In this section, we’ll address the changes we’ve undergone to ensure the health of our team amid COVID-19, our options for complete remote service, and the multiple ways we are prepared to handle financial uncertainty.
- Amplify Credit Union, like other financial institutions, has been deemed "critical infrastructure" by the Department of the Treasury and is from Austin's shelter-in-place orders.
- ATM services and night drops are available at all branch locations. Drive-thru services are available at our Esperanza and Pond Springs branches.
- Select in-person transactions - such as notary services, instant debit card issuance, and more - are available by appointment at our Esperanza Crossing, La Frontera, Pond Springs locations. Please see below for direct contact information.
- If you are worried about your ability to make your upcoming loan payments, Amplify is offering deferment options available to eligible borrowers. See below for more information.
- If you included your direct deposit information on your 2018 or 2019 tax returns, you Economic Impact Payment (or stimulus check) will be directly deposited to your Amplify account. Visit the IRS website to check your upcoming payment status.Branch
Branch Services and Operations
What Are Your COVID-19 Safety Plans?
In 2020, our leadership team developed a detailed pandemic plan using guidance from Austin Public Health and the Center for Disease Control and Prevention (CDC). As our community begins its slow recovery from the pandemic, this team will meet regularly to ensure our internal processes are in keeping with the most recent guidance from city and federal officials. We will use this article to provide updates to our members should that guidance result in changes to branch services.
Are Amplify’s Branches Still Closed to the Public?
As of May 3, all Amplify Credit Union branches are open to the public without an appointment. When you arrive at the branch, you will be required to wear a mask to gain entrance in the building. Security guards will be on-site at each location to ensure members comply with our COVID protocols. If you do not have a mask, our staff would be happy to provide on to you.
While our branches will mostly observe normal business hours going forward, there are two changes to note:
- Our Cedar Park location will be closed on Thursdays until further notice.
- Our La Frontera (Round Rock) location will be closed on Wednesdays until further notice.
For a full list of our hours of operations, please visit the Service Locations and Hours page on the Amplify website.
Do I Need an Appointment to Visit an Amplify Branch?
You are no longer required to make an appointment to visit an Amplify branch.
Are Drive-Thru Services Available to Members?
If you still have concerns about using our in-branch services, we encourage you to take advantage of our drive-thru services at our Esperanza Crossing and Pond Springs locations. Our drive-thrus are open six days a week and our team is happy to help you maintain a socially distant banking experience.
Here are the hours of operation for our drive-thru services:
- Monday to Friday: 8:30 AM – 6:00 PM CST
- Saturday: 9:00 AM – 2:00 PM CST
What Remote or Online Services Are Available to Amplify Members?
As a digital-first credit union, Amplify team has invested heavily in providing online solutions to our membership. This allows us to offer our full range of financial services during regular business hours. From self-service member support to virtual consultations with mortgage officers, we are happy to meet you where you need to be.
- If you need to deposit a check, you can use our the mobile check deposit feature included in the Amplify Credit Union app. Read our Mobile Check Deposit article for a step-by-step walkthrough of how this service works.
- If you need to deposit cash, you can also use our night drop services at each of our branch locations. Read our Night Drop article for more information on our night drop requirements and forms.
And as always, please contact our Call Center at (512) 836-5901 if you have additional questions or need personalized account support.
CARES Act and Loan Deferments
When Will I Receive My Stimulus Check?
As part of the CARES Act, Congress authorized a series of Economic Impact Payments (also known as Stimulus Checks). These payments are intended to help Americans navigate the economic hardship brought on by the COVID-19 pandemic.
Eligible payees can expect payment through one of these three methods:
- If you included direct deposit information on your 2018 or 2019 tax return, your payment will be deposited by the IRS into the same account as that year’s tax refund.
- If you did not include direct deposit information on your 2018 or 2019 tax return, the IRS will mail your check to the address on record.
- If you did not file a tax return in 2018 or 2019, please provide your contact information on the IRS Economic Impact Payment Non-Filer page as soon as possible.
We also recommend enabling direct deposit account alerts in Online Banking to receive immediate notification when these funds become available.
Please note that Amplify Credit Union does not have any additional information regarding payment amounts and upcoming schedules. Visit the IRS Economic Impact Payment portal to see your stimulus check status and payment method.
