Tough Times

Recently Laid Off

If you had a 401K or a savings plan with your previous employer and you need to reinvest it, we can help. Visit our Checking and Savings page for more information. PTOFCU understands that difficult times will come. If you have a loan with PTOFCU, contact our loan department to find out how you can help protect your credit. If you need to reevaluate your budget we’ve got tools that can assist you, such as our Budget Worksheet . If you’ve been laid off there are many resources that can assist you in resume writing, job searches, relocation and more.

Getting a Divorce

No one plans on getting a divorce but sometimes it happens. If you find yourself suddenly single and your spouse is a joint owner on your PTOFCU account you need to be aware that both of you have full membership rights even if you are the primary owner. This means your ex-spouse will be able to withdraw funds, write checks, if applicable, close your account and any other function the same as you. You may want to take immediate action by closing your account and opening a new account in your name.

If you have a checking account, when you close it be sure to open a new one. Destroy your old Visa check card and reorder a new one.

If you have a Visa credit card, close it and reorder a new one. You will need to call our cards department to reorder.

Death of a Spouse

The loss of a loved one is truly a traumatic experience in life. PTOFCU is here for you during this trying time. We recommend that you contact us to discuss reevaluating your current budget , protecting your savings, and how to proceed with your existing accounts.

In order to remove a member from an account due to death, a member must provide a death certificate as proof to do so. In order to close a deceased member’s account, a death certificate and government issued identification must be provided. In addition, if the person closing the account is not the Designated Payee on the account, then an Executor of Estate document must also be provided to the credit union at the time of the account’s closing. 

Financial Difficulty

Patent & Trademark Office Federal Credit Union recognizes that during these tough economic times it may be difficult to make ends meet, or even to keep your finances on track. Before your home goes into foreclosure, car is repossessed, or other loans go into default negatively impacting your credit, contact our loan department. Maybe we can help.

Debt Consolidation / Credit Management

Sometimes debt can simply overwhelm you. If you are facing a financial challenge and your bills are piling up, contact the credit union to see if we can help consolidate your loans, provide loan extensions, skip payments or other options. You may need to consider debt counseling. There are many groups for profit and non-profit organizations that provide these types of services. Patent & Trademark Office FCU is not an affiliate with any counseling organization. Below are some helpful calculators to assist you in consolidation of debt and/or managing credit:

What's the effect of paying minimum payments on my Credit Card?
Minimum Payment Interest Calculator on my Credit Card
Debt Investment Calculator
Should I pay off debt or save?
Debt to Income Ratio