ORNFCU-142192
TTER E L S W R NE E B M Y ME L R E T QUAR
E T A D UP
VOL. 55, NO.3 THIRD QUARTER, 2020
72ND ANNUAL MEETING RESCHEDULED FOR AUGUST 20
PAGE 2 & 3 ��������������������� A Letter to Our Members: The Credit Union's Response to the COVID-19 Pandemic PAGE 4...................Online Payments, ITMs & ATMs, Holiday Closings & Events
ORNL FCU's 72nd Annual Meeting of the Membership was originally scheduled for March 19 and was postponed due to the COVID-19 pandemic. The Annual Meeting has been rescheduled for Thursday, August 20 at 6:00 PM. All members of ORNL FCU are invited to participate and hear from the Board Chair, Board Treasurer, and President & CEO. If you are interested in participating in the Annual Meeting, visit ornlfcu.com/meeting to register by July 20. We will email you once the location and/or virtual details are finalized.
WITHHOLDING NOTICE (IRS FORM 2317)
To IRA Account Holders with Periodic Distributions: Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your financial organization. Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.
CALL CENTER AVAILABLE 24/7 We understand that life gets busy. You deserve the support you need at whatever time of day you need it. That’s why knowledgeable representatives are available around the clock to help you pay your personal loan, credit card, or mortgage, transfer money between accounts, or answer questions. Call toll free 800.676.5328 when it’s convenient for you.* We make managing money easy so together, we thrive. *Closed Thanksgiving and Christmas. Open 9:00 AM–5:00 PM on other federal holidays.
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A LETTER TO O
THE CREDIT UNION'S RESPONSE
TECHNOLOGY AND DETERMINATION BRIDGED THE GAP In March, we made the difficult decision to close branch lobbies for the health and safety of members and employees. We asked you to use alternatives like traditional and ITM drive-thrus, Online and Mobile Banking, the call center, and ATMs when possible for deposits, withdrawals, and check cashing. As a result: • Transaction volume at our ITMs more than tripled in a matter of days. • Call volumes that normally average 2,000 per day in our call center peaked around 5,000 per day. • ITM and call center staffing doubled with eager volunteers from branches, training, operations, and other departments around the Credit Union. • Records were broken for the number of new digital banking users and checks deposited via the mobile app. • ATM deposits and withdrawals reached all-time highs. • Maybe the most impressive stat of all, is the immeasurable number of individually wrapped doughnuts, snacks, and notes of encouragement shared among our staff who have supported and cheered each other on from the very first days of the pandemic. At ORNL FCU, we invest in new ideas and new technology, so together, we THRIVE. We’ve invested in technology over the years to be able to rise to just this occasion. Through this process we’ve learned how resilient our technology, our employees, and most of all you, our members, truly are.
LOAN PAYMENT EXTENSIONS HELPED MEMBERS IN NEED We recognized immediately that member job losses were rising, hours were being cut, and that our help was needed. The leadership team decided quickly that loan extensions would be widely available and easy to receive. In normal times, the Credit Union might process a handful of loan extensions in a month. At the peak, we processed dozens of auto, mortgage, credit card, and other loan extensions each day. Members shared stories about other financial institutions either refusing to offer an extension or offering impossible terms. That’s the credit union difference. We make decisions that benefit members. That’s what drives us day after day, pandemic or not.
