Since 1940, the NIH Health Federal Credit Union (NIHFCU) has been providing affordable loans and banking solutions to the local biomedical and healthcare communities, including NIH’s civilian workforce and contractors and a lengthy list of other industry employers and organizations in the DMV.
The credit union industry has flourished for well over a century (1909 to be exact) with its “people helping people” philosophy to financial services. Today, while the NIHFCU has expanded its member eligibility requirements beyond the NIH and its affiliates, the recent Reduction in Force (RIF) activities of the federal government will have consequences for many of its members and their families. As NIHFCU has done many times throughout its history (the most recent being the COVID-19 pandemic), it has risen to the occasion to provide for its members who are experiencing direct financial hardship due to the RIF and to live up to the credit union industry’s “people helping people” values.
On the credit union’s website www.nihfcu.org, its members will find a link to its Federal Worker RIF Support webpage, containing a variety of resources for their consideration, including:
- The assembly of a dedicated team of NIHFCU associates to explore loan modification options with impacted members who are currently borrowing from the credit union.
- The waiver of fees normally associated with the early withdrawal of funds from certificate of deposit accounts.
- Advising members of its shared-secured loan option, allowing members to consider borrowing at an extremely low rate by using deposits to secure a loan without standard underwriting guidelines.
- Complimentary and no-obligation investment and retirement planning consultations with NIHFCU’s Wealth Advisors
- No cost, certified and confidential financial counseling to discuss debt management or other financial concerns.
- A comprehensive list of resources from the State of Maryland and Montgomery County for additional financial assistance, workforce programs, workshops, job fairs, and more.
Lastly, the credit union has, and will continue, to produce a variety of webinars covering a range of topics to support the financial wellness of its members and their families.
Rick Wieczorek, NIHFCU’s President and CEO, states, “NIHFCU’s vision is to be the preferred provider of financial services for those working in the biomedical and healthcare communities and their families.” Mr. Wieczorek continues, “In uncertain times like now, our members need us and our 'Banking With Heart’ approach to their financial well-being more than ever, and we are ready to deliver.”
NIHFCU membership is available to virtually anyone, whether they are a government employee or not, or if they work within or outside the biomedical or healthcare communities. For more information on low rate and convenient banking solutions for you, your family, or your business, please visit www.nihfcu.org, call 1-80-877-6440, or stop by a branch location.