RALEIGH, N.C.–In response to a high local unemployment rate, Local Government FCU here is offering members who lose their jobs the option of withdrawing funds from share term certificates early without paying a penalty.
The state's unemployment rate remains around 11%.
The $945-million credit union's standard penalty for early withdrawal of a STC is 90 days interest or all the interest—whichever is the lesser amount.
"Right now, people need a helping hand more than ever," said LGFCU President Maurice Smith. "That's why, for a limited time, our share term certificates come with 'unemployment protection.' It's a benefit that works for our members even if they aren't. The waived penalty may not be that much, but it's the peace of mind that comes with knowing you can access your money if you need it—that's what we want for our members."
