Now approaching the beginning of the second month of the Government Shutdown, the noticeable consequences will continue to become more apparent. In the duration of the current circumstances federal employees and certain individuals serving within the United States military may face financial hardship. Dover Federal Credit Union is taking action to help provide support for those affected by the shutdown. As of January 16th, 2019, they have begun offering a Shutdown Assistance Loan to their members who are directly affected, as well as to the affected that are eligible for Dover FCU membership. In the event that the government fails to pay employees while the shutdown is occurring, qualifying members may receive up to 75% of their normal net pay amount for each of their scheduled pay periods.
In taking advantage of the Shutdown Assistance Loan, disbursed funds are deposited directly into Dover FCU accounts on regularly scheduled pay dates and are borrowed at a 0% interest rate while the shutdown is ongoing. Once the shutdown has ended and the payroll of those impacted has been restored, the amount borrowed will remain at a 0% interest for the following 60 days and can be paid in full at any time. After 60 days has passed, any remaining balance will be converted into a 3% interest rate and will be given a 12 month repayment period.
Originally founded on Dover Air Force Base in 1958, Dover Federal Credit Union has been committed to supporting the communities that they serve for over 60 years. Dover Federal has been voted a First State Favorite Credit Union for 3 years in a row. To experience the Dover Federal difference, visit any of their seven branches, or visit them on the web at www.doverfcu.com.
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