Stay Informed on our Response to COVID-19

All of our community branches are now open with walk-in lobby and teller services. We will continue to offer drive-thru services and have extended our hours to better serve you. All community branches are offering banking-by-appointment for your convenience as well. In-plant branches continue to be closed at this time. See below.

Branch Hours of Operation 

Branch Lobby Hours 

• Monday, Tuesday, Wednesday, Friday 9:00 a.m. - 4:00 p.m.
• Thursday 9:00 a.m. - 6:00 p.m.  
• Saturday 9:00 a.m. - 1:00 p.m.

Drive-Thru Hours 

• Monday, Tuesday, Wednesday, Friday 9:00 a.m. - 4:30 p.m.
• Thursday 9:00 a.m. - 6:00 p.m.  
• Saturday 9:00 a.m. - 1:00 p.m.

Banking-by-Appointment Services: Make an Appointment

Video Teller Machine Hours

• Monday - Friday, 8:00 a.m. to 6:00 p.m.
• Saturday, 8:30 a.m. to 1:00 p.m.
• ATMs are available 24/7 at all locations.

​Member Contact Center Hours

• Monday - Friday, 8:30 a.m. to 6:00 p.m.
• Saturday, 8:30 a.m. to 12:30 p.m.

Temporarily CLOSED branches:

• ​Farmington, East Hartford High School, Pratt and Whitney Middletown, and Pratt and Whitney L-Mezzanine

Below are some self-service options that you may find helpful.

• Q: How can I check my balance or transfer funds between accounts?
  A: Complete standard requests such as obtaining your current balance, transferring funds, and more through Online Banking, our Mobile App, or by calling Telephone Banking at 800.843.1151.
• Q: How can I check the status of my loan?
  A: Find information about the status of your Personal or Auto Loan here and the status of your Home Loan, Home Equity Line of Credit, or Home Equity Loan here.
• Q: I'm concerned about fraud. What can I do to protect my account(s)?
  A: Download AEFCU’s SecurLOCK App, which allows you to lock your card when you don't need it and unlock it quickly when you do. You can even control the types of products and services that can be purchased and where transactions can take place. Visit this link and use the buttons on the right to download. 
• Q: I'm new to Online and/or Mobile Banking. How do I enroll?
  A: Enrolling is fast and easy. Visit this link and click "Register." Once enrolled for Online Banking, you can visit your App store to download and use the Mobile App. Your Username and Password for Online Banking and the Mobile App are the same. Once enrolled in Online Banking, there are many things you can do - pay bills, transfer funds, view transactions, and use our secure forms for account issues 24/7. 
• Q: What are the different ways I can make a payment on my mortgage or loan with AEFCU without coming into a branch?
  A: To find different ways to make a payment on your mortgage or loan click here. 
• Q:  How else can I contact the credit union if I don't want to call the Contact Center?
  A: Secure messaging is available inside Online Banking to send an email to an AEFCU specialist. Also, Online and Mobile Banking as well as ATMs are available 24/7. For your convenience, we also have a Chat feature on our website, which is available during business hours. 
• Q: What services are currently available at your branch locations?
  A:  All branches are open and are offering banking-by-appointment, lobby and drive-thru services, ATMs are available 24/7 at all branches. For current branch hours, and to make an appointment, please go  "Business Hours & Branch Operations" above. 
• Q: How do I transfer money between American Eagle FCU and another bank or credit union?
  A: You can find information on various ways to transfer money to and from other financial institutions here. 

For more information on self-service banking visit here.

To be sure you receive the most up-to-date information, please ensure we have your current email address on file and follow us on Facebook, Instagram, and Twitter.

To support members and prospective members affected by COVID-19, American Eagle Financial Credit Union has flexible product and service options to alleviate financial pressures.

Payment Extension Options

• Free payment extensions for up to three (3) months are available for existing AEFCU fixed rate Home Equity Loans, Auto Loans, and Personal Loans. To learn more or take advantage of this option, please complete the online form here (you will hear from a representative within 72 hours or three (3) business days) or call our Member Contact Center. See Business Hours & Branch Operations for hours. Terms and conditions apply.
• Existing AEFCU Mortgages may also qualify for payment assistance options such as a forbearance, a temporary suspension of your mortgage payment for up to three (3) months. To apply, visit the Cenlar website and complete the presented form. After submitting your form, you will hear from a representative within ten to fourteen (10-14) business days. Terms and conditions apply. You’ll need to register if this is your first time visiting the Cenlar site.
  • You can also access the form from your AEFCU Online Banking account. Once logged in, within your Accounts screen, click on your mortgage which will prompt a View More Information option. When clicked, you will be brought to a website with a red Alert bar in the middle of the page. Click Learn More and complete the form provided. Again, if this is your first visit to the Cenlar website, you’ll need to register.
  • Alternatively, you may call 877.906.1672, Monday through Friday, between 8:30 am and 8:00 pm. Please note that wait times are extremely long due to increased volume. Registering on the Cenlar website and completing the form is recommended.
  • For your convenience, you can find answers to Frequently Asked Questions about mortgage forbearance here. Additionally, the Consumer Financial Protection Bureau (CFPB) is an excellent resource to provide information. 

