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 $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.
It is not available to everyone. Members will need to show proof of unemployment, including papers stating they were laid off, an unemployment check stub, or some other official documentation.
"Right now, people need a helping hand more than ever," said Local Government FCU President Maurice Smith. "That's why, for a limited time, our share term certificates come with 'unemployment protection.'"
