KEY TAKEAWAYS
- The government shutdown is now in its 31st day, and millions of federal employees have gone without at least one paycheck.
- Some banks are offering to waive the fees for their customers with bank accounts, and some have low- to no-interest personal loans available to impacted federal employees.
Millions of federal workers are going without pay, but some U.S. banks are offering assistance to customers affected by the shutdown.
The government shutdown is now in its 31st day, and about 1.4 million federal employees have gone without at least one paycheck, according to the Bipartisan Policy Center.
Banks such as Citibank, Capital One, Wells Fargo, and others are encouraging federal employees whose paychecks have been disrupted by the government shutdown to call to request assistance. Impacted employees can contact their bank or credit card issuer by calling the number on the back of their card.
Why This Matters
The government shutdown has no foreseeable end as Democrats and Republicans remain at a standstill over health care cuts. In a week, furloughed federal employees will miss their second paycheck if the shutdown continues, which will complicate their ability to pay for their essentials.
Here are details of what some banks are offering to impacted federal workers:
Bank of America
Customers of Bank of America can request financial assistance online, by calling 844-219-0691, or utilizing the bank’s mobile app.
Bank of America CEO Brian Moynihan said the bank is offering fee and payment waivers, loan deferments, and forbearance programs to furloughed federal employees, reported American Banker.
BMO Bank
Fees for monthly maintenance, non-BMO ATM transactions, and overdrafts will be waived for those impacted by the shutdown. BMO Bank will also not charge early withdrawal fees for partial CD withdrawals or early CD closures.
BMO Bank is offering low-interest personal loans for federal employees who are currently not receiving a paycheck. BMO customers can visit a local branch or call 888-340-2265 to receive one of the relief offerings.
Chase Bank
Chase is offering assistance for its customers with mortgage, credit card, auto, or business loan payments, as well as help with Chase checking or savings accounts. Its assistance line is 1-800-254-7713.
TD Bank
TD Bank announced at the beginning of the shutdown that workers impacted by the shutdown could receive refunds on fees such as overdraft fees, non-TD ATM fees, monthly maintenance fees, and late fees from their TD Bank credit card. They can also withdraw funds early from their certificate of deposit without a penalty.
RELATED EDUCATION
The bank also offers short-term relief for furloughed federal employees struggling to make mortgage, home equity, personal, or auto loan payments. Commercial and small-business clients with a TD Bank loan can request fee refunds on their loan or line of credit.
TD Bank customers can make an appointment with their local branch or call 1-888-751-9000 to request any of these offerings.
USAA
Affected USSA customers can arrange special payments for their auto, property, life, and health insurance premiums and policies. There are also payment assistance programs for those with a USAA bank account, loan, or credit card.
USAA also offers a no-interest loan, equal to the amount of one net paycheck, for impacted federal employees. The repayment period for the loan also does not start until 60 to 90 days after it is distributed. Eligible members can apply for an additional loan if there is a second paycheck disruption.
If your financial institution is not listed here, it’s worth contacting its customer service department or a local branch if available to see what assistance it may offer to federal workers not being paid during the shutdown.
