7 17 Credit Union Coronavirus Planning

7/17/2020
Important Notice:  For more than 60 years, 7 17 Credit Union has worked diligently to protect the financial well-being of our members. As a business and community employer, we also feel it is our responsibility to protect the physical well-being of our employees and our members while they are conducting business in our facilities. With the advent of the COVID-19 pandemic, this has never been more true or more challenging.

Beginning Monday, July 20, 2020, we will respectfully require all members to wear face coverings when conducting business inside our locations. Exceptions as recommended by the state of Ohio will be made, including for children 10 years and younger. As a security precaution, members will be asked to briefly lower their face coverings for identification purposes once inside the branch. We understand that some individuals prefer not to wear masks and other face coverings.

However, the preponderance of the scientific evidence, including recommendations from the CDC, demonstrate that masks can significantly reduce the spread of COVID-19. Because the virus can be spread by people who don’t have symptoms and don’t know they are infected, it’s critically important for everyone to wear a face covering in public and to social distance when and where possible. Difficult times call for difficult decisions. If we err, we will err on the side of doing all we can to protect our employees and members out of care and concern.  

We will gladly assist members unwilling to wear a face covering in our drive-thrus. Many transactions can also be performed by utilizing our ATMs, Personal Teller Machines, and online and mobile services. 

We appreciate the understanding and cooperation of our members in helping us to keep one another and our broader communities safe.

As of June 1, 7 17 Credit Union’s branch lobbies reopened to members for regular transactions.

To learn more about our COVID-19 protocol while visiting branches, please visit the Branch Access Tab below.

7 17 Credit Union is continuing to monitor the national, state and local circumstances surrounding the spread of the coronavirus (COVID-19). With a focus on protecting our members and employees, we have been following the National Centers for Disease Control and Prevention (CDC) recommended guidelines for wellness and prevention, and taking steps to avoid potential disruptions of service to our members.

7 17 has a business continuity plan that is regularly reviewed and updated. Contingencies within the plan will be enacted as need arises. In the event that circumstances necessitate any changes in member service, we will notify members as quickly and effectively as possible. For the most up-to-date information, we recommend regularly checking our website at www.717cu.com.

7 17 remains committed to assisting our members and we appreciate your understanding and cooperation during this difficult time.
 
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 and Kent branches 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
 

Branches with Opened Lobbies and Drive-Thrus as of Monday, June 1

Airbase (no public access)
Austintown
Boardman
Canfield
Canton
Cortland
Warren (Larchmont)
Howland
Hubbard
Kent
Ravenna
Vienna

In addition to our traditional drive-thrus, our Warren (Larchmont), Canfield, Cortland, Canton, Austintown, Howland and Kent 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.  Learn more about our PTMs.
 
COVID-19 related protocol:
  • All 7 17 employees will be required to wear masks (unless they have a note from a healthcare professional indicating they cannot wear a mask due to health concerns) out of respect for our members’ and coworkers safety. We require that members entering any 7 17 branch or vestibule likewise respect the safety of our employees and other members by wearing masks.
  • Employees and members experiencing symptoms or feeling ill are asked to stay home.
  • The lobby will have strict occupancy limits with clearly marked areas for members to sit or stand to maintain social distancing. There will also be designated waiting areas outside of the branch. If this area is full, we ask that members please remain in their vehicle until a spot opens up or please proceed to the drive-thru (if drive-thru service is available) or ATM. During inclement weather and periods of heavy volume, members may be advised to wait in their vehicle until called upon by a 7 17 staff member.
  • There will be a designated 7 17 staff member who will assist you with your visit. Please do not enter the branch until you are cleared to enter.
  • For security reasons, members and guest will be asked to briefly lower their masks at a designated and marked area at or near the branch entrance.
  • 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
 
Shared Branching transactions will resume at all 7 17 Credit Union branches except at our Austintown and Howland branches on Monday, June 1. Please note that 7 17 will continue its standard practice of not processing Shared Branching transactions in our drive-thrus. Please visit co-opcreditunions.org or call 1-888-SITE-CO-OP (888-748-3266) toll free to find the nearest Shared Branching location, along with its address, directions and lobby hours (if available).
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
 

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.

 

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/financial-tips-for-a-pandemic
 

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 United States Treasury Department and the Internal Revenue Service have issued more than 140 million stimulus payments since April, with more on their way.

Eligible taxpayers who filed a federal tax return for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents will also receive $500 for each qualifying child. Please visit IRS.gov/coronavirus for details and the latest updates.

The vast majority of individuals are not required to take action. The IRS will calculate and automatically send the economic impact payment to eligible individuals. For those that have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.

To date, the federal government has issued payments via direct deposit, Direct Express card (used for paying federal benefits like Social Security) or physical check. During the week of May 18th, the Treasury and IRS began sending out nearly 4 million payments using a new method: a new prepaid debit card.

The prepaid debit cards, issued by MetaBank and on the Visa Network, are called Economic Impact Payment (EIP) Cards. If you are still awaiting your economic impact payment, you could potentially receive one of these cards in the mail. 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 Automated Clearing House (ACH). The payments will show as available as soon as 7 17 actually receives the funds.

If you have not yet received your payment, we recommend that you visit 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.
 

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.


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:
     

  • 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.