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Military banks offer shutdown assistance

Although military members will still be paid during the government shutdown, hundreds of thousands of Defense Department civilian employees will not receive paychecks until Congress passes a budget. Some of the banks that serve the military community are offering special loans, credit line extensions and even an advance on paychecks that are direct deposited to help clients pay their bills, if the government shutdown extends to the point that paychecks are delayed.

Below are some of the offers:

Navy Federal Credit Union

• Loan Assistance on any Navy Federal loan payments.

• Special 3.00% APR Overdraft Line of Credit for federal government civilian employees who have a paycheck direct deposited with Navy Federal, and are subject to furlough. (Regular overdraft interest rates depend on your credit rating.)

• Credit Cards: Expedited approvals for line increases for your existing Navy Federal credit card.

• Penalty-free early withdrawal on certificates.

Link: https://www.navyfederal.org/about/government_shutdown.php?intcmp=hp%7Ccont%7C3%7Cabout%7Cshutdown%7C130926%7Ctitle

Service Credit Union

• If you have direct deposit with the credit union, the bank will automatically deposit the amount of your DOD GS pay based on your last direct deposit amount. When your next DFAS direct deposit is received, Service Credit Union will automatically deduct the amount deposited to the account.

• For those who don't have current direct deposits or are not a member, Service Credit Union offers a special 4.9% government shutdown loan — up to $1,000 for new and existing members who start a direct deposit, with “over 30-days” to repay.

Link: https://www.servicecu.org/military/index.asp

USAA

• Refunds of certain fees for credit cards and other USAA Bank products.

• Early withdrawal of funds from certificates of deposit without penalties.

• Special payment arrangements on some bank products.

 

Link: https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=usaa_offers_loan_to_military&offername=PubHomePro_Bnr_1_092713_CORP_GovernmentShutdown

simoes.hendrick@stripes.com

Twitter: @hendricksimoes

 

 

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