We are happy to announce that effective Monday, June 8, 2020 our Saginaw Township Branch located at 5685 Shattuck Road will reopen it’s lobby by appointments only. Please call (989) 752-5214 to speak to a member representative to schedule a branch appointment.
To help keep everyone safe and healthy, please do not visit our drive-thru or schedule an appointment if you are sick or have been exposed to those who are sick.
We appreciate your patience as we develop a plan to safely reopen our lobbies to full service.
Below is a guide to help you determine some of the services that would be a good fit for appointment only.
As a reminder our drive-thru will remain open. You also have access to It’s Me 247 online banking, mobile banking, member services, ATMs, and night drop.
Where is My Stimulus Check
Everyone I talk to seems to have already gotten their stimulus money, but I’m still waiting for mine to arrive. Where is my stimulus check?
More than half of eligible Americans have already received their Economic Impact Payment, but tens of millions more are still waiting. We’ll let you in on when you can expect yours, how to help it come quicker and why you may not even be receiving a stimulus payment.
The schedule for issuing payments
The IRS is trying to get the stimulus payments out to Americans as quickly as possible, but with approximately 150 million checks that need to be issued, it will take some time.
First, the IRS is working on getting the funds to Americans via direct deposit. Most of the payments being issued to people whose account details are known by the IRS have already been distributed and the rest is scheduled to be deposited as the information is obtained.
Next, the IRS will send payments for individuals currently receiving federal benefits, such as Social Security checks, retirement or disability benefits, Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs (VA) benefits. The stimulus payments will be issued the same way these individuals receive their regular federal benefits, whether by direct deposit, Direct Express or paper check. The Treasury has promised that all Social Security and Railroad Retirement beneficiaries will receive their benefits by early May. SSI and VA beneficiaries should get their payments by mid-May.
On April 24, the IRS began issuing paper checks to Americans who have not provided their banking details. Low-income Americans are prioritized, and individuals earning an adjusted gross income (AGI) of $10,000 or less should have already received their checks. The IRS will then send out approximately 5 million paper checks each week, scheduling the mailings according to incomes in increasing $10,000 increments. For example, checks for individuals with an AGI that falls between $20,000 and $30,000 were mailed out on May 1. On May 8, the checks for people with incomes between $30,000 and $40,000 will be mailed out. This schedule will continue through Sept. 4.
How can I make my stimulus money get here quicker?
As mentioned, funds being distributed via direct deposit are issued first. The IRS will use your most recently filed taxes to determine where to send your stimulus money and the amount you are eligible to receive. If your most recently filed returns have not yet been processed, or you’ve received your refund by paper check, the government does not have your checking account information, so your payment may be delayed.
You can update this information on the recently updated track your your payment portal on the IRS website. You will need your Social Security number, the gross income of your most recent tax returns, your Lake Huron CU’s routing number 272484551 and your checking account information. Once you’ve shared your account information, your stimulus payment should be scheduled for deposit within the week.
If the IRS already has your account information and you still have not received the stimulus money, or you would prefer to receive your payment by paper check, you can track your payment on the same link. The site is updated once a day.
What if my information has changed since I filed my last tax return?
If the checking account used for your most recently filed taxes has since been closed, the payment will bounce back to the IRS, which will then send a paper check to the home address it has on file from your tax returns.
To update a checking account, use the IRS payment portal to enter your current information.
If you’ve moved since filing taxes, you can choose to share your checking account information with the IRS, or to use another method which may include informing the U.S. Postal Service of a change of address.
What if I don’t file taxes?
If you are not required to file taxes and you are eligible for an Economic Impact Payment, you can still receive your check. Just enter your information here.
Why you may not qualify for a check
The CARES Act does not promise payments for every American. Dependents older than 16, individuals who do not have a Social Security number and those with an AGI above $99,000, will not be getting a stimulus payment. The threshold is higher for individuals filing as a head of household, at $136,500, and up to $198,000 for joint filers.
Watch out for stimulus scams
While the IRS urges people to update their information on the payment portal, it is important to note that they are not reaching out to individuals. If you receive a phone call, social media post, email or text message asking for your banking information, it is likely a scam. There is also no application fee or processing fee for the Economic Impact Payments. If you are asked to pay one, it is also a scam.
Consumer's Guide to Coronavirus Mortgage Relief
Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) announced the creation of the MiMortgage Relief Partnership with more than 200 of Michigan’s financial institutions to recognize and expand upon the measures that these institutions have been taking to assist customers to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during this public health crisis.
Here are some important things for consumers to know first: What you need to know
As of, April 24, 2020 LCHU has temporarily suspended the enforcement of Regulation D, which only allows you up to six preauthorized or electronic withdrawals/transfers from your share each calendar month.
