You’re Unemployed…Now What?

Millions of people have lost their job in the last few weeks due to the national crisis. Perhaps that’s you, and you’re not sure where to start. Here’s a checklist to consider as you look for solutions. Not all of these items may fit your needs, so consider each of them individually for your circumstance.

Apply for unemployment. Each state has a different program. In Colorado, you can apply if your hours or wages reduced, or you were temporarily or permanently laid off. To apply or learn more about Colorado’s program, please go to ColoradoUI.gov.
Defer student loan payments. Federal student loan payments are automatically suspended between 3/13/2020 and 9/30/2020 and no interest will accrue during that time. Go to StudentAid.gov/coronavirus to learn more.
Buy health insurance. Some of you may depend on your employer for health insurance. If your health insurance is no longer available, get insurance. Connect for Health Colorado is running a special enrollment period from March 20 to April 30. Learn more here: https://connectforhealthco.com/
Look for work. Apply for work and ask you family, friends, and professional connections if they have any leads that make sense for you.
Use your emergency savings. Your emergency savings is here for situations like this. If you don’t have emergency savings, and you’re still employed, start a savings account today with automated transfers as a backup for the future.
Ask for help. If you have a loan somewhere (bank or credit union), give them a call and see if they will defer your loan payments. Make sure you understand the details. If it’s a good fit, go for it. Zing is deferring loan payments in many cases. Click here to defer a payment.
Ask for help. Family and friends that are well employed may be able to help. Also, there’s no shame in using community resources such as food pantries to help you scrape by until you’re employed again. In Colorado, call 2-1-1 or visit 211Colorado.org to connect to critical resources and assistance programs.
If you can, avoid loans against your retirement accounts, and avoid high interest loans.
Lastly, unemployment is something millions of Americans are experiencing right now. You’re not unemployed because you’re not valuable. You’re unemployed because we are experiencing a pandemic and national crisis. If you feel sad, it’s okay. If you need access to mental health crisis support, contact organizations such as Colorado Crisis Services at https://coloradocrisisservices.org. You can call 1-844-493-TALK(8255) or Text “Talk” to 38255.

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

Checking Comparison Chart

Compare Checking Accounts

Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer

Available

Mile High APY

Yes

N/A

Yes

5 Buck Club

Yes