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Bank Will Cover Coast Guard Pay During Government Shutdown Rate Topic: -----

#1 User is offline   MTP Reggie 

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Posted 19 January 2019 - 09:34 AM

First Command Will Cover Coast Guard Pay During Government Shutdown
December 28, 2018 04:38 PM Eastern Standard Time
BusinessWire

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FORT WORTH, Texas--(BUSINESS WIRE)--First Command Financial Services, Inc. will extend direct deposit pay to its Coast Guard clients as part of a comprehensive plan to address potential financial hardships during the government shutdown.

"The latest news reports on the government shutdown indicate that about 42,000 Coast Guard members won't see their next paycheck until mid-January, and First Command is committed to doing all we can to ensure that our Coast Guard clients are not financially harmed by government actions or inactions that are beyond their control," said Scott Spiker, chairman/CEO of First Command. "During the government shutdown in October 2013 we stepped up to help our clients with payroll advances and other financial offerings. As we face another government shutdown, we again commit to help our clients and ensure their family finances are squared away."

First Command will be offering assistance to all clients who are impacted by the shutdown. However, the need is particularly noteworthy in the case of the Coast Guard, according to Charles "Skip" W. Bowen III, a member of the First Command Military Advisory Board who served as the 10th Master Chief Petty Officer of the Coast Guard.

"The Coast Guard is a military service of the United States at all times," Bowen said. "However, since the Coast Guard is not a part of the Department of Defense, and it resides as a military service in the Department of Homeland Security, members of the Coast Guard will not be paid during the government shutdown. This is not right. Just like the rest of the military, Coast Guard personnel deploy for long periods of time including overseas with thousands away from home at sea on Coast Guard cutters right now. You only need to glance at the military pay tables to see that these Coast Guardsmen do not make a great deal of money and many live paycheck to paycheck. Bottom line, Coast Guard families cannot go for long without pay. Many banks and financial services firms connected with the military such as First Command are trying to help. In addition, most of the military service organizations are taking a strong stand politically on behalf of Coast Guard members. I hope and pray that a resolution is found quickly. Our Coast Guard families deserve it."

First Command Financial Services is ready to address the possible financial difficulties that may arise during the government shutdown in various ways. Through its subsidiary First Command Bank, affected clients will be offered:

* Zero-interest payroll advances. First Command Bank is committed to making sure that clients who have existing direct deposit arrangements for their government paychecks will continue to have money in the bank. The program is designed to ensure that payroll advances will be transparent to clients, who will see the usual direct deposit amount credited to their account.

* Loan Assistance. Understanding that a government shutdown may strain family budgets, First Command Bank is prepared to work with clients on any First Command Bank loan payments.


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#2 User is online   Dean Adam Smithee 

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Posted 19 January 2019 - 10:06 AM

:welldone:

For what it's worth, I deal with 2 financial institutions myself, Navy Federal Credit Union and USAA Savings Bank and both are doing something similar. Caveat, though, is that my understanding is that the offer is only open to those who already have direct deposit with NFCU or USAA.

USAA provides loans for members amid government shutdown
By Kristen Mosbrucker – Reporter, San Antonio Business Journal
Dec 31, 2018, 7:14am EST


Financial services and insurance business USAA is offering loans to members impacted by the partial government shutdown.

On Dec. 27, the company emailed eligible members and began underwriting low-interest loans to active duty U.S. Coast Guard and the National Oceanic and Atmospheric Administration Commissioned Officer Corps. to "assist them during any pay disruption," a USAA spokesman wrote in a recent email.

[I just checked, by "low interest" they mean 0.26%. It's not "free", USAA does have a business to run, but it's darn close to it and a helluva lot better than loading everything on to a credit card]


The company, which sells products to members of the military and their dependents, wrote on its website on Dec. 22 that it was “exploring options to assist affected members" in anticipation of a government shutdown.

In previous years, USAA offered loans that enabled members up to $6,000 as a loan advance during a government shutdown....

Full Story

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As shutdown rolls on, Navy Federal announces plan to make federal employees whole
By Michael Neibauer – Associate Editor, Washington Business Journal
Dec 24, 2018, 8:00am EST


Navy Federal Credit Union will cover pay for its eligible members during the partial-federal government shutdown via interest-free loans, it announced Saturday.

The partial shutdown of roughly a quarter of the federal government started Friday at midnight and may last into the New Year, Trump administration officials warned over the weekend. Congress is out of session until Thursday, when the battle over border funding may resume.

For Navy Federal customers, federal government employees and active duty members of the Coast Guard whose pay is disrupted, and have direct deposit, are eligible for the loan program. Credit union customers have until three days after the scheduled day of pay to register.

The one-time loans are available up to a maximum of $6,000, and are interest free. Once direct deposit of pay resumes, the loan amount will be automatically deducted by Navy Federal as repayment.

Full Story on Washington Business Journal
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#3 User is offline   Noclevermoniker 

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Posted 19 January 2019 - 10:16 AM

Wait, what? We were told, right here on this site, that this couldn’t happen...

Because....TRUMP!!!!!!
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#4 User is offline   Magic Rat 

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Posted 19 January 2019 - 02:08 PM

No kidding. Like I said before, any bank who doesn't will get roasted by both the mainstream media and social media.
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#5 User is offline   Coach 

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Posted 20 January 2019 - 12:16 AM

One of my best friend's daughter is married to a Coast Guard pilot, they have their own internet chain. USAA was not supporting the Coasties until they banded together and started to fight back by closing accounts. USAA folded maybe too late to save their own ass.
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