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.
- In-person transactions 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.
Amplify Credit Union Changes
How Often Are You Reviewing Your COVID-19 Safety Plans?
As members of the Austin business community, we receive frequent updates from city and state officials on how best to combat the spread of COVID-19. As long as the COVID-19 outbreak persists, our leadership team will meet daily to ensure that our internal processes are in keeping with the most recent Texas Department of Health guidance.
Is Amplify Impacted by Austin's "Stay Home" Orders?
The current Austin-Travis County "Stay Home, Mask, and Otherwise Be Safe" order is currently scheduled to be in effect through December 2020. This order reinforces many of the social distancing and hygiene practices established in our communities over the previous months.
As a financial institution, Amplify has been deemed part of Austin's "critical infrastructure" by the Department of the Treasury. This allows us to operate in our adapted capacity for the foreseeable future. Our in-person services include:
- ATM services at all branch locations;
- Night drop services at all branch locations;
- Drive-thru banking at our Esperanza Crossing and Pond Springs branches;
- By-appointment banking at our Esperanza Crossing, La Frontera, Pond Springs branches;
- Loan closing services at our Parmer branch.
As always, we encourage members to utilize our mobile check deposit feature to initiate remote deposits of their checks. For more information, please visit the "Submitting a Mobile Check Deposit" page in our Help Center.
For those scheduling an in-person appointment with our lending or branch teams, please note that we are continuing to take extra precautions to protect the health of our members. We encourage you to discuss these steps with your Amplify representative before coming to our branch.
Why Are Some Amplify Branches Still Closed?
Given Austin Public Health’s ongoing efforts to slow the spread of COVID-19, we continue to operate under limited hours and services at our credit union branches. In reviewing the information provided by local health officials, we believe these precautions are necessary to prevent further spread of illness and deliver a seamless banking experience in the safest manner possible.
This means that all in-person services at our Cedar Park, Parmer, and University Commons branch locations are currently unavailable. We will continue to offer our members a combination of online services and in-person services at our Esperanza Crossing, La Frontera, and Pond Springs branches. This includes:
- Online banking (including mobile check deposits);
- Drive-through banking at our Esperanza and Pond Springs branches;
- In-person banking at our Esperanza Crossing, La Frontera, and Pond Springs branches (by appointment only);
- ATM transactions at all Amplify Credit Union branches.
- Notary services and Medallion Signature Guarantees (by appointment only).
Please call our branches directly to schedule an in-person appointment:
- Esperanza Crossing: (512) 874-7102
- Pond Springs: (512) 874-7107
- La Frontera: (512) 874-7105
We also ask that members scheduling in-person appointments be prepared to answer the following three questions:
- Have you or someone you are living with returned from international travel within the past 14 days?
- Have you or someone you are living with come in contact with someone diagnosed with COVID-19 within the past 14 days?
- Have you or someone you are living with experienced any cold or flu-like symptoms within the past few days, including (but not limited to) fever, cough, sore throat, or shortness of breath?
If the answer to any of these questions is YES, we may be unable to provide you with in-person service until you have completed a 14-day quarantine period. You are encouraged to contact us again once your quarantine has been completed.
Finally, Amplify is encouraging the majority of its team to work from home. This allows our employees to follow all social distancing best practices and be in a position to look after their families.
How Will This Affect Existing Amplify Products and Service?
As we learn more about how the COVID-19 pandemic is affecting our members, the team at Amplify will make changes to our existing products and services to ensure that members’ money is accessible and secure. You will be contacted via email if your regular product or service is set to be impacted by COVID-19.
If you are looking for additional information on our forbearance plans or skip-a-pay programs, please read the “I'm Worried About Missing an Upcoming Payment. Can Amplify Help?” section below. You can also contact Member Support at (512) 836-5901 with additional questions.
Will Phone and Online Services Continue During This Period?
Over the past few years, our 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 online customer support to loan officer consultations, our team is standing by to help you navigate this period of uncertainty.
For more information on member support, please visit our “Contacting Member Support and Customer Service” page or contact our call center at (512) 836-5901.
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.