Credit unions offer fee waivers, 0% APR loans, and more in response to shutdown

With the federal government shutdown likely to last at least through the weekend, and next week being the first missed paycheck for affected employees, leagues and credit unions are working to ensure members can still meet their financial obligations.

The Nebraska Credit Union League reached out to its congressional delegation highlighting several credit union efforts in the state, as well as from credit unions in Washington, D.C., that are assisting D.C.-based government workers.

“Throughout Nebraska, credit union members can count on their local credit unions to find the help they need to weather financial challenges connected to the government shutdown, including the added risk of permanent job losses,” said Brandon Luetkenhaus, president of the Nebraska Credit Union League “As people-first financial cooperatives, credit unions do all they can to work with Nebraskans to find short and long-term solutions that help them maintain financial stability during the shutdown.”

Hawaii Credit Union League President Tim Ashcraft is reaching out directly to credit unions, and the league has shared how credit unions are supporting members with Hawaii’s entire Congressional delegation. 

California’s Credit Unions and Nevada’s Credit Unions recently provided an update on credit unions in those states that are reaching out to affected workers with relief programs. The League of Credit Unions and Affiliates maintains a page as well, outlining support available from credit unions in Alabama, Florida, Georgia, and Virginia.

Educational Employees Credit Union Educational Employees Credit Union (EECU) announced a special financial assistance package to help members experiencing a disruption in pay. Federal government employees can skip a loan payment and/or access an emergency no-interest loan of up to $10,000 for up to 30 days. EECU will also waive share and IRA certificate early withdrawal penalties for affected members to allow for immediate access to savings without added costs.

“EECU is here to support our members during this challenging time,” said Elizabeth J. Dooley, EECU president/CEO. “We encourage any member impacted by the government shutdown to reach out to us directly so we can work together to find the right solution.”

Peninsula Credit Union in Shelton, Wash. put together a resource page for members. It’s offering penalty-free certificate withdrawals, up to three skipped loan payments in a calendar year, no fee cash advances, refinance fee waivers, emergency paycheck advance loans, and more.

President/CEO Jim Morrell, who also serves as Treasurer on America’s Credit Unions Board, outlined these options and reassured members “together, we'll navigate these uncertainties and continue to serve you with the empathy and dedication that you've come to expect from Peninsula Credit Union.”

Houston-based TDECU launched a Furlough Relief Loan program, offering loans up to $5,000 with 12- or 24-month terms, and giving members 90 days to make their first payment.

“TDECU was founded on the idea of people helping people and, during times of uncertainty, it is our mission to stand by our members and provide the support they need,” said TDECU Chief Growth Officer Josh Brian. “The Furlough Relief Loan is one way that we are living out that commitment.”

America’s Credit Unions encourages credit unions to share the ways they’re assisting members through the survey on its Government Shutdown Assistance page. This will not only help share options, but also help highlight credit unions’ government shutdown efforts nationwide.