COVID-19: Revelstoke Credit Union defers mortgages, loans

RCU said other options include approving lines of credit, increasing credit and offering other loans

The Revelstoke Credit Union (RCU) said it is doing everything it can to help members during the COVID-19 pandemic.

“We want people to reach out to us and not be struggling alone,” CEO Roberta Bobicki said.

Some of the options offered by RCU include deferring mortgages, loan payments and providing mortgage re-advances.

Bobicki said the real bonus to being a credit union is the ability to do what’s best for Revelstoke. RCU is governed by its own board of directors and doesn’t need approval for decisions they make from a head office elsewhere, such as Toronto.

“We live and work right here,” she said.

READ MORE: Revelstoke Credit Union – 65 and Going Strong

Other options include approving a line of credit, increasing the limit of an already existing line temporarily and offering smaller personal loans. Bobicki said options are customizable and offered on a case-by-case basis.

While the COVID-19 crisis has caused global stock markets to fall and financial uncertainty, Bobicki said there is no concern regarding the economic stability of RCU.

She continued RCU is well capitalized and equipped to weather the financial storm from the pandemic as all deposits are 100 per cent guaranteed.

There are approximately 40 credit unions in B.C., all-of-which are regulated provincially. By comparison, banks are regulated federally.

RCU has roughly 4,800 members and said its entire staff is still on payroll.

While its premises are closed to the public, RCU said its employees “are absolutely open for business”. The business can be reached via phone.

On March 18, six big banks in Canada said they would allow customers to defer mortgage payments for up to six months. However, some of the banks admitted the deferred mortgages would accrue interest.

READ MORE: Canadian banks move to help customers, allow deferral of mortgage payments

READ MORE: B.C. promises up to $500 monthly in rent support amid COVID-19

The province is offering up to $500 in rent supplement payments for each of the next four months to help people stay in their homes if their income is affected by COVID-19.

RCU said its deferred payments will accrue interest as the money is vital to their income.

The company said it will be waiving all ATM, point of sale and bill payment service charges until the COVID-19 crisis is over.


 

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liam.harrap@revelstokereview.com

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