Service Credit Union (SCU) in Portsmouth is helping members who are affected during the partial government shutdown by fronting their pay and offering special interest-free loans. According to a statement, SCU will post credits based on the pay period nearest to the one missed for members with direct deposit.
“I would like to heap praises on my bank, @Servicecu, who automatically fronted my missed paycheck, zero interest, to be paid back whenever it is that I next get paid,” shared Jennifer Sharrow, who works for USDRA Rural Development, according to an SCU statement.
The program will apply to all eligible, qualified members who have had direct deposit with Service Credit Union for three months. Once the government resumes posting payrolls, Service Credit Union will reverse this special one-time posting.
Almost 1,000 members have received direct deposit coverage from Service Credit Union since the shutdown, and have shared their gratitude with the credit union. “My family and I cannot thank you enough for what you are doing for those of us who are working without pay, due to the government shutdown,” wrote TJ O’Brien, an employee of the U.S. Customs and Border office, to Service Credit Union’s Member Services department. “It was a pleasant surprise to see a deposit made into our account, the equivalent of my paycheck. I just wanted to say thank you for looking out for us, it is very much appreciated!”
In addition to payroll coverage, Service Credit Union is offering a no-interest loan at 0 percent APR for up to six months up to $5,000 to those who qualify. Those who apply online will have their application processed within 24 hours.
For affected members who have existing loans, Service Credit Union, is offering up to a 90-day payment deferral on select consumer loans. The credit union is also waiving early withdrawal penalties on existing certificates for those affected by the government shutdown.
“As the shutdown continues, there is a lot of uncertainty among our affected members. We are strong believers in the credit union motto of ‘People helping People’ and want them to know that Service Credit Union is here for them, no matter what,” says Wendy Beswick, VP of marketing.