Government shutdown leaves millions without pay. Here’s how banks help

Millions of federal workers are living without pay, but some US 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 not received at least one paycheck, according to the Bipartisan Policy Center.

Banks like Citibank, Capital One, Wells Fargo and others are encouraging federal employees whose paychecks were disrupted by the government shutdown to call for help. Affected employees can contact their bank or credit card issuer by calling the number on the back of their card.

Here are details of what some banks are offering affected federal employees:

Bank of America

Bank of America customers can request financial assistance online, by calling 844-219-0691, or using the bank’s mobile app.

Bank of America CEO Brian Moynihan said the bank is offering fee and payment waivers, loan deferrals, and forbearance programs for furloughed federal employees, he said. American banker.

BMO Bank

Monthly maintenance fees, non-BMO ATM transactions, and overdrafts will be waived for those affected by the closure. BMO Bank will also not charge early withdrawal fees for partial CD withdrawals or early closing of CDs.

BMO Bank offers low-interest personal loans to federal employees who are not currently receiving a salary. BMO customers can visit a local branch or call 888-340-2265 to receive one of the relief offers.

Chase Bank

Chase offers assistance to its customers with mortgage payments, credit cards, cars, or business loans, as well as assistance with Chase checking or savings accounts. Its helpline is 1-800-254-7713.

TD Bank

TD Bank announced at the beginning of the shutdown period that workers affected by the shutdown could get 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 penalty.

The bank also provides short-term relief to furloughed federal employees who are struggling to make mortgage payments, home equity, personal loans or auto loans. Commercial and small business customers with a TD Bank loan can request a chargeback on their loan or line of credit.

TD Bank customers can schedule an appointment with their local branch or call 1-888-751-9000 to request any of these offers.

USA

Affected USSA customers can arrange special payments for auto, property, life and health insurance premiums and policies. There are also payment assistance programs for those who have a USAA bank account, loan, or credit card.

USAA is also offering an interest-free loan, equivalent to the amount of one net paycheck, to affected federal employees. Also, the loan repayment period does not begin until 60 to 90 days after it is distributed. Eligible members can apply for an additional loan in the event of a second salary break.

If your financial institution is not listed here, it is a good idea to contact your customer service department or a local branch if it is available to find out what assistance it may provide to federal employees who have not been paid during the shutdown.