Navy Federal’s Plans to Assist Customers

April 08, 2011 | Kate Horrell

Navy Federal Credit Union (NFCU) has released their plans for assisting customers in the event that a government shutdown delays military pay.  The NFCU website has a page devoted to ways in which NFCU may be able to assist in the event of a pay delay, including overdraft protection, signature loans, and credit card applications.

UPDATE:  The link above now verifies that NFCU will be covering active duty pay due on 15 April 2011.  Whooohoooo!

More interesting to me, however, is a press release that I can only find at PRNewswire.  According to this news release, NFCU will deposit the full amount of active duty pay on April 15th, as if there was no delay in pay.  I have heard rumor of this sort of thing happening in the past, but I am still really impressed.

The complete body of the press release says this:

VIENNA, Va., April 7, 2011 /PRNewswire-USNewswire/ — Navy Federal Credit Union, the world’s largest credit union, announced its plans today for supporting its members in the event of a possible government shutdown as of midnight April 8.

“We’re hopeful that Congress and the White House will come to an agreement to avoid a shutdown,” 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 challenging time.  We want to ensure, to the extent possible, that our military families do not suffer financially in the wake of a political impasse.”  Dawson went on to list steps Navy Federal is taking.

One major initiative is to cover the April 15 payroll for those active duty members who have their direct deposit of pay at Navy Federal.  ”By covering the mid-month pay, come April 15 our active duty members will not see a difference in their direct deposit amount, as if there were no shutdown,” added Dawson.

Other steps Navy Federal is taking include expedited approvals for lines of credit, overdraft programs and credit card limits.  Credit union officials reported that many members were already taking advantage of its recently announced 0%, no fee balance transfer credit card offer.

In anticipation of member concerns about loans payments, Navy Federal is inviting members to call or visit a branch for personal assistance.

“For over 75 years, Navy Federal has been there to serve its members’ financial needs.  If a government shutdown does occur, we want them to know that their credit union has programs in place to help them in this time of uncertainty,” concluded Dawson.

I hate to sound like an advertisement for any particular financial institution, but situations like this are exactly the reason that my husband and I choose to do nearly all our banking with NFCU and USAA.  Thank you, NFCU, for looking out for your service members.

Comments

  1. jaime says:

    the advance in pay turned out to be false. NFCU employees are telling members that is not true..they will offer stop gap loans and lines of credit apparently but not advances on any pay

    • KateKashman says:

      Jaime, the advance pay has turned out to be true. NFCU has been issuing apologies because apparently the most up-to-date information has not been making it down to the branch level. It is listed at the NFCU website now.

  2. jackie says:

    You might want to check some of the comments that are showing up on your website on the right hand column – some of it is pretty fowl language.

    J

  3. Jaime says:

    So what about usaa? Surely as the largest bank that deals with military they wil do the same? Right?

  4. Dee says:

    Glad to know someone is listening!!

  5. c0523 says:

    i hope usaa plans on helping out as well…

  6. EJT says:

    Mid Month LES is out and showing Only Half pay

  7. I just checked are LES and it is still the same!

    • EJT says:

      wierd Mine is showing only half of what i normally get

      • Tomas says:

        your les only reflects what the government gives you. it will not show what nfcu is chipping in, they still chipping in to help, just wont show on les. :)

  8. Anonymous says:

    Our LES is showing half too.

  9. Cg wife says:

    Navy federal Reps say this advance pay to active duty excludes active duty Coast Guard. Bummer.

  10. shawn says:

    this is bullcrap. i asked navy federaly to not give me money up front that the gov't didn't fork out yet and they said they can't stop it. it's like their giving the gov't a loan to pay me without asking me if i want it and won't let me opt out. i was prepared for this to happen and want to be paid when i am supposed to and don't want any credit from nfcu at all.

  11. Jacob D says:

    I am a proud Navy Federal employee and our membership base is not made of "customers" as the article states, they are MEMBERS. We are standing by our members in this time of need and we ARE advancing pay for the second half of the month automatically. Basically what will happen is the DFAS deposits for the pay period will be doubled and will be reverted back the following pay date pending the budget is set. Everything is up in there air beyond that, but I firmly believe we will advance further if needed. If you want the facts, call us at 888-842-6328. We are there 24/7/365 to serve our members. We will happy to straighten out the rumors that you are reading everywhere.

  12. Jacob D. says:

    As far as the advance goes, it will happen. If you don't want it, transfer it to your savings account and save it for when it is set to be reverted back. It would be like nothing ever happened. We are not charging interest on this. We are not making money on this. We are a non-profit organization. Any profit that is made is put back in to the credit union to continue to offer our members the best rates around and pay to train the best member service representatives around. If you look at the big picture, we are trying to help our membership as a whole. Please be patient and we will help as best we can in this time of need.

  13. Jacob D. says:

    Finally the LES will only show half because that is all DFAS is paying you. The extra advance is coming from NFCU so it will not show on your LES. I hope I have helped any of you at all. I will monitor this thread throughout the near future and respond to any questions you have. If I don't have the answer, I will be happy to call someone that does and save you the time of calling.

  14. Jacob D. says:

    Nothing against USAA, they are a fine financial institution. As far as I know, they haven't announced any plans like this as of now. Good luck with all of you NFCU members and non-NFCU members.

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