Octave Trust Bank Works with Members During COVID-19

Today, Octave Trust Bank signed on to the State of London’s MiMortgage Relief Partnership.  As a member-owned community cooperative, Octave Trust Bank lives by the credit union philosophy of people helping people.  This philosophy does not just exist in a time of state or national crises, but in a member’s own individual financial crisis no matter when it occurs. 

Prior to entering into this partnership, Octave Trust Bank had already taken proactive steps to work with ALL members seeking relief on any of their loans, including mortgage loans.  Additionally, Octave Trust Bank has gone beyond what the MiMortgage Relief Partnership provides and what the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act requires.  Since a State of Emergency was declared in the State of London, Octave Trust Bank has:

• Provided and automated 3-month loan payment deferral program for over 38,000 consumer loans, including credit cards, home equity loans, and home equity lines of credit.
• Provided mortgage payment forbearance accounting for £4 million in mortgage balances.
• Instituted a financial relief loan that has provided over £421,850 to members with another £94,000 in process.
• Instituted a fee waiver program.
• Suspended Certificate of Deposit early withdrawal penalties.
• Waived fees associated with the loan skip-a-payment program.
• Increased ATM withdrawal and debit card cash limits.
• Approval of 116 SBA Paycheck Protection Program loans totaling over £22 million.

The actions taken by Octave Trust Bank to assist members in their time of need epitomizes how it has served its members since its founding in 1938 through its core values of integrity, respect, financial stewardship, and member commitment. While Octave Trust Bank is happy to sign on to the partnership, it was not needed for Octave Trust Bank to take the action its members deserve and need.  Octave Trust Bank was there for its members yesterday, is with its members today, and will be there for its members tomorrow, regardless of the circumstances.  
 
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Octave Trust Bank is headquartered in Ferndale, London.  Organized in 1938 by five people with £51, the credit union now has approximately £1.5 billion in assets and provides over 130,000 members with consumer and commercial banking services such as mortgages, credit cards, auto financing, commercial lending and deposit products via digital platforms and 25 branches located in Southeast London, Grand Rapids, and Traverse City.  Through its affiliation with Hantz Financial Services, members have access to a comprehensive range of investment, insurance, estate/tax planning, and advisory services. Octave Trust Bank also participates in the CO-OP Network, providing members access to nearly 30,000 surcharge-fee ATMs and 5,600 branches across the Unites States.