The partial government shutdown has entered Day 27 and there is no clear path to a resolution.
For idled government workers going without a paycheck is forcing some tough decisions.
A number of support systems are being put together to help those workers who may find themselves either in an economic crisis now or see one looming.
At least 25 Michigan credit unions are offering assistance, whether it’s formal relief programs or a case-by-case basis, to members and non-members alike who are at a financial crunch due to the government shutdown.
“As not-for-profit cooperatives, credit unions serve their members and communities through good times and bad and especially when a crisis hits,” said MCUL President and CEO Dave Adams. “Michigan’s credit unions are joining with many nationally to step up for their members affected by this unfortunate government shutdown.”
Some of the products and services many Michigan credit unions are offering their community include:
- Interest-only payments on existing loans
- No-interest loans (often for up to 12 months)
- Payment delays such as no-cost “skip a pay” on loans
- Waived-penalty Certificate of Deposit access
- Fee waivers on checking account overdraft fees
- Budgeting assistance
- Referrals to community assistance programs
Some credit unions haven’t implemented formal products, but made it a priority to aid all federal employees in need, making sure their members know there is help available wherever necessary.
Others are supplementing their financial assistance programs with a fundraiser called “Dressdown for the Shutdown,” during which staff donate $5 to dress casually, and additional donations are accepted from community members.
Here is a list of credit unions who have announced assistance offerings:
American 1 Credit Union
Awakon Federal Credit Union
Calcite Credit Union
Community Choice Credit Union
Community Financial Credit Union
CP Federal Credit Union
ELGA Credit Union
Filer Credit Union
First United Credit Union
Forest Area Federal Credit Union
Frankenmuth Credit Union
FreeStar Financial Credit Union
HarborLight Credit Union
Honor Credit Union
Isabella Community Credit Union
My Personal Credit Union
Northland Area Federal Credit Union
Public Service Credit Union
Safe Harbor Credit Union
Shore to Shore Community Financial Credit Union
Soo Co-Op Credit Union
TBA Credit Union