Thrivent Credit Union response to COVID-19
We're here for you
Over the past several weeks, TFCU has been closely monitoring the COVID-19 outbreak and our top priority continues to be the health and safety of our members, staff and our communities. Our commitment to you is as strong as ever and we are actively looking for ways to help our members who are experiencing financial hardship as a result of COVID-19. Below you’ll find a few offerings that may help:
- Our newly created Member First personal loan will be available temporarily, with a significant rate reduction for those experiencing financial hardship. With rates as low as 2.99% APR¹, loan amounts can range from $1,000 to $5,000, and can be paid back over 24 months.
- To ensure members have access to their funds we are reimbursing fees through July 31 associated with:
- Minimum balance requirements,
- Early withdrawal penalties of funds held in Certificates, or
- Excessive withdrawals from savings accounts
- If you need to miss your loan payment due to experiencing financial hardship, we have options for missing up to 3 monthly payments, without additional fees.
- Regarding consumer loans, we will not initiate any new repossession or foreclosure actions through July, 31 2020. We are waiving any late payment fees through July 31 for consumer loans, credit cards, student loans and home equity loans.
- Ask a personal banker about the option of no monthly payments for up to 90 days for new or used consumer auto (cars and trucks), loan purchases and refinances.²
- For members with a TFCU Education Finance Loan, Education Line of Credit or TFCU Education Refinance Loan that are currently in repayment, we have developed an Emergency Administrative Forbearance policy. If you are experiencing financial hardship and need student loan relief, please contact our loan repayment servicing partner, University Accounting Service (UAS), for assistance at 1-844-806-9852, Monday-Friday, 7 a.m.-5 p.m. CT.
- Our Thrivent Standard MasterCard® has a 1.99% intro APR³ for 12 months on purchases and balance transfers; after that your variable APR will be 7.99% - 16.99% based on creditworthiness. Read additional important credit terms. To apply online, click here.
- Reserve line of credit to serve as overdraft protection on TFCU Checking Accounts. To apply online for this personal loan, click here.
- Call us to discuss any of the options above at 1-866-226-5225, Monday-Friday, 7 a.m.-6 p.m. CT.
- Required Minimum Distributions (RMDs) - RMDs have been waived for the 2020 tax year. Distributions can still be taken, but are not required for this tax year.
- Coronavirus-Related Distributions - Individuals meeting specific criteria (as defined in the CARES Act legislation) of being financially impacted by COVID-19 may be eligible to withdraw funds from Individual Retirement Accounts without the 10% early withdrawal penalty. The distribution will still be taxable but can be reported over the next three years. In addition, the funds can also be rolled back into the retirement account over the same time period. Please consult your tax advisor to determine if this is a good option for you.
- If you need to miss a mortgage payment, or need to discuss available options, please call us at 877-636-4003 or email firstname.lastname@example.org. Forbearance and deferment are programs available for those experiencing financial hardship.
- Regarding mortgage loans, we will not initiate any new foreclosure actions, unless the property was previously identified as vacant or abandoned, through July 31, 2020.
- We have options to help businesses navigate their upcoming payments. Payment deferment options are available, please speak with your business banker. You can reach us at 612-844-8512.
- Regarding the Paycheck Protection Program (PPP), TFCU has accepted the maximum number of loan applications to manage in the timeline required by the SBA. TFCU has stopped accepting new applications. Information for applications in process and loan forgiveness is available here.
Ways to bank with us
Stay connected to your accounts by using our online banking and mobile banking app. With these tools you can manage your account, transfer funds, make payments and use remote deposit capture to deposit your checks wherever you are. Cash is available to you at any ATM for free⁴, and at our local Co-Op Shared Branch Network locations, subject to normal limits. To find a Shared Branch closest to you please use our Co-Op Credit Union Locator. TFCU branch locations in Minneapolis and Appleton are currently closed. Our call center staff is available to assist you with all banking needs from 7 a.m. to 6 p.m., Central time, Monday - Friday. Limited services are available 24/7 such as funds transfers, balance requests, as well as reporting fraud or lost/stolen cards.
