3/11/11: Last year, the Union obtained an agreement permitting SEC employees to join the Treasury Department Federal Credit Union (TDFCU). The TDFCU is now offering the following loan programs to federal employees/members. Thanks to Chapter 293 steward Pat Copeland from IM for all of her hard work to get TDFCU membership for SEC employees! From TDFCU:

TDFCU has been serving Federal Government employees for over 76 years. We appreciate long term relationships with our members and wish to minimize the impact of a government showdown on our Federal Government employees/members and potential members.  Therefore, TDFCU is offering two Federal Government employees/members and potential members incentives that will help federal government employees/members make it thru this challenging time.

I.    Loan Extension

If you currently have a loan with the Treasury Department Federal Credit Union in good standing and the government shuts down, TDFCU will provide you with a 30 day loan payment extension upon your written request.

II.  Member Loan – Net Pay

We know our federal government employees/members have obligations they have to meet even if they do not receive their pay check.  Therefore, TDFCU will lend a federal government employee/member or potential member their net pay for a pay period.  If the government shutdown continues, federal government employees/members can receive a second pay period loan.

General Information

Loan Term:                        One week minimum to one year maximum

Minimum Amount:           $500

Maximum Amount:           Two times pay stub’s net pay in increments of net pay.

Payment:                           Direct withdrawal from members’ account or over the counter

Application Fee:                $10 non- refundable fee

Interest Rate:                    0% for 30 days, 6% from 31 days to 365 days

Requirements:                   Last pay stub                                        

Must meet credit score requirement for “D” paper

Must meet debt to income ratio for “A” paper

Program Limit:                  There is a maximum total amount available for this program.

How to Obtain a Loan Payment Extension or To Apply for a Member Loan – Net Pay For a Loan Payment Extension:

Send your written loan payment extension request that includes the name of your government employer to:

Attention: Lending Services

Treasury Department Federal Credit Union

PO Box 27301

Washington, DC 20038-7301

Or fax your written loan payment extension request to (202) 289-0524

To Apply for a Member Loan – Net Pay

1.   Apply online at www.tdfcu.org  In the T-Access box, click on Apply for a Loan 24/7, then click on Consumer Loans, then click on Vacation loan and follow the instructions.  Provide a copy of your last pay stub to support the dollar amount requested.

2.   At one of our branches fill out a Loanliner application and indicate you are applying for a Member Loan – Net Pay.