COVID-19 has ushered in a new normal—likely impacting your personal finances. These strategies can help you take control of your money during this time.
Updated May 11, 2020, at 3:00 p.m. CT
Dupaco stands ready to help and support you during the COVID-19 pandemic. We’ve deployed several temporary options to help you through what we hope is a short-term pinch.
If you’re concerned or are experiencing a financial hardship, please reach us by phone. We’ll help you however we can.
Here are some ways your credit union can help you during this time:
Defer payments for eligible Dupaco Visas
You might be able to defer your minimum payments due in June and July for your Dupaco Visa credit card.
To find out if you qualify, check your statements. If you qualify, the balance due in June and July will be $0.
Even though a payment is not due, interest will still accrue. Payments will resume Aug. 7.
Automatic payments are not stopped during this time.
Payment deferrals available for eligible loans
If the pandemic has impacted your financial situation, you might be able to defer your Dupaco loan payments for up to two months. This temporary measure is subject to qualification and will be handled on a case-by-case basis.
Eligible loans include:
- Dupaco Mini-Mortgage
- Personal loans
- Auto and motorcycle loans
- RV, boat and ATV loans
- Mobile home loans
- Closed-ended home equity loans
- Mini Max loans
Home improvement loans, home equity lines of credit (HELOCs) and credit cards do not qualify.
Please call us at 800-373-7600, ext. 0, for more information.
Transfer fees waived on savings and money market accounts
You can now transfer money from your savings or money market account as many times as you need to without penalty.
This measure temporarily pauses Regulation D, which limits you to six transfers per month without penalty.
Early withdrawal penalties waived for certificates
If you become unemployed for COVID-19 pandemic-related reasons, you can now withdraw funds from your Dupaco term-share certificate account without penalty.
This temporary measure is subject to qualification. Please call us for more information.
Case-by-case fee waivers
If you’re incurring fees due to COVID-19-related circumstances, please reach out. We can work with you to provide financial relief through other fee waivers, such as overdraft or non-sufficient funds fees.
Late payment fee waivers
Dupaco will automatically waive late payment fees on all Dupaco loans and lines of credit until further notice.
This temporary policy applies to:
- Credit cards
- Auto, personal, debt consolidation and home equity loans
- Mini-Mortgages and home equity lines of credit
If you have any questions about your loan or line of credit, or have concerns about your ability to repay it, please contact us at 800-373-7600.
Other fee waivers
Effective immediately, Dupaco is temporarily waiving several other fees to provide you additional financial relief:
- Dupaco Visa credit cards: We will waive late fees, cash advance fees and returned payment fees for May, June and July, resuming Aug. 7 (late fees were already waived for April). This applies to business and personal Dupaco credit cards.
- Loan processing fees: We are waiving the processing fees for all loan payments made with credit cards not issued by Dupaco.
- Late payment fees: We are automatically waiving late payment fees on all Dupaco credit cards and consumer loans, including auto, personal, consolidation and home equity loans. Mini-mortgages and home equity lines of credit also qualify.
- Mortgage and business loan payment fees: Due to the unique nature of mortgage and business loans, you may contact Dupaco for inquiries about late payment fees on these loans.
- Student loan fees:
- Late payment fees will be automatically waived for 60 days on all student loans serviced by Aspire. You can also request a loan payment deferral by contacting them at 800-243-7552.
- Late payment fees will be automatically waived from March 26 through May 31 on all student loans serviced by University Accounting Service. You can also request a loan payment deferral by contacting them at 800-723-2210.
Insurance payment relief
All of Dupaco Insurance Services’ carriers announced payment deferral options for policyholders impacted by the pandemic. Insurance carriers also relaxed cancellations due to nonpayment of premiums, allowing eligible members to keep coverage while working out payment options.
Most carriers have extended their cancellation leniency efforts through the end of May. But Progressive’s temporary measure ends May 15. After this date, any remaining balance is due to remain insured. If you’re struggling to make your payments, you’re encouraged to contact Progressive for billing options.
Each carrier has a slightly different payment relief plan, so you’ll need to reach out to your carrier directly to learn about your options. You can also call the Dupaco Insurance Services team at 800-373-7600, ext. 210, to get connected with your carrier.
Some carriers also hope to return a portion of auto insurance premiums that have already been paid. With social distancing measures in place, fewer people are driving. In theory, less driving means less claims.
So far, these DIS insurance carriers have announced plans to do this, pending approval by state regulators:
- West Bend plans to send a $50 check to each eligible home and highway policyholder. And on May 5, the company said it also plans to return 15% of nine weeks of premiums to its small business policyholders who had policies as of March 11, 2020.
- Progressive plans to return 20% of personal auto policyholder monthly premiums for April and March.
- Auto-Owners Insurance plans to provide a 15% premium refund to personal auto policyholders for April and May.
- Travelers plans to automatically give U.S. personal auto insurance customers a 15% credit on April and May premiums.
- SECURA plans to provide a 15% refund of April and May auto premiums for eligible MILE-STONE policyholders with at least one personal auto on their policy as of April 20, 2020.
- AAA plans to offer a 20% refund for April and May premiums to its policyholders with auto insurance in effect through April 30, 2020.
If you have TruStage insurance through Dupaco, you might be able to delay paying your premium as well.
Effective immediately, TruStage will not cancel or deny renewal of eligible policies for 90 days because of a failure to pay premiums on these products:
- Accidental death and dismemberment insurance
- Health insurance
- Life insurance
No penalties will be charged for this temporary measure. And your missed payment will automatically activate your 90-day waiting period. This applies to eligible payments due after March 12, 2020. For more information, you can call TruStage at 888-787-8243.