Employees' and Contractors' Wages Covered by Delayed Paycheck and Furlough Loans
UPPER MARLBORO, Md., March 17, 2011 /PRNewswire-USNewswire/ -- In response to a possible federal government shutdown on April 8, NASA FCU has come to the aid of its members employed by the federal government. In the event Congress does not approve the federal budget, or fails to extend the current continuing budget resolution, NASA FCU will offer federal government members, including contractors a 0% interest Paycheck and Furlough Relief Loan to cover delayed paychecks or furloughs. NASA FCU services—online, mobile, in-person and over the phone—will be available despite any possible shutdown.
"We're standing by in the event of a federal government shutdown," said NASA FCU President and CEO Doug Allman. "We've always been here for our members, especially in times of financial uncertainty," he said. "The Delayed Paycheck and Furlough Loans program will cover members, including contract employees, if payment from the government is deferred or if the member has been furloughed."
Upon a government shutdown, members may apply for a Delayed Paycheck and Furlough Relief Loan by contacting NASA FCU. The program is also available to new members who join the credit union and meet the program's criteria. The loans will cover federal employees' net wages interrupted by a federal government shutdown. For those members with delayed paychecks, the credit union will offer a 0% interest loan up to 30 days. After 30 days, loans would be converted to a 12-month signature loan at the current APR. For furloughed federal workers, a 12-month signature loan will be available with preferred rates including 0% interest for the first 30 days.
"We hope that Congress will pass the federal budget bill, but in the event they don't, resulting in a government shutdown, NASA FCU has its members who are federal workers covered," said Allman. "We're always ready to help our members in times of financial stress." It is estimated that up to one in four federal employees could be affected by a government shutdown. NASA FCU has 75,000 members worldwide.
Members should contact NASA FCU directly for all requests, eligibility, and qualification of the Delayed Paycheck and Furlough Relief Loan program and other NASA FCU services at 888-627-2328, ext. 7212. Federal employees and contractors currently not members may open a membership account online at: www.nasafcu.com/membership.
About NASA FCU: NASA FCU is a not-for-profit financial cooperative owned entirely by its members and operated for the benefit of all who belong. Chartered in 1949, NASA FCU serves the diverse needs of more than 75,000 members with a full array of financial services and the strength of over $1 billion in assets.
SOURCE NASA Federal Credit Union