Can I get relief of overdraft and other fees?
As a personal account holder at HVCU who may be having financial hardships due to the COVID-19 pandemic, you can request relief from overdraft fees (including Privilege Pay fee, overdraft fee from savings, overdrawn fee, and non-sufficient funds). You can apply online
, and the request will be processed within 3-5 business days.
Are there requirements for getting relief from fees?
If you’re having financial hardship due to the COVID-19 pandemic, we can process your request for fee relief within 3-5 business days. To ensure you will not be charged overdraft fees going forward, we will opt you out of the Privilege Pay program until the financial relief period is over as determined by the New York State Department of Financial Services. During the financial relief period, if you have overdraft protection from a designated savings account, that will continue. If you do not have overdraft protection from a designated saving account or need to make a change, please contact us with instructions.
Will I see a refund for overdraft fees?
For overdraft-related fees, your transaction history in Internet Banking and your periodic statement will show a $.01 Fee Withdrawal and Fee Relief Reversal credit of $.01, along with a description of the returned item.
If I decide not to request a financial hardship due to COVID-19, is there any way to refund my fees?
Please contact us via live chat, secure email
, or by phone at 845.463.3011 for specific information on your account.
I requested a loan deferment on or after March 24, 2020, and was since charged an overdraft fee – will that be reversed?
Members that requested loan deferments due to hardship will see Relief Fee Reversal for overdraft fee transactions by April 10th.
I have not heard back about my financial hardship request. How can I learn the status of it?
Overdraft fee relief requests will take at least 3-5 business days; loan relief requests may take up to 10 business days. Based on those timeframes, if you have not heard from us yet, please contact us by live chat, secure email
, or at 845.463.3011. Thank you for your patience as we are experiencing increased outreach from members.
What does it mean that my line of credit will be unavailable during this time?
In connection with any approved financial hardship due to COVID-19, the funds in your Readi-cash Line of Credit will be unavailable for you to draw on during the financial relief period. Unless loan deferment arrangements have been made regarding that account, you will still be responsible for making your regular monthly payments. We understand that having access to your line of credit is important to you. When your financial relief period and/or deferment has expired and regular payments are resumed, access to your line of credit will be reinstated.
I was reviewing my account in Internet Banking and saw a fee was charged that should have been waived. Can this be reversed for me?
You may see a charge to your account in the amount of $.01. There are automated system processes in place that will credit such fee(s) to your account at the end of the day. We recommend you login to Internet or Mobile Banking the following morning to view the credit(s) to your account.
Why can’t I access Privilege Pay during this time?
To ensure you are not charged any additional overdraft fees going forward, we will opt you out of the Privilege Pay program until the financial relief period is over. At the conclusion of the financial relief period, your account will become eligible for Privilege Pay. During the financial relief period, if you have overdraft protection from a designated savings account, that will continue. If you do not have overdraft protection from a designated saving account or need to make a change, please contact us with instructions.
Consumer Loan Relief FAQs
What is a loan deferment?
If you’re having a financial hardship due to the COVID-19 pandemic, a loan deferment allows you to suspend payments for up to 90 days on certain loans, including:
- Vehicle Loans
- Recreational Vehicles and Sports Craft
- Readi-Cash Line of Credit
- Signature Loans
- Home Equity Loans and Lines of Credit
- Student Loans (including HELP loans)
- Credit Cards (including Secured Credit Cards)
We can also do deferments for Auto Leases, but only for 30 days. Unfortunately our PAL (Personal Assistance Loan), Pledge of Savings and Pledge of Certificate Loans are not eligible for deferments. Interest on the outstanding loan balance continues to accrue during any deferment period.
Can I defer my residential mortgage payment?
If COVID-19 is causing you financial hardship and preventing you from making your mortgage payments, you may qualify for a mortgage forbearance, a program that’s slightly different from a deferment.
A mortgage forbearance delays your mortgage payments for 90 days, typically three monthly payments. At the end of the 90 days, you may have the option to repay us the amount owed in one lump sum. After the forbearance, we may be able to offer a repayment plan or a Loan Modification of your existing mortgage, which could include a change in term. We will work with you to see which his best for your circumstances at the time.
What happens if at the end of 90 days, I still can’t repay my loan/mortgage?
The credit union can work with you to determine if a mortgage modification or a loan refinance is possible. We encourage you to keep us apprised of your situation and to reach out before the 90 day period is ending if you feel you will still be having troubles. We want to help as best we can, so thank you for keeping us informed by sending us a secure email
, live chat, or calling the Contact Center at 845.463.3011.
Will my credit be negatively impacted by a loan deferment or a mortgage forbearance?
No, a deferment or forbearance due to the COVID-19 pandemic will not negatively impact your credit score.
How do I apply for a loan deferment or residential mortgage forbearance?