COVID-19 Relief Efforts
With so much news changing daily surrounding the Coronavirus, one thing remains the same: Smart has your back. In order to assist families that may be impacted, we would like to extend the following services to qualifying Smart Financial members.
Deferred Loan Payments
Smart is dedicated to helping members during this challenging time. Starting on April 1st, Consumer Loan payments will automatically be deferred for 60 days with no late fees. Also starting on April 1st, Mortgage and Home Equity payments will automatically be deferred for 90 days with no late fees. No action is needed for deferment. March loan payments are due as scheduled.
IMPORTANT: IF YOU SET UP AUTOMATIC RECURRING TRANSFERS TO YOUR LOAN(S) THROUGH ONLINE BANKING, AND WOULD LIKE TO PARTICIPATE IN THE RELIEF PROGRAM, YOU WILL NEED TO CANCEL THE AUTOMATIC TRANSFERS TO ALL LOANS FOR APRIL AND MAY (AND JUNE FOR MORTGAGES) WITHIN ONLINE BANKING.
If you have multiple loans, each loan will be deferred. However, if you wish to submit a loan payment in order to maintain you current loan schedule, please feel free to do so. Lines of Credit or any loans that are past due (30 days or more) do not qualify. Please see important notice below.1
Free Call Center Transactions
With precautionary branch closures and limited hours, we understand that you may need to call Member Services for transactional assistance during this time. We are waiving all phone transaction fees throughout the months of April and May. See eligible transactions below.2
Reduced Discretionary Overdraft Program (DOP) Fees
We will offer reduced $25 fees for all Debit Card purchases when we pay the overdraft throughout the months of April and May. Please see regular program details here.
New Limit for Discretionary Overdraft Program (DOP)
The purpose of the Discretionary Overdraft Program is to guard against returned checks, debit card transactions, and electronic drafts when you do not have funds available. Due to the financial impact brought about by COVID-19, we are increasing the total overdraft limit to $1,000 to assist those that are in need. Please see regular program details here.
Online Auto Loan Discounts
Auto rates as low as 1.99%3 APR when you apply online! Eligible members will receive a discount of .5% APR with auto loan applications submitted between April 1 - May 30.
1Important notice regarding automatically deferred loan payments:
(1) loan payments automatically drafted from your Smart Financial accounts, or from accounts at other financial institutions that you have authorized Smart Financial to draft, will be cancelled for April, May, and June* 2020; (2) automatic loan payments not setup by Smart Financial will need to be cancelled with the other institution to receive deferment; (3) deferring or skipping payment(s) will extend the term of your loan(s); (4) interest will continue to accrue on your loan during the entire term of the loan, including the months the payment(s) are skipped, and may change the schedule of total repayment; (5) no late fees will apply to cancelled payments that are due between April 1 – June 30; (6) you may choose to continue to make payments without penalty;(7) deferred payments may result in an escrow shortage at the end of the year on some accounts which can be avoided if you choose to continue to make payments; (8) escrow shortages at the end of the year may be paid at that time, or recalculated as part of 2021 escrow payment schedule; (9) this deferment amends the original loan agreement; (10) any regular payment made through Payroll Deduction or Direct Deposit may be transferred to your primary share account or it may be applied to the principal of your loan reducing the remaining balance of the loan; (11) Number of payments that will be skipped Per Month; (12) Interest only loans, Line of Credit loans, loans paid ahead by more than skip period, past due loans, and other loans that require special handling are excluded.
*June skip payment applies to Mortgage Loans only.
National Credit Union Administration, a U.S. Government Agency - Member accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
2Transaction fees waived for Account Inquiry, Transactions by phone, Incorrect Address Fee, Document Copies, Statement Copies, Paid Check Copies, Transaction History (up to 90 days).
3Based on current promotional offer with fixed rates starting at 2.49% for qualified auto loans. Applications must be online and closed online to receive this offer.