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With the closure of the government in its fourth week, banks and credit unions are increasing their support for federal workers.
Provident Bank, New Jersey, recently announced its intention to cancel late credit card and mortgage fees for federal employees and allow them to break their certificates of deposit earlier without penalty.
Huntington, a Columbus, Ohio-based bank that has some 960 branches in the Midwest, offers a "low interest rate fast loan program" to customers who are federal employees.
Tom Goyda, a spokesman for Wells Fargo, said the bank did not offer special loans to the affected customers. However, it will cancel monthly service and overdraft fees for people employed by a closed government agency.
"If closure continues, we will continue to look at how we work with the clients whose revenues are affected and make changes to ensure we provide them with the most appropriate badistance," Goyda said.
Chase also removes certain fees for government employees who have a direct deposit system. Late fees on credit cards and mortgages could also be dropped.
Some of the most generous offers come from credit unions.
"Credit unions across the country are mobilizing to help federal employees and families affected by the government's closure," said Ryan Donovan, Credit Union National Association's Advocacy Officer.
Veridian Credit Union has an anticipated government loan for affected members, without interest. The Space Coast Credit Union is offering an interest-free loan to members facing financial difficulties due to the closure of the government.
The Federal Credit Union launch has a zero per cent interest rate for loans up to $ 3,000 to federal government employees. The Federal Credit Union is doing the same, with a limit of $ 6,000. For more information, check out his frequently asked questions page.
The US Employees Credit Union offers interest-free loans to affected members for 60 days, regardless of their credit score.
Justice Federal Credit Union offers unsecured loans at low interest rates to all relevant workers of the Department of Justice or the Department of Homeland Security.
The FedChoice Credit Union will cancel the early withdrawal fee on certain certificates of deposit and issue short-term loans with interest rates as low as 2.50%. Among other requirements, you will need to provide proof of your leave status.
Nami Baral, CEO of Harvest, a start-up that uses artificial intelligence to negotiate bank charges, will make its services available to federal employees free of charge until the government reopens. (Normally, the company receives 25% of the reimbursed expenses.)
"Even when customer wages are delayed by a few days, they can accumulate hundreds of dollars in overdrafts and late fees," Baral said.
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