September 29, 2013
If Congress doesn’t pass a budget to keep the government running, there’s going to be a shutdown that could lead to military members not getting their Oct. 15th paychecks.
Technically, military members will be working for free until retroactive pay kicks in after the shutdown ends. But in the meantime, a number of banks are going to be paying the troops anyway.
Traditionally, when there has been a threat of a government shutdown or other issues, such as the government furloughs this summer, a number of credit unions and banks have offered different forms of relief, such as no-interest or low-interest loans and deferrals of payments.
Navy Federal Credit Union, which serves all branches despite their name, is going to cover the Oct. 15 paycheck as long as the service members have their military pay direct deposited into their account. Once the government finally pays up, the bank will deduct it from the account.
This article was posted: Sunday, September 29, 2013 at 5:35 am