Navy Federal Promises to Cover April 15 Payroll | GovCon Executive
Navy Federal Credit Union plans to reduce its share of the financial difficulties of its members may be if the government shuts down. The fund announced today that it will progress to meet April 15 payroll for all active duty and civilian employees of the Department of Defense is currently using the service from the bank for direct deposit.
"We hope that Congress and the White House reach an agreement to avoid arrest," said Cutler Dawson, Navy Federal President and CEO."At the same time, we want to support our members, especially our active duty military members, through this potentially difficult period. We want to ensure, wherever possible, that our military families do not suffer financially following a political impasse. "
Federal Navy also plans to rush approvals pending credit lines and to extend the overdraft limits and credit cards. The credit union recently announced a zero percent, no credit card transfer fee offer and balance.
No official word has been released on how the credit union will address loan repayments by the closure. Navy Federal requires its members to call for any questions or concerns.
In the case of a shutdown of government, military and reserve will receive compensation for time worked before midnight April 8. The deadline for a bill funding drops to normal mid-term military pay period in the middle of the month. If a budget is not adopted before midnight Friday, the military will not receive payment for work after this point until a funding bill passes.
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