• Existing AEFCU Student Choice loans are also eligible for forbearance for up to three (3) months. In this instance, the temporarily suspended payments, along with any interest accrued during such period, will be spread out for the remaining term of the loan. See example below. Learn more here or call University Accounting Services at 800.723.2210. Terms and conditions apply.
  
  If a member’s loan is in repayment the monthly payment is $100 per month, and the remaining term on the loan is 12 months, the forbearance amount of $300 will be divided by the remaining term of 12 months, and added to the regular monthly payment. ($300 forbearance / 12 months = $25; New monthly payment = $125). Members that have selected the interest-only payment option during their in-school period will be offered the opportunity to convert into a deferred payment option. Those members that choose to do so will be allowed to revert back to the interest-only payment option at any time upon their request.

Changes to Account Transfer Restrictions (Reg D)

The Federal Reserve has changed the Regulation D requirements which restricted an accountholder’s ability to withdraw or transfer funds out of savings and money market accounts (non-transactional accounts) to six (6) convenience transfers per month. This restriction has been removed and you will be allowed to process unlimited transactions on your savings, club and money market accounts. 

Q: What is forbearance?
A: Forbearance is a temporary suspension of your monthly mortgage payment (i.e., your payments are suspended for a set period of time). In addition, credit reporting and late charges are suppressed for the duration of the plan. It’s important to be aware that at the end of the forbearance period, the temporarily suspended payments will be due.

Ex: John has a monthly mortgage payment of $1,000 and opts for a forbearance in January. When the forbearance period ends in March, he will owe $4,000 on April 1st ($1,000 for April payment and $3,000 in back payments).

Q: What are my options for repayment at the end of the forbearance?
A: At the end of the forbearance period, you may have three (3) options available to you depending upon your income and loan status:

1. Make Suspended Payments
   This option is the first one explored to see if the entire amount owed can be paid (current month plus three (3) months of payments that were temporarily suspended).
2. Repayment Plan
   In the event the entire payment amount can't be made, a repayment plan is considered. The entire amount due is required to be paid back within six (6) months. In order to qualify for the repayment plan, your financial situation is reviewed to ensure you can afford the additional amount due every month.
   ​​Ex: John has a mortgage payment of $1,000 per month and he owed $4,000 at the end of his forbearance period. He arranged to pay $1,500 in April, leaving an outstanding amount due of $2,500. For the next five (5) months, John will pay $1,500 per month until the back due balance is paid. His regular mortgage payment of $1,000 will resume in October.
3. Modification
   The last option to be considered is modification of your mortgage. An application will need to be completed and submitted along with all required documentation. All possible modification options will be reviewed based upon your current financial situation. A loan modification can help you succeed financially with future mortgage payments.

A representative will reach out to you prior to the conclusion of your forbearance period to determine next steps.

Q: Am I eligible for forbearance?
A: If you have been directly impacted financially from the COVID-19 pandemic, you may qualify for a forbearance plan for a minimum of three (3) months in order to recover from this difficult time. Visit https://www.loanadministration.com/ or call 877-906-1672 for assistance.

Q: Am I eligible if my employer has been impacted by the COVID-19 pandemic?
A: If your employment status has been impacted, you may qualify for a forbearance plan. Visit https://www.loanadministration.com/ or call 877-906-1672 for assistance.

Q: Do I need to apply for forbearance?
A: Yes. To apply, visit the Cenlar website and complete the presented form. After submitting your form, you will hear from a representative within five to seven (5-7) business days. Terms and conditions apply. You’ll need to register if this is your first time visiting the Cenlar site.

• You can also access the form from your AEFCU Online Banking account. Once logged in, within your Accounts screen, click on your mortgage which will prompt a View More Information option. When clicked, you will be brought to a website with a red Alert bar in the middle of the page. Click Learn More and complete the form provided. Again, if this is your first visit to the Cenlar website, you’ll need to register.
• Alternatively, you may call 877-906-1672, Monday through Friday, between 8:30 am and 8:00 pm. Please note that wait times are extremely long due to increased volume. Registering on the Cenlar website and completing the form is recommended.

