Altra Federal Credit Union announces Premium Pay for Front-time team during COVID-19 Pandemic. Altra also offers financial help for those in need.
April 9, 2020 – Altra Federal Credit Union announced that it is providing its Teller and Member Relations team with 20% Premium Pay for helping members during the COVID-19 pandemic. The Premium will remain in effect until the office lobbies are able to reopen.
“As an essential business, these front line employees are here for our members on a daily basis to help them with their financial needs,” said Steve Koenen, Altra’s President/CEO. “They are our heroes and this is just a small way we can recognize the important work they are doing.”
To protect the front line team as they continue to come to work every day, Altra’s Business Innovation team rallied to make over one hundred cloth face coverings.
Altra suspended service in lobbies on March 19th. However, they continue to conduct in-person business through the drive-up lanes at branches that have drive-up lanes. Those branches are accepting deposits, loan payments, and documents in their night deposit boxes. Almost all business with Altra can be done electronically or over the phone and Altra is encouraging members to use those channels whenever possible.
In addition, Altra continues to pay its entire working team of over 440 employees. The majority of this team was quickly deployed to work remotely to protect employees and the public health in early March. All credit union functions are operational and running efficiently.
To help members, Altra introduced a 2020 Relief loan offering a loan up to $3,020 with no interest and no payments until July 15, 2020. Altra is also working one-on-one with members who are experiencing significant financial hardship as a direct result of illness, business shutdowns, or shelter in place orders due to COVID-19. To date, Altra has worked to defer payments on close to 2000 loans totaling over $70 million in loan balances.
As an SBA preferred lender, Altra is further helping business members by processing Paycheck Protection Program loans to over 300 impacted businesses, resulting in over $20 million loans in process.
“This is a very challenging time, and we are responding to care for our employees, members and our community,” added Koenen.
Altra is encouraging members to visit their COVID-19 Information page on www.altra.org for updates and information.