Emergency Financial Relief

Dear Members,

The Credit Union has created Emergency Financial Relief options to aid our members during the COVID-19 crisis. It is very important to us that we help where we can during this time of need. Our hope is at least one of these options will provide your family with needed flexibility during this unusual time.

Emergency Financial Relief Options for ValleyStar Members:

  • Automatic 60-day loan deferment.* All qualified members with a consumer loan or credit card will not have to make a payment for 60 days on each loan. This is our way to help you free up cash for unexpected challenges. You do not need to sign an agreement to make this happen. It is already done and with no extra fees to defer. And if you want to make a payment during this time, you can do so. Please read the disclaimer below to make sure you’re aware of the parameters of this deferment.
  • Increased deposit limit for Remote Deposit Capture (RDC) service to $5,000 per deposit (from $2,500).ǂ If you’re not familiar with this valuable service that allows you to deposit checks from home, please contact us for more information about Mobile Deposits.
  • Increased Overdraft Privilege (ODP) limit to $1,000 (from $500).ǂ For members who may be tight with funds during this event, this will provide much needed flexibility.
  • Assistance with home loan payments. If you are experiencing a health or job-related hardship due to the coronavirus event, please contact us at 800.475.6328 or email us at info@valleystar.org to discuss options (for members who qualify).

We hope these options will help you get through this tough time. If you have any questions or concerns, please contact us at 800.475.6328 or info@valleystar.org.

Sincerely,

Delbert Lee Morgan
President/CEO

Your Funds Are Insured by the National Credit Union Administration Up to $250,000

*Some restrictions apply. Eligible deferments will begin March 31, 2020. Mortgage loans, home equity loans/lines of credit, daynotes (single-payment loans), commercial loans and commercial credit cards are excluded. All loans 29 days or less delinquent are included. If you have any automatic payment through payroll or direct deposit, the Credit Union will transfer the deferred loan payment to your deposit account. Deferring the payments will extend the maturity on your loan for two months. Your regularly scheduled contract payment resumes after the 60-day deferment. When a payment is made, regardless of payment amount, loan due date will not be advanced more than 30 days from the date of payment. Any fees and interest will continue to accrue and your last payment may possibly increase due to the additional two months of accrued interest. If you elected Payment Protection or LoanProtect on your loan, there will be no interruption in coverage with payment deferral. GAP coverage may be reduced if the maximum number of allowable deferrals per contract is exceeded. 60-day deferment examples: a) if your payment is due on March 25, 2020, you do not have to make a payment until May 25, 2020; b) if your payment is due on April 17, 2020, you do not have to make a payment until June 17, 2020.
ǂTo members who qualify.

 


Branch Lobby Closure Effective March 20th at 3 pm EST

Dear Valued Member,

To protect the health and wellness of our members, employees, and communities, all lobbies at each branch will close at 3 pm EST on Friday, March 20th and will remain closed for the foreseeable future. The drive-thrus and ATMs at each location will remain open with normal business hours. Our Contact Center will also remain open with normal business hours. Please note that members can conduct virtually any transaction with ValleyStar’s Online and Mobile Banking, Contact Center, Teller24, and ATM services without having access to the branch lobby.

The safety and well-being of everyone in all of our communities is of the utmost importance. Thank you for your patience as we continue to respond to the coronavirus event.

Sincerely,

Delbert Lee Morgan
President/CEO

Your Funds Are Insured by the National Credit Union Administration Up to $250,000