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Banks and Credit Unions Lower Fees During the Government Shutdown

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by on October 3, 2013

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The government shutdown affects everyone, but it’s especially tough for people who depend on a federal paycheck. What are they supposed to do if they run out of money? There’s no perfect answer to this question, unfortunately, but we do have some good news. Other organizations, including certain banks and credit unions, have offered to help federal employees pay their bills this month. Here are the assistance programs we’ve heard about so far.

Bank programs

TD Bank recently launched a payment assistance program that will run from October 10 through November 2. Customers that have an account in good standing (for at least 60 days) will be able to access up to $1,000 in extra funds from their checking account with no added fees. Eligible customers can also opt to receive late fee refunds on TD Bank Visa credit cards or receive help with their mortgage payments. USAA is offering zero-interest payroll advance loans to affected military members with direct deposit. The Callaway Bank, a community bank in Fulton, Missouri, is suspending overdraft NSF charges up to a certain amount, and working with customers individually to make their loan payments more affordable.

Credit union programs

Credit unions are also stepping up to the plate to help members who have been affected by the furlough. Some of the nation’s biggest credit unions, including Pentagon Federal and Navy Federal, are waving many of their fees and offering loan assistance. Many smaller credit unions are offering skip-a-pay assistance, payroll advancement, credit limit increases, and other helpful financial services to members. Click here for a complete list, courtesy of the Credit Union National Association (CUNA).

Do you know of another financial institution that’s helping its customers or members make ends meet during the government shutdown? Leave us a comment and let us know!

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