FAQs

 
  • What should I do if I can’t make my loan payment?
    • Let your lender as soon as you can.  Often times there are options that can be extended depending on your situation and the loan that you have.
  • What is forbearance?
    • Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to temporarily suspend your mortgage payments for an initial period of three months. Once the initial timeframe is over, we will reevaluate your situation and determine the next steps, which can be a continuance of your forbearance, lump sum payment, or loan modification. 
    • When mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose. To avoid foreclosure, the lender and the borrower make an agreement called "forbearance." According to this agreement, the lender delays its right to exercise foreclosure if the borrower can catch up to its payment schedule by a certain time. This period and the payment plan depend on the details of the agreement that is accepted by both parties.
  • What happens after the forbearance ends?
    • With a forbearance, the lender agrees to reduce or suspend mortgage payments for a while. In exchange, the borrower must resume making the full payment at the end of the forbearance period, and typically get current on the missed payments, including principal, interest, taxes, and insurance.
  • My forbearance is 3 months long, what if I need more time?
    • the lender may be able to extend the forbearance period if the borrower's hardship is not resolved by the end of the forbearance period to accommodate the situation.
  • Will my credit be affected if I get a forbearance or deferment due to COVID-19?
    • If your loan goes into forbearance, most lenders will not report missed payments as long as you follow the terms of your agreement. That means, credit score shouldn't be affected. Other servicers or lenders will report your forbearance
  • I have a loan application in process, will you still be able to close my loan?
    • Assuming all paperwork is in order, Metro will continue to make arrangements for your loan closing.  A Metro loan representative will reach out to you to coordinate those details when it is appropriate.
  • I have not been impacted by COVID-19, do I qualify for a forbearance or deferment?
    • Independent of COVID-19, to be eligible for a loan modification, the borrower must show that he or she cannot make the current mortgage payments because of financial hardship, demonstrate that he or she can afford the new payment amount by completing a trial period and provide all required documentation to the lender.
 
  • Is Metro participating in the SBA Payment Protection Plan?
    • No we are not, however we are working on alternatives to SBA. 
  • Will my checking account fees be waived during this time? 
    • Our fee schedule remains intact, however if you currently have a My Rewards Checking account with direct deposit, and you have recently lost your job or have been furloughed, please contact us about switching your account to a Free Checking account for a temporary period of time.  When your direct deposit starts again, your account can be returned to My Rewards Checking. 
  • Are your branches open?
    • At the present time, some of our branch lobbies are open by appointment only.  You can call 844.515.8433 to schedule an appointment.  All of our locations with drive up service are available for your banking transactions at regular hours. For a list of locations and hours you can visit www.metrocu.org/about/locations.  Remember that you can use online banking, where you can use our Chat option or send secure emails to us directly.  Download our mobile app too. 

       
  • I’ve lost my debit card!  How do I get a new one?
    • Request one through secure message when you sign in to Online Banking
    • Ask using our Chat service in online banking
    • Call us at 877.MY.METRO (696.3876)
Your card will be mailed to you in 5-7 business days
 
  • What other ways can I do my banking without having to go into the branch?
  • Online banking – transfer funds, pay bills, check balances, view statements. 
  • Debit card – you can use for online purchases or make payments
  • ATMs – withdraw cash or deposit checks; remember to maintain social distancing guidelines in all vestibules!
  • Mobile Deposit – deposit checks with your smart phone; you can learn more at metrocu.org.
  • Phone Banking – Check account balances, transfer funds, see if a check has cleared and much more at 877.MY.METRO (696.3876) option 2
  • Mail a deposit or loan payment (please include a deposit slip or loan coupon), send it to
    • Metro Credit Union  |  P.O. Box 9236  |  Chelsea, MA  02150