To make contactless payments in stores, you can use your Thrivent Credit Union debit card or credit card with Apple Pay, Google Pay or Samsung Pay.
Tips to avoid coronavirus scams
With the growing public health concerns about the coronavirus outbreak, TFCU wants to remind you that cyber criminals use major news events like this as an opportunity to increase their online scams, such as phishing attacks. Scammers may be using a number of ways to trick you into taking some type of action, such as:
- Phone calls or text messages that appear to come from legitimate organizations, and in some cases the caller identification may appear to be our Call Center phone number. Do not respond to requests for sensitive information by email or text. TFCU will never ask you for sensitive information when calling you. We will ask you for questions to verify your identity. If you are uncomfortable at any time, please hang up and contact us directly at 866-226-5225.
- Emails about coronavirus that include links or attachments for you to click on. Rather than clicking on links or attachments to retrieve information, navigate to a trusted organization’s website.
- Malicious websites that appear legitimate and offer information related to coronavirus, but they’re intended to steal usernames, passwords and other sensitive information. Browse the internet safely.
- We will be monitoring debit card transactions for fraudulent charges and will be calling or texting if we identify a suspicious transaction. We will never ask for your debit card number or your account number in order to confirm transactions.
Learn how you can take action to stay secure during uncertain times. Read more.
If you want to receive emails regarding TFCU's response to COVID-19, sign-up here.
Understand how your money is protected
The National Credit Union Administration (NCUA) insures our deposit accounts, and you might have more coverage than you think. Learn more.
Financial planning & investment support
Thrivent provides information on market updates at Thrivent.com.
Make a difference from afar
With so many needs around us during these unprecedented times, many of you may be asking, "How can I help?" We know giving back is important to our members, so we’ve provided several ways to help you get started, support your community and make a difference no matter where you are. Our friends at Thrivent make virtual volunteering and online gift matching safe and easy. Learn more.
¹ Interest rate is accurate as of March 23, 2020. Rate is subject to change without notice. This rate requires a 700 or greater credit score and assumes automatic payment from a Thrivent Credit Union account. Other rates and payment options are available. Minimum loan amount of $1,000 and maximum loan amount of $5,000 for a 24-month term. Payment example: A $5,000 unsecured loan with a simple interest rate of 2.99% and a corresponding APR of 2.99% for 24 months equates to a monthly principal and interest payment of $214.18.
² First payment may be deferred up to 90 days, but interest will continue to accrue during the deferred payment period. Example: A 4 year (48 month) $20,000 loan with a rate of 2.74% that closes on May 18, 2020 will have 46 payment of $460.64 beginning on August 18, 2020. For new or used consumer auto (cars and trucks) loans on purchases or refinances of current TCU loans or loans at another financial institution. This offer does not apply to business loans or other vehicles such as motorcycles and motorhomes. Your eligibility for this offer and the actual Annual Percentage Rate (APR) is based on your term, payment method, credit history and other credit qualifications. All rates are subject to change at any time without notice. Some restrictions may apply. All loans and lines of credit are subject to credit application, qualification and approval. This offer is subject to end at any time without notice.
³ Offer available on new accounts only. All qualifying purchases and balance transfers posted to your account during the first 12 months after the account open date, up to your available credit limit, will receive an introductory 1.99% APR. After the initial 12 month period, the APR for any remaining balances will increase to the standard variable APR for purchases and balance transfers disclosed at account opening (currently 7.99% - 16.99%) based on creditworthiness. This APR will vary with the market based on the Prime Rate. Rates are subject to change without notice.
⁴ Thrivent Credit Union reimburses all ATM fees for Thrivent Rewards Checking account, up to 4 fee reimbursements for Simply Checking accounts per month. Automatic ATM fee reimbursement applies to domestic ATM transactions. International ATM transactions are subject to an international surcharge applied by MasterCard that is not reimbursable by TCU. International ATM transactions may require the submission of your receipt for reimbursement of the ATM fee if combined with other fees. ATM fees on business accounts are not reimbursed.
All loans are subject to credit application, qualification and approval. Restrictions may apply.
This page was last updated 7/15/2020.