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Financial Relief Program

 

Whether you’ve been impacted by Sequestration or you are facing tough financial challenges brought on by the economic downturn, HawaiiUSA’s Financial Relief Program is designed to help you. The Program is a comprehensive solution that encompasses free financial counseling and special products/services that are designed to help minimize the impact of income reduction.

The Program comprises three areas of member-assistance: 1) Value Added Services, 2) Share Certificate Penalty Waiver, and 3) Loan Solutions. Read on to learn more about the Program and the product/services available to help you:

Value Added Services

LEAP Financial Fitness

For years, HawaiiUSA has been providing access to free and confidential financial counseling and education through a program committed to helping you take control of your finances and reach your goals. Before you factor in the effects of a reduction on your income, here are a few resources that can help you assess your current financial situation:

Income Reduction Toolkit
To help weather the storm of income reduction, this Toolkit assists you with taking inventory of your resources, prioritizing your expenses, and taking a proactive approach to your finances. Click here to access the Toolkit.

Financial Counseling
Certified financial counselors from our partners at BALANCE are available to help you work towards improving your personal finances. Call (888) 456.2227 from Monday through Friday, 5 AM – 2 PM (HST) or email info@balancepro.org (please do not email sensitive information including account numbers or social security numbers).

HawaiiUSA Investments & Insurance Services (HIIS) Consultation1 through CFS

Please speak with a CUSO Financial Services Financial Advisor before deciding to withdraw funds from any retirement or investment account. Our Financial Advisors are offering professional financial counseling and advice to help you understand the pros and cons of exercising various financial options to obtain funds.

Employee Assistance through Temporary Staffing Agencies2

Temporary Staffing Agencies can be great resources in helping candidates find employment. These agencies match up candidates with businesses who are looking for qualified individuals. The many employment options include: full or part-time, temporary, temporary to hire, or direct hire. Benefits of using a Temporary Agency include:

  • Fees are normally paid for by the employer
  • Access to multiple employers with one source
  • Quicker recruitment process
  • Professional staffing partner helping you find employment

HawaiiUSA periodically partners with Temporary Staffing Agencies to assist with our employment needs and has utilized the services of:

  • KumabeHR
  • 3465 Waialae Avenue, Suite 360, Honolulu HI 96816
  • Call (808) 629.7650 | Fax (808) 356.3933
  • www.kumabehr.com

Loan Solutions

If you have an existing HawaiiUSA loan and are experiencing difficulty in making monthly loan payments, call us to explore your options before becoming delinquent:

  • Loan payment deferments
  • Loan modifications
  • Workout loans
  • Loan consolidation or refinance (internal and external loans)
  • Credit card balance transfer

 

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To be eligible for the following programs, you must be a federal employee and must present the original sequester letter/notice and/or pay stubs demonstrating your net income lost during the sequestration period. These programs are a limited time offer and can be cancelled or changed at any time.

Penalty Relief

Share Certificate Early Withdrawal Penalty Waiver3

If you are a sequestered member and are in need of immediate access to emergency funds, you can withdraw from your existing share certificate account, excluding IRA share certificates, before the term ends and not incur an early withdrawal penalty. To be eligible, you must meet the following criteria:

  • Must be a federal employee and present your original sequester letter/notice upon withdrawal.
  • Must make a minimum withdrawal of $500 per share certificate. If your withdrawal falls below the share certificate’s minimum balance requirement, your share certificate account will be closed.

Loan Solutions

HawaiiUSA is offering special loans to sequestered members. To be eligible, you must meet all of the following lending criteria:

  • Must be a federal employee and present your original sequester letter/notice and pay stubs demonstrating the net income lost during the sequestration period upon the application or loan signing process.
  • Must meet HawaiiUSA’s credit criteria. Consideration may be given for recent late payments, NSF and Debt Ratio, as they may be related to the sequestration.

Single Payment Loan – 4.50% APR4 Up to 90 Days

Single Payment Loan is a flexible and affordable short-term loan that is designed to replace net income lost during the sequestration period. Funds borrowed can be used for any purpose.

  • Minimum Credit: $300
  • Maximum Credit: Up to $5,000 of the net income lost during the sequestration period per federal employee
  • Maturity: Upon maturity, the loan can be re-amortized into a 12-month term Personal Loan at 4.50% APR6 with a maximum amount of $5,000 per federal employee. You must notify HawaiiUSA of your intent to re-amortize your Single Payment Loan. Underwriting is not required for re-amortization.

