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Our branches will be closed on Thursday, November 26, for Thanksgiving. Click here to learn more.

As we monitor health conditions in the Capital Region and adhere to official guidance, CAP COM may experience staff shortages. We appreciate your patience if you encounter longer wait times, or if your branch has shifted to drive-thru or appointment-only services. Please check back for the most up-to-date information.

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COVID-19 CONSUMER LOAN RELIEF
Frequently Asked Questions

These are unprecedented times and we want you to know that CAP COM is here for you. We will work with each member individually to meet their unique needs.

If you or another CAP COM member in your household is impacted by reduced or eliminated income for at least seven days, you can request relief on your CAP COM consumer loan.

Q. Which consumer loans are eligible for deferment?
A. Personal Loans, Home Equity Loans, VISA credit cards and Auto Loans (excluding Driving Sense Loans). See below for separate instructions on Mortgage relief.

Click here for information on business assistance.


Emergency Relief Loan

Due to the high volume of calls, responses could be delayed up to 72 hours. We appreciate your patience as we manage requests in the order they arrive.

 

If you’re a CAP COM member as of 3/13/2020 and are experiencing financial distress, you may qualify for our Emergency Relief Loan. Borrow up to $2,500 at a low fixed rate with no payments for up to 90 days. (Apply Now)
Note: select Personal Loan and, under purpose codes, select Emergency Relief Loan.

Q. Can I qualify if I am currently unemployed?
A.
There is no income verification for this loan type and some restrictions may apply.

Q. When would I receive the money?
A.
Once you sign the loan documents (online using DocuSign), the money would be deposited in your CAP COM Share or Checking Account within 24 hours.

Q. How long do I have to pay back the loan?
A. 
This is a 39 month loan. No payments will be required for the first 3 months, then make payments over the following 36 months.

CAP COM offers higher interest rate Personal Loans of up to $25,000 (APPLY NOW) and a Checking Line of Credit (find out more).*

*If credit-qualified with verification of employment.

 

Personal Loans & Auto Loans

Q. How long do I need to be impacted by a work stoppage/reduced income to qualify for deferment on their loans?
A. 7 business days.

Q. What is the Personal Loan deferment schedule?
A. Personal and auto loans are eligible for a 90-day payment deferment.

Q. What happens if the work stoppage/reduced income goes beyond six (6) weeks?
A. CAP COM will work with members who are in this situation.

Q. How will interest on these loans be affected?
A. During the deferral period, interest will continue to accrue at the contracted rate.

Q. How does repayment of a loan deferral work?
A. For Consumer Loans, the deferred payments are added to the end of the loan, extending the term.

Q. Are Academic Advantage loans eligible for deferment?
A.
 Yes (excluding interest-only).

If you would like to speak to a member of our team about your situation, please contact us by email loanrelief@capcomfcu.org or call (800) 634-2340. We appreciate your patience as wait times may be longer than usual.


CAP COM Visa Credit Card

Q. What is the Credit Card deferment schedule?
A. Visa® Credit Cards are eligible for a 90-day payment deferment. 

If you would like to speak to a member of our team about your situation, please contact us by email or phone: Loss Mitigation Department at loanrelief@capcomfcu.org or call (800) 634-2340. We appreciate your patience as wait times may be longer than usual.


90-Day Mortgage Loan Relief

Q. What is the NYS 90-Day Mortgage Relief Program and how can I qualify?
A. Although some news reports termed this as a mortgage “waiver,” it is actually a forbearance of three months of mortgage payments. This means that your mortgage payments are delayed for three months. At the end of the three months, we will work with you on either a reinstatement, repayment or modification of your existing mortgage.

Q. How can I qualify?
A. You can qualify if your mortgage is serviced by Homeowners Advantage/CAP COM, you are experiencing financial distress, and your mortgage payment is no greater than 30 days past due.

Read additional FAQs here.

If you would like to speak to a member of our team about your situation, please contact us by email or phone: Loss Mitigation Department at loanrelief@homeownersadvantage.com or call Homeowners Advantage at (518) 690-2232 ext. 3123. We appreciate your patience as wait times may be longer than usual.


Home Equity Line of Credit (HELOC)

Q. What is the HELOC deferment schedule?
A. 
Home Equity loans are eligible for a 90-day payment deferment

Q. How long do I need to be impacted by a work stoppage/reduced income to qualify for deferment on their loans?
A.
 7 business days.

If you would like to speak to a member of our team about your situation, please contact us by email or phone: Loss Mitigation Department at loanrelief@homeownersadvantage.com or call (518) 458-2195 ext. 2933. We appreciate your patience as wait times may be longer than usual.

 

Business Assistance

If you're a business in need of loan relief, please contact our Business Services Team at (800) 468-5500, ext. 2948 or commercial@capcomfcu.org. (Note that due to high volume, it may take 24-48 business hours to receive a reply.)

Q. How can CAP COM Business Services help my business?
A.
 If you are a CAP COM Business Member as of 3/13/20 and in good standing, we have options for you. Contact a member of our team to discuss.

Q. How can I participate in the SBA’s Paycheck Protection Program (PPP)?
A. 
Unfortunately, we are unable to facilitate additional applications at this time. The resource helping business members submit Paycheck Protection Program (PPP) applications has officially reached its cap. To discuss other possible options, please contact our Business Services team.

  

Fee Waiver - Business

Q. If my business’s income has been reduced or eliminated, can fees be waived?
A.
Yes, certain fees can be temporarily waived.

Q. Which fees are eligible?
A.
The insufficient fund fee ($30) can be waived. For ATM transactions exceeding the 10 per-month limit, CAP COM will waive its $0.50 fee (does not include fee charged by terminal provider).

Q. How long is the waiver in effect?
A.
The waiver will expire after 90 days.

Q. Who should I call for answers to my questions or assistance?
A.
Contact our Member Service team at (800) 634-2640. We appreciate your patience as wait times may be longer than usual.

 

Insurance Policy Holders

If your finances have been impacted by the COVID-19 pandemic, help may be available. Emergency measures have been enacted by New York State to help protect insurance policyholders who are enduring financial hardship due to the pandemic. These measures extend grace periods and give you other rights under certain insurance policies (individual, small business).

Q. Where can I find information about relief for insurance policyholders?
A. 
You can learn more about payment deferrals and eligibility on the NYS Department of Financial Services website.

Q. How can I get assistance with deferring my insurance premium?
A.
You can make arrangements with your insurance policy issuer. You’ll want to call the company to learn more about hardship eligibility and next steps. Click links below for more COVID-19 relief information.
Life Insurance 
Auto and Home Insurance 
Business Insurance 

 

Mortgage products are offered by our Mortgage Team, Homeowners Advantage (HOA), which is a subsidiary of CAP COM FCU. HOA is a Licensed Mortgage Banker – NYS Dept. of Financial Services. HOA NMLS Identifier: 290363. Principal Address: 4 Winners Circle, Albany NY 12205. CAP COM FCU NMLS Identifier: 401261