In a press release received by Historic City News from Navy Federal Credit Union President and CEO, Cutler Dawson, the member-based financial institution reported that the credit union will cover the April 15th payroll for active-duty military members who have direct deposit in the event of a government shutdown.
With eight branches in Northeast Florida and 155,000 area members, Navy Federal Credit Union, based in Vienna, Va., is the world’s largest credit union.
Navy Federal serves all Department of Defense military and civilian personnel and their families and reports $4 billion in assets. In this area, Navy Federal reports $924.8 million in deposits.
By guaranteeing the mid-month payday, active-duty members will see no difference in their regularly scheduled direct deposit, regardless of what happens on Capitol Hill, Dawson said.
Other precautionary steps Navy Federal is taking include:
– expedited approvals for lines of credit
– over-draft programs
– adjusting credit card limits
No agreement has been reached on a budget measure in Washington, DC; threatening the possibility of a federal government shutdown.
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