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Maine credit union offers to defer loans to its members

The company says the optional 3-month program will be offered to members regardless if they have been directly impacted by the virus or not.

HAMPDEN, Maine — One Maine Credit Union has stepped up to help out Mainers who are feeling the financial pressures caused by the COVID-19 virus.

Maine Savings Federal Credit Union is deferring all its loans, Visa Payments and Mortgages for the next three months. 

The company said the optional program will be offered to members regardless if they have been directly impacted by the virus or not. Maine Savings President and CEO John Reed said the stop payments come with no penalties to members. 

Reed said in this difficult time they wanted to help ease people’s concerns. 

Reed said, “There is a terrible burden out there. People are losing their jobs, they are being laid off either temporarily or permanently and businesses are being required to close. So, the biggest way that we felt that we could help was to defer their loan payments.”

Reed also said that access to cash is another big concern that is on a lot of people's minds. He said the Fed has assured Banks and Credit Unions that they will always have access to the cash needed for consumers. 

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