Financial Support and Resources
We're Here For Our Members Impacted by COVID-19 (coronavirus)
Ideal Credit Union is here for you during these unprecedented times. We understand the difficulties you may be experiencing due to the impacts of COVID-19 (coronavirus) and are here to help. Please use this page as a resource for taking advantage of Ideal CU provided relief options as well as trusted government assistance programs.
Payment Relief on Ideal CU Loans
If you need payment relief due to financial difficulty caused by COVID-19 we offer a number of options:
- Temporary payment relief: You have the option to skip up to two months of payments on Auto, Rec Vehicles, Signature and Home Improvement Loans, and Visa Credit Cards. There is no fee for the Skip-a-Pay. Click here to start that process.
- If you need assistance with your existing mortgage or business loans please contact us at 651-770-7000.
First payments on new consumer loans will be extended up to 90 days
- Eligible new consumer loans include Auto, Rec Vehicles, Signature (personal) and Home Improvement Loans. Apply online
- Personal Loan: If you need a small, low-interest personal loan to help you meet your financial needs we are here to help. Simply apply online at your convenience.
Government Assistance
IRS Economic Impact Payments
As you may be aware, the IRS is in the process of providing Economic Impact Payments to eligible U.S. residents. To determine your eligibility and to find the most up-to-date and accurate information regarding these payments we encourage all members to visit the IRS Website.
Avoid scams related to economic impact payments: Remember, the IRS will not call, text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
COVID-19 (coronavirus) and Unemployment Benefits
Important update for IRA Accountholders & Beneficiaries
The CARES Act stimulus package recently signed into law contains several provisions that affect Financial Planning Rules and Required Minimum Distribution (RMD) rules for 2020. As part of this package, the RMDs for 2020 have been waived. Not only is this waiver for all employer plan and IRA owners, it also applies to beneficiaries of inherited accounts.
If you have an RMD set up on automatic distribution, please contact Holden Todd at 651-773-2766 (This email address is being protected from spambots. You need JavaScript enabled to view it.) or call us at 651-770-7000 if you would like to discuss stopping this distribution for 2020. Please keep in mind that we need approximately two weeks to get the automatic distribution stopped. Once the distribution is taken.
If you have any questions about the information and resources provided above, or just want to discuss your accounts at Ideal CU, please call us at 651-770-7000 during business hours.
