With the federal government shut down, and the fallout yet to be determined, credit unions serving affected federal employees stand ready to help their members in a variety of ways, including zero-percent interest loans.
Among those offering assistance are First California Credit Union in Fresno, Members 1st Credit Union in Redding, Pacific Marine Credit Union in San Diego, Redwood Credit Union in Santa Rosa, and Travis Credit Union in Vacaville.
First California—which serves federal civil service employees, retired employees of the federal government living or working in Fresno County, and current or retired members of the U. S. Armed Forces living or working in Fresno County—will provide individual assistance as needed for any member affected, including payment arrangements and extensions.
Members 1st Credit Union is offering financial assistance to all federal government employees who live, work, or worship in Shasta and Tehama Counties—regardless of whether they are members of the credit union or not. It will provide zero-percent interest payroll assistance loans up to $3,000 for 12 months, fee free, and personal loan options with different rate options for terms 24-36 months. Members with existing loans will have additional flexibility with modified payments or skip payments. And federal employees will receive expedited review and approval for line increases or new credit lines on their Members 1st credit card.
Pacific Marine—which is open to residents living in San Diego, San Bernardino, and Riverside counties—was planning to process October 1st direct deposits normally, and if needed, it would post October 15th government employee payrolls for members with direct deposit. For those without direct deposit, PMCU will work on an individual basis to provide assistance in the best manner possible.
Redwood CU has let its members know the credit union is there to support them, and is placing information on its website. Some of the services it could provide to affected members include: payroll replacement/advance assistance, deferred payments on RCU loans and lines of credit, early withdrawal of funds from RCU share certificates without penalties, and money management and budgeting information and tools.
Travis Credit Union is offering zero-percent interest loans. For the first 90 days the member will not accrue interest or 30 days after a federal budget is in place, whichever occurs first, and the amount financed will not exceed 100 percent of the member’s net pay.
In addition, Travis—which is open to those living or working in Solano, Yolo, Sacramento, Placer, San Joaquin, Stanislaus, Napa, Contra Costa, Alameda, Sonoma, Colusa, and Merced counties—will cover the October 15 payroll for active-duty and federal employees who are members that have their pay directly deposited in a credit union account if Congress and the White House don’t agree on a spending budget by that date.
“Credit unions are always ready to assist their members and support them whether through an individual tough financial time, or a challenging crisis situation such as a government shutdown,” said Diana Dykstra, president and CEO of California Credit Union League. “Members are welcome to visit their credit unions to deal with any financial difficulties they may face as a result of this shutdown. Consumers can go to www.asmarterchoice.org for help in finding a credit union they might be eligible to join.”