TOTOWA, N.J. (5/26/10)--North Jersey FCU’s Hero Loans Program, launched in 2009, was the credit union’s most successful promotion last year. The program recognizes the “every day” heroes--teachers, firefighters, police officers and others vital to the community, said the credit union. The $183 million asset, Totowa, N.J.-based credit union began as a credit union for teachers and grew into an institution serving firefighters, police officers and other vital members from local communities. These professionals tirelessly and unselfishly care for their community with little recognition, and are easily taken for granted, North Jersey FCU said. Hero Loan Campaign benefits include:
* 0.25% off the rate on consumer and auto loans, plus an additional 0.25% off the rate for making loan payments via direct deposit; * No fee for home equity loan or first mortgage applications. Also, members will receive 0.125% off the rate for full direct deposit, and automatic payment transfers; * 0.20% above the current advertised rate on a two-year share certificate; * Free checking with interest, available with a minimum balance of $100; and * e-statements, which are required for the Hero Loan Campaign.
Teachers can skip up to two consecutive loan payments during the summer months. They can customize their own payment schedule. North Jersey FCU said it is the only financial institution that provides this personalized service for its members. “I work so hard throughout the year doing what I love as a teacher,” said one teacher and North Jersey FCU member. “But when school is closed I don’t receive income. It’s really nice to be able to skip a payment on my loan when I am not receiving a paycheck during the summer months. As a member they let me do just that and it works well for me and my family’s budget.”