
• If you feel that your account information may have been compromised, please contact 7 17 .

It’s important to note that 7 17 will never call you or text message you requesting your NetWorth24 Online Banking username or password, your account numbers, your social security number or other private, identifying information.