Financial Assistance During Government Shutdown
We are committed to helping our members who are affected during the government shutdown. If you’ve had direct deposit with SCU for the past three months and your pay has been affected by the shutdown, we will post a one-time credit to your account based on the pay period closest to the one missed.*
We are also offering our Government Shutdown Loan at 0% APR** for up to 6 months up to $5,000 to those who qualify. You must sign up for direct deposit with Service Credit Union to qualify for the loan. By applying online your application will be processed within 24 hours.
Is this special one-time posting automatic or do I need to apply?
If you’ve had direct deposit with SCU 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 member that can show proof of federal employee status and should have received payroll will be eligible to apply for our Government Shutdown Loan at 0% APR** up to $5,000 for up to 6 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 credit union has made or will be making this special one-time posting on or before January 2, 2019, or on or before January 15, 2019.
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.
Loan Payment Deferral
We have programs to assist our government employee members impacted by the government shutdown including up to a 90-day payment deferral on selected Service Credit Union consumer loans.***
Penalty-free Withdrawal on Certificates
The credit union will waive early withdrawal penalties on existing certificates for those affected by the government shutdown.
*Service Credit Union (SCU) will make one (1) advance payroll credit to your account during a government shutdown on or before January 2, January 11 or January 15, 2019, depending on the date of your missed payroll credit. A member must have received their payroll direct deposit for the past 3 consecutive months 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 SCU. We will debit your account for the full amount of the advance regardless of the amount of direct deposit. By accepting this advance deposit, you authorize SCU to debit your account even if direct deposit is not received. SCU reserves the right to withhold this service from members who are not in good standing or if, in SCU's sole discretion, collectability is doubtful.
**Annual Percentage Rate (APR) is 0%. All loans are subject to credit approval. No application fee or prepayment penalty. Maximum loan amount is $5,000. APR of 0% assumes a 6-month loan for $5,000; no payment due for the first 60 days and results in 6 payments of $833.33. Minimum loan repayment term is 4 months. A copy of furlough orders is required for all Government Shutdown Loans. Direct deposit will need to be established to a Service Credit Union account in order to qualify. Loan will be funded after your pay date has passed without pay. Additional terms and conditions may apply. Loan offer subject to change or be discontinued without notice.
***Loan payment deferral requests will be reviewed, and approval will be at the discretion of SCU.