FORT WORTH, Texas--(BUSINESS WIRE)--First Command Financial Services, Inc. announced today that it will extend direct deposit pay to its military and federal employee banking clients as part of a larger plan to address potential financial hardships in the event of a government shutdown.
“We are committed to doing all we can to ensure that our clients are not financially harmed by government actions – or inactions – that are beyond their control,” said Scott Spiker, CEO of First Command. “Earlier this summer we stepped up to help our clients who were affected by the furloughs instituted by the Department of Defense. As we face the prospect of a government shutdown, we again commit to help our clients through another period of uncertainty and ensure their family finances are squared away.”
In the event of a government shutdown that threatens military and federal paychecks, First Command Bank is prepared to offer a zero-interest payroll advance loan to clients with existing direct deposit arrangements at First Command Bank, including members of the military, National Guard, Reserves and federal employees. The loan will be approximately equal to the client’s expected direct deposit. In addition, clients who have existing direct deposit arrangements at the Bank for their VA and Social Security checks would be eligible for the loan if their payments are interrupted as a result of the budget impasse.
First Command Bank is also prepared to offer:
Loan Assistance. Understanding that a government shutdown may strain family budgets, First Command Bank is prepared to work with clients on any First Command Bank loan payments.
Penalty-free early C.D. withdrawals. First Command Bank will waive any early withdrawal penalties for clients who need to redeem a First Command Bank Certificate of Deposit prior to its maturity.
Secured Lines of Credit. First Command Bank is ready to help clients use their non-tax qualified mutual fund as collateral for a low interest rate line of credit.
Special handling of credit card accounts. First Command Bank’s Visa cardholders will be offered priority processing for increases to credit limits and deferments of monthly payments. The bank will also waive cash advance fees during a shutdown.
Meanwhile, First Command Financial Advisors are prepared to offer guidance on dealing with federal allotments for investments and insurance as well as other issues affecting family finances.
“While we continue to hope that lawmakers will reach an agreement that keeps the government operating, our knowledgeable Financial Advisors are available now to discuss possible ramifications for the finances of our clients,” Spiker said. “We have helped thousands of military and federal employees and their families plan for their financial futures, supporting them through times both good and bad. We are committed to make good on our mission of coaching those who serve in their pursuit of financial security.”
About First Command
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through knowledgeable advice and coaching of the financial behaviors conducive to success, First Command Financial Advisors have built trustworthy, lasting relationships with hundreds of thousands of client families since 1958.
First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc., in all states except Montana, where as required by law, insurance products and services are offered by First Command Financial Services, Inc. (a separate Montana domestic corporation). Banking products and services are offered by First Command Bank. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. First Command Educational Foundation is a 501(c)(3) public charity. It is not affiliated with First Command Financial Services, Inc., or any of its affiliated entities.