Monday, November 25, 2024
Steven J. Lepper Chairman, President & CEO Association of Military Banks | Official Website

Banks prepare support amid potential U.S. government shutdown

As the possibility of a government shutdown looms this week, concerns rise across the nation. For service members, veterans, and their families, the uncertainty hits particularly hard, sparking questions about paychecks, furloughs, and managing expenses. With many Americans lacking substantial emergency savings, these worries intensify. In light of the potential shutdown, financial institutions are urging everyone to contact them for assistance options.

Individuals are advised to start with the institution where their direct deposit is processed and explore support from other banking relationships if needed. Several AMBA member banks have already established programs to offer assistance during these uncertain times.

FAB&T has set up a program available at "https://www.fabandt.bank/government-shutdown". USAA is also offering financial assistance as outlined on "https://newsroom.usaa360.com/news/usaa-to-offer-financial-assistance-for-members-impacted-by-a-potential-government-shutdown". First Command Bank provides coverage details at "https://www.firstcommand.com/cover-federal-pay".

For veterans and their benefits, certain services will not be impacted by a government shutdown:

"Veteran health care is not impacted. VA Medical Centers, Outpatient Clinics, and Vet Centers will be open."

"VA benefits will continue to be processed and delivered, including compensation, pension, education, and housing benefits."

"Burials will continue at VA national cemeteries. Applications for headstones, markers, and burial benefits processing will continue."

"The Board of Veterans’ Appeals will continue decisions on Veterans’ cases."

"VA Contact Centers (1-800-MyVA411) and the Veterans Crisis Line (Dial 988, Press 1) are open 24/7."

However, if a government shutdown occurs:

"VA will not provide Veteran career counseling or transition assistance program activities."

"The GI Bill Hotline will be closed."

"VA benefits regional offices will be closed."

"VA will cease public affairs and outreach to Veterans."

"VA will not permanently place headstones or maintain the grounds at VA national cemeteries."

"VA will not process applications for pre-need burials."

"VA will not print new presidential memorial certificates."

Additional information regarding what military families need to know in case of a government shutdown can be found at "https://www.militaryfamily.org/what-military-families-need-to-know-if-there-is-a-government-shutdown/".