 Signature Line of Credit – 4.25% APR5 with a 5-Year Draw Period

Signature Line of Credit is a solution for meeting financial obligations when monthly income fluctuates. Funds borrowed can be used for any purpose such as unforeseen circumstances or emergencies.

  • Minimum Credit: $300
  • Maximum Credit: Up to $5,000 per federal employee

 

 

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We understand that each member’s situation is different. To see how we can help you find the right solution to meet your unique financial needs visit any of our branches or call one of our Member Service Representatives at (808) 534.4300 or toll-free (800) 379.1300.

 

1HawaiiUSA Investments & Insurance Services (HIIS) Consultation
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC ) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. HawaiiUSA Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

2Employment Assistance through Temporary Staffing Agencies
Temporary staffing agencies that are listed on HawaiiUSA FCU’s website, hawaiiusafcu.com, are not endorsed by HawaiiUSA FCU.

3Share Certificate Early Withdrawal Penalty Waiver
This is a limited time offer and can be cancelled or changed at any time. Early withdrawal penalty waivers are not available to IRA share certificates. The minimum withdrawal amount per share certificate is $500. If your withdrawal falls below the share certificate’s minimum balance requirement, your share certificate account will be closed. To be eligible you must be a federal employee affected by the federal budget sequestration, and present the original sequester letter/notice upon withdrawal. Membership guidelines apply. Federally insured by NCUA.

4Single Payment Loan
Annual Percentage Rate (APR). This is a limited time offer and can be cancelled or changed at any time. Special rate promotion applies to a 90-day term Single Payment loan with a rate of 4.50% APR. The maximum credit available per federal employee is up to $5,000 of the net income lost during the sequestration period. (Payment example: Loan amount of $5,000 at 4.50% for 90 days would have a final principal and interest payment of $5,055.48). Limit one special rate loan per federal employee. No annual fee or prepayment penalty. If your payment is more than 15 days late we may charge you a late fee of 5.00% of the payment due. To be eligible you must be a federal employee affected by the federal budget sequestration, and present the original sequester letter/notice and pay stubs demonstrating the net income lost during the sequestration period upon the application or loan signing process. Membership guidelines apply. Federally insured by NCUA.

5Signature Line of Credit
Annual Percentage Rate (APR) for new and existing balances will be the Weekly Average Yield on US Treasury Securities (Index), adjusted to a constant maturity of one year, rounded up to the next higher 0.25%, plus a Margin of 4.00%. Currently the index is 0.15%. The current prevailing rate is 4.25% APR, at a daily periodic rate of 0.011644% as of January 2013. We will use the most recent Index available to us as of the end of the first week of January each year prior to any APR adjustment. The APR may change annually on the January statement cycle date to reflect any change in the Index. The APR will never be greater than 18.00% or the maximum rate allowed by law, whichever is less. The maximum credit available per federal employee is $5,000. You may obtain credit advances during the 5-year draw period. No annual fee or prepayment penalty. If your payment is more than 15 days late we may charge you a late fee of 5.00% of the payment due. We will charge you a fee of $10.00 if you pay your account with an insufficient funds check, request an advance less than the minimum advance of $250, or place a stop payment on a Line of Credit Loan Draft. To be eligible you must be a federal employee affected by the federal budget sequestration, and present the original sequester letter/notice and pay stubs demonstrating the net income lost during the sequestration period upon the application or loan signing process. This is a limited time offer and can be cancelled or changed at any time. Membership guidelines apply. Federally insured by NCUA.

6Personal Loan
Annual Percentage Rate (APR). Offer valid to qualifying Single Payment loans that are re-amortized into a 12-month term Personal Loan. This is a limited time offer and can be cancelled or changed at any time. Special rate promotion applies to a 12-month term Personal Loan with a 4.50% APR. The maximum credit available per federal employee is $5,000. (Payment example: Loan amount of $5,000 at 4.50% for 12 months would have a monthly principal and interest payment of $426.89. Limit one special rate loan per federal employee. No annual fee or prepayment penalty. If your payment is more than 15 days late we may charge you a late fee of 5.00% of the payment due. To be eligible you must be a federal employee affected by the federal budget sequestration, and present the original sequester letter/notice and pay stubs demonstrating the net income lost during the sequestration period upon the application or loan signing process. Membership guidelines apply. Federally insured by NCUA.

 

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Contact Us

Oahu: (808) 534.4300
Toll-Free: (800) 379.1300
contactus@hawaiiusafcu.com


HawaiiUSA FCU For more information, call HawaiiUSA FCU at (808) 534.4300 or toll-free (800) 379.1300, click or visit one of our branches.
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