Q: Can forbearance be offered for longer than three (3) months?
A: Towards the end of the plan period, your financial status will be reassessed to determine eligibility for further workout options which may include an extension of the plan or a loan modification. Additional eligibility requirements may apply.

Q: Can I submit payments during the forbearance plan?
A: Yes, you can submit payments during the forbearance. However, payments will not be applied to your loan until the forbearance period ends. You are not required to make any payments during the plan period. However, all payments that were forborne will be due at the end of the forbearance period.

Q: Will I still receive billing statements during the forbearance?
A: Yes, we are required to send you a billing statement every 30 days. Please refer back to your forbearance letter, which outlines the terms of your forbearance. You will not be required to make any payments during the plan period. In addition, you are not being assessed late charges or receiving adverse credit reporting during the plan period.

Q: Will I receive letters advising me of delinquency status?
A: Yes, we are required to send certain letters to ensure compliance with your investor guidelines. Please refer back to your forbearance letter, which outlines the terms of your forbearance. You will not be required to make any payments during the plan period. However, all of the payments that were temporarily suspended will be due at the end of the forbearance period. In addition, you are not being assessed late charges or receiving adverse credit reporting during the plan period.

Q: How do I cancel my forbearance?
A: To discuss options for terminating the forbearance, please contact us at 877-906-1672.

Contact Tracing Text Scam

There’s no question, contact tracing plays a vital role in helping to stop the spread of COVID-19. But scammers, pretending to be contact tracers and taking advantage of how the process works, are also sending text messages. But theirs are spam text messages that ask you to click a link. Check out the image below. Unlike a legitimate text message from a health department, which only wants to let you know they’ll be calling, this message includes a link to click. Don't be scammed.

Stimulus Payment Scams

There are some things to keep in mind regarding the stimulus payments and generally during this time:

1. No one should be calling, emailing or messaging you to access personal information in order to process, disburse or finalize your COVID-19 stimulus payment from the government. Those who are eligible do not need to do anything to initiate their stimulus payment.
2. No one has early access to this money. Anyone that claims to is a scammer.
3. The Treasury Department advises: “If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond.”
4. With many of us working from home, our company systems are more vulnerable. Please use caution with outside emails and requests for information.
5. With so many folks out of work right now, fraudulent at-home job opportunities and other online job scams will become more prominent in the coming month.
6. Ignore:
   • Messaging offering masks, gloves, antibacterial lotion, etc.
   • Robocalls and text messages related to COVID-19.
   • Offers of fraudulent test kits.

Second Round Stimulus Checks - What You Need to Know

To date, American Eagle FCU has processed close to 18,000 direct deposits from the IRS. If you have not yet received your stimulus payment:

• Check Get My Payment on the IRS website to ensure eligibility. If you receive the status, “Payment Status #2 – Not Available”, this means you will have to wait until you file your 2020 taxes to request the payment, even if you received the first stimulus check with no issues. When filing, you will claim the Recovery Rebate Credit. This process is dictated by the IRS and cannot be changed through your financial institution.
• You may be receiving your payment via check or debit card this time. The IRS indicated that funding may be sent in a different manner regardless of how you received your first payment.
• If you used a company such as H&R Block or TurboTax to file your 2019 tax return, you likely need to wait until you file your 2020 taxes to obtain your payment by claiming the Recovery Rebate Credit. Both tax preparing companies are directing folks to the IRS website for information noting that they do not have further information to provide by phone.

Please note:

• Financial institutions, including AEFCU, do not have access to who will receive a check, by when, or for what amount. You can find the most updated information at irs.gov.
• The IRS reminds taxpayers that these direct deposit, check, and debit card payments are automatic, and recipients should not contact the IRS or their financial institution with questions. Your payment eligibility and status can be found using the IRS Get my Payment tool.
• Visit Economic Impact Payments | Internal Revenue Service (irs.gov) for information regarding payments by check or debit card.

For your convenience, we’ve compiled FAQs about the second round of COVID-19 economic stimulus payments below. 

What is a COVID-19 stimulus payment?

Eligible US taxpayers could receive a payment (or another payment) from the federal government as part of an additional relief package intended to ease the economic impact caused by the coronavirus pandemic.

How can I check to see if a payment from the IRS was deposited into my AEFCU account?

You can view your account transactions inside our Online Banking, Mobile Banking or automated Telephone Banking (800.843.1151). 

When should I expect to receive my stimulus payment from the IRS?

While the earliest date communicated for those receiving funding via direct deposit is December 29, please note that the initial distribution of paper checks will not begin until later in January. The first round of stimulus payments via paper check or debit card took several months to complete. The IRS has indicated they will send a predetermined amount of payments each week beginning with the lowest income threshold.

Am I eligible for this payment?

