TUKWILA, Wash. - The International Association of Machinists Workers has gone on strike against management of aircraft manufacturer Boeing, prompting BECU to activate its Member Assistance Program.
The $8.3-billion credit union said the "Member Assistance Program is intended to provide [members] with the temporary assistance you may need for food, shelter and medical expenses." It further told members, "for the duration of the strike, BECU will offer you the ability to apply for payment deferrals on existing BECU loans, as well as new personal loans to cover your 'basic need' expenses. In addition, financial counseling through the Balance Financial Fitness Program and educational seminars are also available free of charge to BECU members."
Tom Berquist, senior vice president of member strategies for BECU, said the program has been in existence for decades, but has been improved recently.
"In the last 10 years, we've made it more of a streamlined, automated process," he said. "It is designed not just for Boeing company strikes, it is there for flooding or other natural disasters, or any significant event where we feel members will have a temporary loss of income. After our evaluation we activate the program, which helps get people through trouble," he said.
Berquist emphasized the credit union is not taking sides in the strike in the context of management or union. "But we are on the side of our members. We want our members to come out of the strike financially whole. Management does not want workers to lose their cars in the strike and not be able to get to work when it is settled. Sometimes people view this program in the wrong way and think we are taking the side of the workers."
The credit union said member assistance loans may be available depending on credit status and the ability to repay prior to income interruption. The only loans not covered are mortgages.
Available are unsecured personal loans of up to $3,000 and along with personal loans with real estate security in amounts up to $10,000. Members were told loan amounts are based on need and ability to repay, with a repayment schedule of up to 24 months for personal loans and up to 72 months for those with real estate security.
"All of the temporary loans are set up to get the funds to the members very quickly, so they are not waiting around," said Berquist. "That is the improvement we started seeing about 10 years ago. Prior to that it was a manual process that swamped our capabilities, but today members get their money very fast."(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
