Financial Assistance During the Government Shutdown
We are committed to helping members affected by the government shutdown by ensuring financial security during a time of uncertainty. If you are active-duty military and have had direct deposit with Service Credit Union for the past three months, and your pay has been affected by the shutdown, we will automatically post a one-time credit to your account based on the normalized average of your direct deposit totals over the past three months.*
For those existing members that are not eligible for the one-time credit, we will be offering a Government Shutdown Loan at 0% APR** for up to four months, with no payments for up to 90 days, up to $5,000 to qualified current members, if and when pay is impacted. Standard underwriting criteria applies. Other terms and conditions may apply for nonmembers.
Is this a special one-time posting automatic or do I need to apply?
If you are active-duty military, have had direct deposit with Service Credit Union for the past three months and did not receive your payroll due to the government shutdown, there is no application required to receive this special one-time posting.
What if I am a federal employee and do not have direct deposit with the credit union?
Any existing member that can show proof of federal employee status and that should have received pay during the shutdown will be eligible to apply for our Government Shutdown Loan at 0% APR** up to $5,000 for up to four months. Our standard underwriting criteria will apply.
I normally receive my payroll two days early. When should I expect this special one-time posting?
The one-time posting will be completed on December 24, 2024.
How do I repay the credit?
The credit amount will automatically be debited from your account on your next direct deposit once the government shutdown ends.
*Service Credit Union will make one (1) one-time payroll credit to your account during the government shutdown on December 24, 2024. To be eligible, you must be an active-duty military member and an existing member of Service Credit Union in good standing as defined by our Account Agreement and Disclosures. Member must have received their payroll direct deposit for the past 3 consecutive months to the same account to qualify for the advance payroll credit. When government funding resumes and your regular direct deposit is received, the funds we deposited to your account as an advance during the shutdown will be automatically deducted from your account by Service Credit Union. We will debit your account for the full amount of the advance regardless of the amount of direct deposit.
**APR= Annual Percentage Rate. All loans are subject to credit approval. No application fee or prepayment penalty. Maximum loan amount is $5,000 with first payment not due up to 90 days and up to 4 months to repay balance. Payment example: A 4-month loan at 0% APR for $5,000 will result in 4 payments of $1,250.00. A copy of furlough orders is required for all Government Shutdown Loans. Loan will be funded after your pay date has passed without pay. Additional terms and conditions may apply. Loan cannot be combined with the Government Shutdown one-time payroll credit offer. Must be an existing member of Service Credit Union in good standing as defined by our Account Agreement and Disclosures. Loan offer subject to change or be discontinued without notice.