Lake Huron Credit Union wants to make accessing your funds easier by unlimited numbers of transfers and withdrawals from your share during this time of financial challenge.
LHCU is in this together with our members.
We understand the financial impact that COVID-19 is having on our members. We want you to know that Lake Huron Credit Union is here to help. If you have a loan with LHCU and are not sure how you will be able to make your payment, we are offering a FREE Skip-a-Payment* program that may help you.
You can choose to skip one or two payments, however if you skip two, they must be two consecutive months. Those having already received skip-a-payments within the last four months are ineligible.
To enroll in skip-a-payment please call us at (989) 752-5214.
If your loan does not fall within the guidelines, please call us to see what we can do. LHCU is in this together with our members.
*Equity loans, mortgages and lines of credit (including Visa®) are ineligible for this promotion. You must be current on your loan, and a member in good standing. ALL borrowers on the loan must sign the request form. At least three full scheduled monthly payments must have been completed on any new loan. Interest on your loan will continue to accrue and the term of your loan will be extended. Other restrictions may apply. The last day to apply for the Skip-A-Pay promotion is May 29, 2020.
MiMortgage Relief Partnership
Lake Huron Credit Union is proud to announce our participation in the “MIMortgage Relief Partnership” announced by Governor Whitmer on Thursday, April 23, 2020.
To qualify to participate in the LHCU program, members must have been adversely financially effected by COVID-19. Proof will be required. The requests will be reviewed on a case-by-case basis.
It is important to note this is not a Skip-A-Pay program, rather it is a forbearance, meaning at the end of the period (generally 90 days), you will owe all the payments that were included in the forbearance period. Escrow payments will still need to be paid during the forbearance period.
Primary residence first mortgages held by Lake Huron Credit Union are included in this program. Federally backed mortgages are subject to federal guidelines.
Please contact us if you are interested in applying, or would like more information, at (989) 752-5214.
June Visa® Skip-A-Pay
Due to hardships caused by COVID-19 pandemic, we are offering our qualifying members a Visa® Skip-A-Payment program, allowing you to skip your June Visa® payments.*
When you receive your next statement, verify it contains the Skip-A-Payment message. If the message is displayed, your minimum payment amount will still appear due, however your payment will be skipped. You do not need to do anything else. If you still want to make a payment on your Visa® during this time, you can easily make a payment as you normally do.
We hope this will help provide you some financial relief during these uncertain times.
*There is no fee to participate in the Visa® Skip-a-Pay; however, finance charges will continue to accrue on any unpaid balance.Accounts with auto-pay, delinquent, over limit, and/or closed accounts will be excluded.Accounts must be open for a period of 3 or more months.Other exclusions may apply.See the LHCU website for full details
Senate Passes $484 Billion Relief Package
In an effort to help small businesses remain afloat in a nearly comatose economy, the U.S. Senate passed another COVID-19 relief package on April 21.
The latest in a string of stimulus bills comes with a price tag of $484 billion. The majority of the bill will go toward relief for small businesses with the remaining funds allocated to hospitals and COVID-19 testing centers.
The bill was primarily created to replenish the Paycheck Protection Program (PPP) and to target smaller businesses which don’t have access to large financial institutions.
The PPP ran dry last week after more than 1.6 million businesses across the country applied for relief loans. The Small Business Administration (SBA), the agency responsible for granting the loans under the PPP, has already approved more than $342 billion in loans since the pandemic hit. The April 21 relief package will provide the SBA with another $321 billion so it can meet the needs of small businesses’ desperate for financial aid.
Another crucial component of the bill is its inclusion of smaller, underbanked businesses which don’t have access to the loans provided through the PPP. Banks have been prioritizing their existing customers and large restaurants when approving loans with funds from the PPP, leaving smaller businesses floundering.
The new bill will designate $60 billion for smaller lending facilities, including “community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion.”
This is great news for credit unions which will now have access to the funds they need to help their members who own small-businesses.
The relief package also provides $75 billion for hospitals and health care providers and an additional $25 billion to fund and facilitate COVID-19 testing.
5 COVID-19 Scams to Watch Out For
1. The fake cure scam. Scammers are peddling bogus cures and vaccines. If you’re offered a drug or vaccine to fight coronavirus — especially by a company you’ve never heard of — you’re looking at a scam.
2. Phishing emails from the “World Health Organization” (WHO). Scammers are sending out emails which appear to be from the WHO, but are really an attempt to get you to share personal information.
3. Fake charities. Everyone wants to help those stricken by the virus, but be sure to check out the authenticity of a charity before making your donation.
4. Malicious websites. Scammers have set up websites full of information on COVID-19 with the intention of gaining access to your device. Don’t download any links or open attachments from non-reputable sources.
5. Fake funding scams. Criminals invent a “research team” supposedly on the verge of discovering a cure for COVID-19 — they just need your donation. Of course, all funds donated to this alleged team will go directly into the scammers’ pockets. Only donate to verified causes.
