Boston Police Officers can access your Retro Pay early with a Retro Loan from BFCU!
Here's how it works:
- If you are eligible, we loan you an estimate of the retroactive amount you are due to receive from your contract.
- You pay us back in one payment when you receive your retro pay.
- For your convenience, BFCU will automatically make this payment for you when your funds are deposited into your account.
- The interest rate is 6.99% APR*. Sample payments are included below.
- You must have a checking account receiving direct deposit of full net pay at BFCU.
*APR = Annual Percentage Rate. Example: Police Officers with 1-4 years of service - $5,000 with a total repayment of $5,117.78. Officers with 5+ years of service - $8,000 with a total repayment of $8,188.44. Some ranks - $10,000 with a total repayment of $10,235.55. Payment examples are approximate and based on one lump sum payment after 120 days. If retroactive payments are deposited before 120 days, the repayment will be less and if the retroactive payments are deposited after 120 days, the repayment will be more. Once retroactive funds are directly deposited into your account, BFCU will automatically make the full payment for you.
Additional Option: Special Term Share Rate
If you don’t need early access to your retro pay, plan to save it at a preferred rate. Earn 5.00% APY* for 6 months when you deposit your retro pay into a special BFCU term share account.
This offer is only available for the amount of your retro pay direct deposit, and not other funds previously on deposit at BFCU. To learn more, please contact us at 617-288-2420, submit a question on the form below, or visit us at 60 Hallet Street.
*APY= Annual Percentage Yield. The minimum balance required to open a Term Share Account is $1,000. Early withdrawal penalties apply. Dividends are compounded and credited monthly and are paid at the stated rates on any amount on deposit according to the dividend calculation method in the account disclosure.
Contact us to learn more!