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OUR MEMBERS:
E TO THE COVID-19 PANDEMIC So much has happened since mid-March when everyone’s world changed due to the COVID-19 pandemic. Along with our members, the community, and the rest of the world, ORNL FCU had to adapt to a new normal: We closed and reopened branches, launched emergency loan programs, granted thousands of loan payment extension requests to help members in need, supported community partners, and adjusted to how we define an office setting. Through this process, we’ve learned that our members are loyal, kind, and adaptable. We’ve learned that our employees are strong, dedicated, and 100% committed to our members and to each other. And we’ve learned that the East Tennessee community is a special place to call home. Your health and safety remains our number one priority and as we navigate these trying times, we appreciate your understanding. Thank you for being a member of the ORNL FCU family. Together, we will continue to thrive. Colin Anderson President/CEO
SPECIAL LOAN PROGRAMS OFFERED A LIFELINE IN DIFFICULT TIMES We saw a growing need among members and their families for funds, so we responded.* PANDEMIC STATE OF EMERGENCY LOANS The Credit Union gained national attention in a CNBC article that highlighted our Pandemic State of Emergency Loan. It offers existing members a fixed 0% APR for the first six months and a fixed 3% APR for the remainder of the term. PAYMENT PROTECTION PROGRAM (PPP) Over 500 small business owners applied through our website for the Small Business Administration Paycheck Protection Program that helps businesses keep their workforce employed during the COVID-19 crisis. HERO LOAN REFINANCING To show appreciation to healthcare professionals, military, and first responder heroes battling COVID-19 on the frontlines, ORNL FCU is offering exclusive home and auto loan refinancing programs. • HOME LOAN REFINANCING & HOME EQUITY LINES OF CREDIT We are waiving origination fees (usually 1% of the loan amount) when you refinance your current mortgage or open a Home Equity Line of Credit. • AUTO, BOAT, AND RV REFINANCING Take .25% off your qualified rate when refinancing loans from another financial institution. Plus, you’ll get 1.00% cash back* up to $500 and you can take up to 90 days with no payment. If you need assistance or have questions about any of the special programs listed above, please call 800.676.5328 or visit ornlfcu.com/response for the latest programs currently available. *Existing auto, boat, and RV loans with ORNL FCU are not eligible for refinancing. Visit ornlfcu.com for details. Other terms and conditions may apply. Certain credit worthiness criteria apply for loan approval. Rate, term, payment, and first payment due date are based on the Credit Union’s qualified credit program.
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MAKE YOUR LOAN PAYMENT FROM THE COMFORT OF HOME
DRIVE-THRU ITMS ARE ALSO ATMS
There is no need to take your check to the branch. Online Payments is a FREE service that allows you to make payments to your vehicle loan, personal loan, or HELOC securely from another financial institution. Express Pay allows quick, one-time payments using a debit card or account information. Registering allows you to establish and manage recurring payments, save your payment information, and view your payment history. Visit ornlfcu.com and click on Make a Payment. You’ll need: • A valid email address. • Your ORNL FCU account number. • Your other financial institution debit card or account information. Available 24/7. Try Online Payments today!
Drive-thru Interactive Teller Machines (ITMs) offer extended service hours. They also offer another great feature—ATM capability. Insert your debit card 24/7 to deposit checks and cash or make withdrawals at these locations: Clinton, East Knoxville, Farragut, Karns, Kingston, Lenoir City, Maryville, North Knoxville, Northshore, Oak Ridge, and West Knoxville. In-store ITMs at the Kroger on Clinton Highway in Powell and at the Food City in Maynardville also offer 24/7 ATM access.
TELLER HOURS
DIRECTORS
Monday–Friday 8:00 AM–7:00 PM Saturday 8:30 AM–1:00 PM
Randy Gorman, Chair
ATM HOURS
James Payne, Vice Chair
24/7
Jama Hill, Treasurer Joel Pearman, Secretary
865.688.9555*
Leigha Humphries
*All locations except Madisonville, Morristown, and LaFollette
OR TOLL-FREE: 800.676.5328
ONLINE BANKING ORNLFCU.COM UPDATE is published quarterly by ORNL Federal Credit Union as an information service to its members. Questions, comments, and suggestions should be sent to: ORNL Federal Credit Union UPDATE, P.O. Box 365, Oak Ridge, TN 37831.
Officials
LOCAL CALLS:
Pam Ladd Sam McKenzie Debbie Stairs Harriet Walker
HOLIDAY CLOSINGS & EVENTS
SUPERVISORY COMMITTEE
SATURDAY, JULY 4
Mary Beth Blair, Chair
Credit Union is closed.
Vickie Caughron, Vice Chair
MONDAY, SEPTEMBER 7
Mary Kiser, Secretary Gerald Smith David Watkins
Independence Day
Labor Day
Credit Union is closed.
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