Yonkers Postal Employees CU   


 

YONKERS POSTAL EMPLOYEES CREDIT UNION

PO BOX 653

YONKERS NY 10702-0653

PHONE# 914-423-7628

FAX# 914-423-9502

 

BUSINESS HOURS:  MONDAY THROUGH THURSDAY 1PM – 6PM

FRIDAY 12 NOON THROUGH 5PM

 

 Dear Credit Union Member:

 The Yonkers Postal Employees Credit Union has been dedicated to the financial empowerment of its members since it’s’ existence over 75 years ago.  We have been proud to assist our members purchase homes, vehicles, aided in college tuition, debt consolidation, and many other financial matters.  It has been, and continues to be, our commitment to serving our members financial needs.

 Recently, we have had members 1)with loans who have lowered their allotments below the agreed upon payment amount on their promissory note, 2)members who are retiring with outstanding loan balances who are making little or no effort for repayment and, 3)members who are refusing to pay their loans at all.  If the loan has a co-maker, they are notified of the default and efforts are made for collection of the outstanding loan balance through the co-maker.   

 We continue to report these delinquent amounts to the credit bureaus; however, if there is no recompense after 12 months of delinquency, the credit union has no choice but to charge their loan off as a loss.  While we do not give up on collecting the debt, the result is that all members pay for these charges through reduced dividends.  Because of this situation, the Board of Directors is implementing the following changes effective immediately:  

  • Any member (with a loan/s) who intentionally decreases their allotment (lower than the amount signed off on their promissory note/s) will have this delinquency reported to the credit bureaus and will not be allowed to refinance this loan or apply for any other type of loan with the credit union until the loan in question is paid in full.
  • Any member who has been in default (3 months or more – without a pending medical/disability case) will have this delinquency reported to the credit bureaus and  will not be allowed to refinance this loan or apply for any other type of loan with the credit union until the loan in question is paid in full. 
  • Any member, who has previously defaulted on a loan with the Yonkers Postal Employees Credit Union (excluding members with pending medical/disability insurance claims), will not be allowed to apply for a loan for one year after paying the delinquent loan in full.
  • Any member, who defaulted on a loan causing the loan to be written off, will never be allowed to apply for a loan with the Yonkers Postal Employees Credit Union.

 In addition to these changes, any member applying for a loan without the mandated 80 hours of sick leave will be required to make two additional payments as security on the loan, however, if a co maker is needed, the applicants sick leave balance will no longer be factor.

 Members who are experiencing financial difficulties, (with personal loans) will be allowed to apply to refinance their loan lowering their payments without receiving any funds (loan must be approved by a loan officer).

 Any member (without a loan) who retires may continue their membership with the credit union.  However, they must have at least one financial transaction per year.

 Any member (with a loan) who retires is responsible for the continued timely payments of their loan/s.

 All active members (non retirees) must maintain a bi-weekly allotment into their credit union account.

 Any one who applies for membership, whose allotment does not go into effect within three pay periods, will have their application revoked and any monies applied will not be refunded to the applicant.

 Additionally, the Board of Directors and the Supervisory Committee of the Yonkers Postal Employees Credit Union would like to extend our sincere apology for the two recent mailings. The errors were caused by a computer generated defect which has been corrected.

 Sincerely,

 The Board of Director’s

Yonkers Postal Employees Credit Union



 

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