Will Amplify Remove Funds from My Economic Impact Payment?
Recently, some members have expressed concern that their financial institution will automatically apply Economic Impact Payments to outstanding loan balances. Amplify Credit Union will not automatically apply any portion of your stimulus check to other account balances. If you are concerned about the status of a current loan, we encourage you to reach out to our Loan Servicing team as soon as possible to explore alternative payment options. We also strongly recommend you double-check any active automatic payments before these funds are deposited.
In some rare cases, members may see their stimulus check posted to an account with a negative balance. In these instances, part of the payment will be used to bring your current account balance back to zero ($0.00). Your payment total will then be your Economic Impact Payment amount minus the negative balance.
I'm Worried About Missing an Upcoming Payment. Can Amplify Help?
We recognize that the ongoing COVID-19 pandemic may have a profound impact on our members' finances. For families worried about making upcoming loan payments, we want you to be aware of relief options available and accommodations that may be possible related to COVID-19. We’re able to provide the most assistance before loan payments are late, so we urge you to consider one of these steps as soon as you believe you may be at risk.
- Consumer Loans: Amplify members with consumer loans, such as an auto loan or a Homeowners Express loan, are eligible to apply for our Skip-a-Pay program. That allows members to defer a loan payment for 1-3 months. For those facing financial hardship related to COVID-19, we’re currently waiving the $35.00 processing fee typically associated with this program. Please visit the Skip-a-Pay section of our website to learn more about the application process.
- Mortgage Loans: Members whose mortgage is with Amplify and who are affected by COVID-19 can ask to be placed on a forbearance plan. If approved, that means mortgage payments are suspended for 90 days, offering some breathing room to stabilize finances. Please contact our loan servicing team at (512) 519-5417 to learn more about your repayment options.
- Commercial Loans: We are currently recommending current borrowers seek out Direct Disaster loans with the Small Business Administration (SBA). For those businesses in need of a deferral, our lending team has developed a multi-step review process that may result in an extended deferment. For more information, please contact your dedicated commercial loan officer.
If you have questions about your current loan or need advice on how to begin the deferment application process, please contact our member support team at (512) 836-5901.
Can I Secure a Paycheck Protection Program Loan with Amplify?
We are proud to support our Central Texas small businesses and are closely monitoring developments to the small business Paycheck Protection Program (PPP) as additional funding is approved and the Small Business Administration (SBA) works to finalize details. In addition to a new round of funding, forgiveness of existing PPP loans is expected to be further streamlined. For information that could help you with your forgiveness request for an existing PPP loan, please visit sba.gov and home.treasury.gov or discuss your specific details with your CPA.
For more information on local and statewide relief programs, please visit the Austin Chamber website.
What Paycheck Protection Program Expenses Are Eligible for Forgiveness?
The Small Business Administration has issued the following guidance regarding expense categories. The following expenses may be eligible for some or all PPP loan forgiveness:
- Payroll costs*
- Interest payments on any business mortgage obligation on real or personal property that was incurred before February 15, 2020 (but not any prepayment or payment of principal)
- Payments on business rent obligations on real or personal property under a lease agreement in force before February 15, 2020
- Business utility payments for the distribution of electricity, gas, water, transportation, telephone, or internet access for which service began before February 15, 2020.
*Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation
Our goal in the coming weeks is 100% loan forgiveness for our PPP borrowers. To that end, we are asking our borrowers to begin gathering their monthly income statements, bank statements, proof of payments, and other documentation similar to what was provided with the initial application. This will speed up the review process.
Amplify Credit Union Account Protection
Are My Funds With Amplify Insured?
Amplify Credit Union is a member of the National Credit Union Administration (NCUA), an independent federal agency that supervises and regulates credit unions across the country. The NCUA operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government.
This means that Amplify is federally insured by the NCUA, and therefore your deposits are insured at least up to $250,000. However, if you have outside retirement accounts or joint accounts on deposit with us, these accounts can be structured to provide insurance in excess of $250,000.
If you have multiple accounts with Amplify and would like to review your insurance amounts, please click on the calculator below to visit NCUA’s Share Insurance Estimator.