Truliant Federal Credit Union has dedicated more than $655,000 to hazard pay for staff working through the coronavirus.
The one-time payment averages $1,000 for full-time associates and will be distributed in the upcoming weeks, though it excludes executives and senior leaders of the Winston Salem, N.C.-based credit union.
“Our commitment to improving lives is not just limited to our members,” President and CEO Todd Hall said in a release. “Faced with adversity, our frontline and work-at-home employees have done remarkable work, making sure our members have access to their finances and relief options during this time of economic uncertainty, hardship and isolation.”
Truliant is the latest CU to roll out hazard pay for employees working during the crisis. Others include
In the face of the pandemic, the $2.9 billion-asset Truliant has also expanded programs to assist its membership, including increasing mobile accessibility and maintaining branch operations via appointments. To alleviate the influx of call volumes at its contact center, more than 100 employees were cross trained to accommodate the extra calls.
Truliant also developed programs like an expanded skip-a-pay option for various loan types and a low APR “Loyalty Loan” program that assists those who have lost their paychecks.
So far the credit union has also awarded 248 loans to small businesses within its community and expects that number to tick up to over 500 in the Paycheck Protection Program’s second round.
“These are true small businesses: restaurants, hauling companies, gyms, roofers, landscapers, auto detailers, pavers, hair and nail salons – the dreamers who are the lifeblood of our local economies,” Hall said. “Our members have needed us during this time, and our staff has worked night and day to make sure they continue to prosper when the pandemic ends.”