Generally:

• U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. 
• Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples, and up to $600 for each qualifying child. 
• If you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. 

You can check the status of both your first and second payments by using the Get My Payment tool on IRS.gov.

How much will I get?

The IRS bases the amount of your payment on the adjusted gross income (AGI) listed on your 2019 tax return.

• Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples, and up to $600 for each qualifying child. 
• If you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. 

You can find your adjusted gross income on Line 8b of your 2019 1040 federal tax return.

Do I have to apply to receive a payment?

No, the payment from the IRS will occur automatically using 2019 tax return information, and the eligibility guidelines noted up above.

How will I receive the payment from the IRS?

• Most people will get the money deposited directly into their bank accounts using the information from 2019 tax returns.
• Those who don’t receive a direct deposit by early January should watch their mail for either a paper check or debit card. The form of payment for this round may be different than for the first mailed payment. Some people who received a paper check last time might receive a debit card this time, and vice versa.
• Those who don't file taxes but do get Social Security payments will get a payment in that same manner.
• Social Security and other beneficiaries who received the first round of payments via Direct Express will receive this second payment the same way.

More about Payments in the Form of a Debit Card

• The Economic Impact Payment Card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal.
• It has the Visa name on the front of the card and the issuing bank, MetaBank®, N.A. on the back of the card.
• Information included with the card will explain that this is your Economic Impact Payment. More information is available at EIPcard.com

How can I check to see if a payment from the IRS was deposited into my AEFCU account?

You can view your account transactions inside our Online Banking, Mobile Banking or automated Telephone Banking (800.843.1151). You can also call our Member Contact Center at 800.842.0145 however, be advised that wait times are very long due to increased volume.

What if my direct deposit information has changed or I want to add it for the first time?

The IRS will use the data already in their systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. Those without current direct deposit information on file will receive the payment as a check or debit card in the mail. Your payment information cannot be changed. If you are deemed eligible but don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. The Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?

According to the IRS, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed which will contain information about where the payment went and in what form it was made. Any questions at that point would be directed to the IRS.

Need more information?

For the most up-to-date information about the second round of stimulus payments, visit irs.gov or any of the links below to the IRS website:

• Economic Impact Payment Information Center
• Get My Payment Frequently Asked Questions
• Press Release: Treasure and IRS begin delivering second round of Economic Impact Payments to millions of Americans

We're pleased to offer the second round of funding for the SBA’s Paycheck Protection Program (PPP) through American Eagle Financial Credit Union’s partnership with Kabbage – a leading, preferred online lender.  

Who qualifies for the second draw of PPP:

If you or your business received an initial PPP loan, you may qualify for a second round of funding, provided you meet the following requirements:

• Have no more than 300 employees.
• Have used or will use the full amount of your first PPP loan by the time your second PPP loan funds are disbursed. It is not required to have applied for loan forgiveness on your first PPP loan to apply for a second PPP loan.
• Can show a drop of at least 25% in annual gross receipts or for any quarter of 2020, compared with the same quarter in 2019.
• Have not permanently closed. Businesses that have temporarily closed or suspended operations can receive a second-draw loan.

Second-draw PPP loans are available to businesses, certain nonprofits, self-employed individuals, independent contractors, sole proprietors, housing cooperatives, small agricultural cooperatives, veterans’ organizations and tribal businesses.

Ready to apply? Complete your loan application here by March 31, 2021. If you have questions about the PPP or the application process, please call 860.569.5550, ext.5355

How it works:

• Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application up to $2 million dollars.  Note: Restaurants and hotels can apply for up to 3.5 times their average monthly payroll.
• This loan has a maturity of five (5) years and an interest rate of 1%.
• Loan payments (e.g., principal, interest and fees) will be deferred for six (6) months; however, interest will continue to accrue over this period.
• If all employees are kept on payroll, SBA may forgive the portion of the loans used for payroll, rent, mortgage interest, utilities, software, PPE, and other eligible expenses. Please go to sba.gov for details. Borrowers will be able to apply for loan forgiveness with the SBA at a future date. 

What You'll Need:

Business owners who wish to apply for this round of funding should begin compiling the following documentation:

• 2019 Business Tax Returns complete with all schedules
• 2019 and 2020 State payroll forms, all four quarters (form 941)
• Verification of the number of employees and payroll incurred in 2019 and in 2020: payroll reports must be by employee and must identify employees with payroll compensation in excess of $100,000 annually
• Forms 1099-Misc for self-employed individuals in 2019 and 2020
• For second-draw PPP loans only: 2019 and 2020 Financials by quarter; and/or quarterly sales reports reflecting your by quarter top line revenue used to demonstrate a 25% reduction in top line revenue