HAWTHORNE, Calif. — One credit union reported some positive news stemming from last month's government shutdown: SkyOne Federal Credit Union said it experienced a significant boost in business.
Eileen Rivera president and CEO of the $365-million asset credit union said its willingness to book payroll interruption loans for those affected by the shutdown paid off with 400 new memberships in just two weeks. The credit union, which provides financial services for air transportation industry employees, wrote $1.8 million in 0% loans of $5,000, and waived overdraft fees in some cases.
Rivera told Credit Union Journal the next step is an onboarding campaign. Many of the new members came via the air traffic controllers union and employees of the Federal Aviation Administration.
"We hope it turns into much more than an interest-free loan. We want to get them signed up for checking accounts, get a debit card in their hands, auto loans, and, of course, credit cards," she said. "We are putting together a series of outbound calling programs."
SkyOne even is getting free publicity, Rivera noted. "The sponsors are spreading the word for us," she said. "I have heard from the head of the air traffic controllers union and the head of the FAA, thanking us for what we did for their members during the shutdown."
