Updated 3.25.2020
Dear Valued Member,
We are living in an unprecedented time—from the worldwide Coronavirus (COVID-19) pandemic to drastic stock market fluctuations. As a member-owner of our financial cooperative, it is important to know that Purdue Federal Credit Union is financially sound and very prepared to manage through these economic times.
Maintaining a strong financial foundation has been one of our key strategies for many years and as a non-profit financial cooperative we are required to maintain a financial cushion for difficult economic times. You can feel confident knowing that heading into this pandemic, Purdue Federal has a solid financial foundation—defined as a “well capitalized” credit union by the National Credit Union Administration (NCUA). We have taken it a step further, we hold over 40% more capital than our regulators require of a “well capitalized” credit union. Needless to say, we are very well prepared to manage through these unprecedented times.
Our delinquency and charge-off rates were at an all-time low before the pandemic and our borrowers are stronger than ever. Some of these strong borrowers will struggle financially during this unprecedented crisis and we will work with each of them to find a solution that meets their needs. If you are one of these individuals, reach out to us so we can help develop a solution for you.
During this time, it is important to remember that your funds are safe with us. Deposits are insured up to $250,000 per individual depositor by the National Credit Union Share Insurance Fund (NCUSIF), which is an independent agency administrated by the NCUA. For more information, visit NCUA.gov.
Over the last week, we made several significant changes:
- More than 75% of our team is working remotely from home and employees who continue to work in the office are spread apart to comply with social distancing recommendations from the Centers for Disease Control (CDC).
- Many times I hear about our employees who take great care of you. Rest assured, we are taking great care of them. Every employee, regardless of their ability to work, will continue to be compensated.
- We made the incredibly difficult decision to close our branch lobbies to help ensure the health and wellbeing of our employees and members through restricted personal contact. Our Contact Center remains fully staffed and all our drive-up locations are available to serve you.
- Services including digital banking, our nationwide ATM network, and Visa debit and credit card networks are fully functional so you can access and use your accounts as usual.
Overall, what I want you to know is that Purdue Federal was very strong heading into this crisis and we remain strong and stable—ready to help meet our members’ needs. You are no doubt watching the same news that I watch every day and we all have plenty of concerns, but thankfully, Purdue Federal is not one of them.
I welcome you to view our monthly financials here. I am also available any time to answer your questions. Please email OfficeoftheCEO@purduefed.com and either a member of our leadership team or I will personally respond.
Although I would typically host a town hall session to discuss these matters with you in person, this particular scenario requires other communication methods to keep you informed. Hopefully communications like this will help keep you abreast of the financial well-being of your credit union. We stand ready to assist you with whatever financial needs you might have during these difficult times.
Sincerely,
Bob Falk
President and CEO
Read our previous updates:
Update 3.19.2020
Branch lobby closures. Drive-ups remain open.
Update 3.13.2020
General announcement.
WAYS TO MANAGE YOUR ACCOUNTS
Digital Banking
Log in to digital banking via desktop or our free Purdue Federal mobile app to:
- Check your account balance(s)
- Transfer money between accounts
- Deposit checks remotely
- Pay your Purdue Federal credit cards and loans, and set up recurring payments
- Pay your monthly bills with Bill Pay
- Pay other people directly with Popmoney
- Report credit or debit card fraud, or a lost or stolen card
- Set up card fraud alerts and customizable account alerts
Learn more about digital banking at PURDUEFED.COM/DIGITAL
ATM & Branch Access
Purdue Federal has more than 30,000 surcharge-free ATMs nationwide. Many of these ATMs also take check and cash deposits.
Find current branch hours and ATM locations at PURDUEFED.COM/LOCATIONS.
Debit & Credit Cards
Your Purdue Federal Visa® Debit and Credit Cards give you immediate access to your money and you can use them anywhere Visa® is accepted. Your cards are safer and more convenient than carrying cash or checks.
Loan and Account Applications
You can apply for new loans and accounts online at PURDUEFED.COM/OPEN or when you login through Digital Banking. We are regularly monitoring and processing incoming applications.
Member Services
Send a direct secure message to Member Services through digital banking, use our Live Member Chat service, email mbrservice@purduefed.com, or call us at 800.627.3328 or 765.497.3328 during normal business hours:
Monday-Friday: 7 a.m.-7 p.m. Eastern Daylight Time
Saturday: 8 a.m.-12 p.m. Eastern Daylight Time
Investment Services Located at Purdue Federal Credit Union
If you have questions about your investments or would like to schedule a phone appointment with your financial advisor, please contact them via phone or email. PURDUEFED.COM/INVESTMENTS
Reasons You Shouldn’t Withdraw Large Amounts of Cash
As COVID-19 continues to affect our daily lives, we hear about more and more people withdrawing large amounts of cash from their accounts. While this is a common reaction to stressful situations, it can be a risky financial decision.
WATCH OUT FOR SCAMS
Unfortunately there are individuals who attempt to take advantage of others during difficult circumstances. Be cautious if approached with charitable giving opportunities related to Coronavirus. Also remember if we reach out to you, we won’t ask for confidential information such as your name, password, personal identification number (PIN) or other account information. As a reminder, never share your digital banking credentials or PIN.
You can find fraud resources at PURDUEFED.COM/FRAUD
FINANCIAL ASSISTANCE
If you experience financial hardship, we have options available to help alleviate your stress.
Has COVID-19 affected your income?
You’re not alone. At Purdue Federal, we’re here to help.
We know that this is a difficult time for many of our members, and we care about your financial wellness. During these uncertain times, we’re offering the following solutions for qualifying members:
Deferred Payments
You can defer payments for up to 90 days on a qualifying credit card, vehicle loan or personal loan until you’re in a better financial state.
Forbearance Options
For qualifying first and second mortgages, payments can be suspended for up to 6 months if you’ve faced economic hardship due to COVID-19.
Furlough Loans
You can apply for short-term assistance until you’re back on your feet.
Free Financial Counseling
We’ll talk with you over the phone to develop a plan to manage your finances. This service is free to members and non-members.
Financial Wellness Resources
Educate yourself on topics like Creating a Budget, Dealing with Illness, Out of Work, and How to build your emergency funds. Read more on this series of topics: Managing Crisis
We're here for you
Let’s work together. Call us at 800.627.3328 or email mbrservice@purduefed.com to learn if these options are a good fit for you, or let us develop a specific plan to help with any financial burden during this crisis.
This credit union is federally insured by the