Navy Federal Credit Union has announced plans to provide financial support for its members if a government shutdown occurs at the end of September. The credit union will offer 0% APR loans to eligible members who may face interruptions in their pay due to a lapse in federal spending authorization.
The assistance program is available to military servicemembers, federal employees, and government contractors who are paid directly by the federal government, have their paychecks deposited with Navy Federal, and would experience a disruption in income as a result of a shutdown. This initiative follows similar actions taken by Navy Federal during previous government shutdowns in 2011, 2013, and 2018-2019, when nearly 20,000 members received help.
Matt Freeman, senior vice president of digital payments at Navy Federal, stated: "We understand how unsettling a potential government shutdown can be for our members and their families. In these challenging times, it's important our members know we are here to provide dependable support when they need it most."
If the shutdown takes place, eligible members can register for the paycheck assistance program beginning Friday, September 26 through Navy Federal’s mobile app or website. The credit union also plans to provide ongoing updates and additional resources on its website as needed.
Navy Federal Credit Union was founded in 1933 and now serves more than 14 million members worldwide. It operates over 365 branches globally and employs more than 25,000 people. Membership is open to Department of Defense and Coast Guard active duty personnel, veterans, civilian and contractor personnel, and their families.