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CU System
Arizona State CU to provide emergency assistance to workers
PHOENIX (6/29/09)--Arizona State CU will offer emergency financial assistance to state and university employees who could be without paychecks if the state budget is not resolved. This is the second year in row that the credit union has prepared to offer emergency assistance (PR Newswire June 25). “If the Arizona state budget is not put in place in time, Arizona State CU is prepared to offer state employees emergency financial assistance,” said David E. Doss, president/CEO. “We will offer alternative products and services to help members who may not be compensated in the coming week.” The first type of assistance the credit union will offer is an extended line of credit on checking accounts that would normally have payroll direct deposit from the state. For members with these accounts, the credit union will automatically provide a $1,500 line of credit with no fees or interest. The second option, available for employees who may need more help, is an emergency payroll loan with a low-interest rate. Also, a skip-a-payment program will be offered to state employees with a loan provided through the credit union. “Arizona State CU was founded in 1951 to serve Arizona state employees,” Doss said. “Although our eligibility for membership has greatly increased, we still maintain a close relationship with state employees to ensure that they are equipped with solutions tailored to their needs. The benefit of being a member-owned financial cooperative is that we are flexible enough to move quickly so that we can provide assistance in a very meaningful way.” Arizona State CU, based in Phoenix, has $1.268 billion in assets.
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