All You Need to Know About the COVID-19 Stimulus Plan
After days of negotiations and last-minute changes, the Senate and the White House have signed a historic $2 trillion stimulus plan to help mitigate the economic fallout of COVID-19. The Coronavirus Aid, Relief and Economic Security Act (CARES) will put cash directly into people’s pockets, provide desperately needed funding for hospitals and help struggling businesses remain afloat in these financially fragile times.
One of the most crucial elements of the bill is the plan to distribute stimulus checks to Americans in the middle class and lower income levels. Officials hoped to deposit the one-time payments as soon as early April, though Americans likely won’t see the funds until a few weeks later.
Aid amounts will be based on household income reported in 2018 taxes (or 2019 taxes if they’ve already been filed), and will average $1,200 for each adult earning up to $75K a year and married couples earning up to $150K a year. Check amounts will begin to phase out for individuals whose income exceeds the $75K threshold, and for couples who earn more than $150K. Individuals earning more than $99K, and couples with no dependents earning more than $198K, won’t receive stimulus checks. Each household will also receive an additional $500 for every child under the age of 17 living at home. You can look up your anticipated check amount on this calculator.
The feds are hoping the stimulus checks will help the floundering economy and be a welcome relief to the millions of Americans struggling with a job loss or decreased hours due to COVID-19. The checks will provide benefits quicker than a tax credit and offer more spending freedom for recipients.
Increased unemployment benefits
The enhanced unemployment insurance includes four months of unemployment pay for laid-off workers; expanded coverage for employees who were furloughed; the inclusion of workers who generally do not qualify for unemployment, like gig workers and freelancers; and increased unemployment benefits for all eligible workers by $600 a week for four months in addition to each state’s predetermined unemployment compensation.
Funding for the health care system
The stimulus plan will pump $150 billion in the country’s overtaxed health care system to help it meet the overwhelming demands of the pandemic. Of this funding, $130 billion will go directly to hospitals struggling to deal with a shortage of masks, ventilators, beds and protective gear; and $1 billion will go to the Indian Health Service. The rest of the money will be used to fund research and treatment and to help the Strategic National Stockpile raise supplies of ventilators, masks and other equipment for hospitals across the country.
Small business bailouts
Small businesses are among the hardest hit by the pandemic and national shutdown to help “flatten the curve.” The stimulus plan will offer $350 billion worth of funds to these corporations to help them remain solvent during these economically lean times. These funds take the form of loans, some of which may ultimately be forgiven.
Funding for state and local governments
State governments are especially active and vocal at this time, as they are the sole elected officials authorized to enact and enforce lockdowns on their jurisdictions. State treasuries are also straining to meet the surge in requests for funding from hospitals and individuals seeking unemployment benefits. Local governments are similarly mobilized during the pandemic, with law enforcement authorities in heavily infected areas putting in long, hard hours daily ensuring the safety and health of citizens.
The CARES Act will distribute $150 billion directly to state and local governments to enable them to address their spending shortages and to fund their increased labor at this time.
The act calls for waiving the 10% early withdrawal penalty for distributions up to $100,000 for purposes relating to COVID-19, retroactive to Jan. 1. Withdrawals still will be taxed; however, taxes are spread over three years, or taxpayers have the three years to roll it back over.
In addition, the loan limit for 401(k) loans has increased from $50,000 to $100,000 and required minimum distributions (RMDs) from IRAs and 401(k) plans (at age 72) are suspended.
Federal student loan borrowers will be allowed to pause payments on their loans. Loans will be put into forbearance for at least 60 days starting March 13, 2020. No payments should be due until after Sept. 30, 2020.
Federal student loan interest rates will automatically be set to 0% for a minimum period of 60 days until Sept. 30, 2020. If borrowers continue making payments, the full amount will be applied to the principal.
Borrowers do not need to take action to suspend loan payments. In addition, collection efforts, including the garnishment of wages and the seizure of tax refunds, will be suspended on federal student loans that are in default.
Some homeowners could be able to pause payments for at least six months with the possibility of an additional six months of forbearance, according to the act. Homeowners become eligible if they have one of the following types of mortgage loans; FHA Loan, VA Loan, USDA Loan, 184/184A Mortgage, any mortgage backed by Fannie Mac, and any mortgage backed by Freddie Mac.
Missed payments would be required to be paid back; however, homeowners can work with their lenders at the end of the forbearance period to come up with a manageable payment plan. A moratorium on foreclosures for borrowers with any of the above types of government-backed loans began March 18.
The country is going through historically challenging times, but with the combined effort of the federal government, the cooperation and compliance of the public and generosity of each individual, we can all get through this together. Wishing all of our members and their families continued health and safety at this time.