Banks, such as TD, are now offering financial assistance to furloughed workers who are uncertain about how long they will have to go without a paycheck. TD Bank announced Thursday that furloughed workers can take out a loan equal to the amount of the monthly paycheck, and will not have to pay interest or additional fees. Also, customers of TD bank affected by the shutdown will be reimbursed for credit card late fees and may be able to get new payment plans for their mortgage. The program will begin on October 10 and will last until November 2, unless the shutdown ends before then.
TD Bank said in a statement: “With the government shutdown now a reality, the ripple effect has reached the frontlines of federal employees, placing an immense burden on them and how they manage their money and payments.”
Capital One is also offering some help for government workers. Customers may be able to get out-of-network ATM fees waived, as well as fees on late payments. Payment deferrals may also be available for some customers.
Other banks, like Bank of America and Chase, have said that they will work with their customers individually to assess how their situation can be improved. “We are monitoring the situation closely and are prepared to help any customer facing financial difficulty as a result of the government shutdown. Every situation is different, so if customers are having difficulty, we ask that they contact us so we can work with them on a solution,” said Bank of America.
