American 1 Credit Union Deferring Loan Payments for 3 Months

(March 28, 2020 11:00 AM) American 1 Credit Union has announced that members of the credit union with loans will not have to make payments for three months.  American 1 says they have heard from so many members who have been laid off and are struggling to pay their bills right now.

Martha Fuerstenau, President/CEO of American 1 told JTV, “This is the right thing to do for our members in this current financial climate where so many people are being laid off and struggling to pay bills. The purpose of American 1 is to create financial wellness for our communities, and that starts with our members.”

All American 1 members who have an eligible loan and are no more than 29 days delinquent as of March 27, 2020, are not required to make a loan payment for three months. American 1 will defer these payments automatically and members do not need to do anything. This will move the skipped payments to the end of the loan and interest will continue to accrue during the deferral period. Due to this, the credit union encourages members to make regular payments if able.

Eligible loans include auto, boat, RV, motorcycle, ATV, tractor, jet ski, snowmobile, personal loans, mobility, trailer, credit cards and lines of credit.

American 1 Credit Union notes:

• Home equities and HELOCs are not eligible for deferral
• There is no fee or additional finance charges
• This will not negatively impact your credit score and will not be reported as late to the credit bureaus
• Late fees will not be charged for members in good standing who do not make payments in the deferral period
• If you have life and/or injury & illness coverage on your loan, your coverage and claims will not be adversely affected as long as premium payments continue to be made
• If your loan is protected with GAP, these payments may be excluded from a future total loss claim
• For credit card holders, this is considered an amendment to your original credit card agreement
• Your payment will revert back to your originally scheduled payment once the skipped period is complete
• If you have an automatic payment set up for your loan, you will need to take action and stop them or they will continue as usual
• Automatic payments set in Online Banking or Bill Pay can be changed inside the platform the transfer was set up in
• Members with American 1 loans set up for automatic ACH payment originated by American 1 must contact our Contact Center at 1-888-213-2848 at least 5 business days before the ACH payment to cancel it
• Members with American 1 loans set up for automatic ACH payment through another financial institution must contact the other institution at least 5 business days before the ACH payment date to cancel it

American 1 Credit Union says the deferral of payments is automatic and loan customers do not need to take any action.  American 1 asks members with loans who don’t meet the qualifications to contact them for other means of assistance.