Financial Assistance Available During a Government Shutdown
Transcend Credit Union is here to help our members and communities with financial solutions, including those affected by the government shutdown. Some of the potential ways we can help:
- Free Loan Extensions for any Auto Loan payment or Personal Loan payment1.
- Complimentary Fee Refunds during your time being furloughed2.
- Free individualized counseling, guidance and educational resources through our GreenPath Partnership.
For assistance with any of these options, please visit one of our convenient branches, log in to your digital banking account to send us a secure message, or call us at (502) 459-3000 or (800) 292-9490.
Managing Finances During a Government Shutdown
(Source: GreenPath "Managing Finances During a Government Shutdown")
When a government shutdown happens, it's more than a political event-- it directly affects households and communities. If you're a federal worker, contractor, or someone indirectly impacted, the sudden loss of income can feel overwhelming.
You are not alone; there are available options to help. Here are some immediate steps you can take to stabilize your finances and access support.
Stay Informed and Connected
First things first-- stay updated on the shutdown's progress. Having information helps you plan and adjust. Government agencies and news outlets like the Associated Press, Reuters, or your local public radio station provide real-time updates and alerts.
Don't go through this alone. Lean on your friends, family, coworkers, and community groups. Talking about what you're experiencing can ease stress and may connect you with resources you had not considered.
Take Care of Yourself and Your Family
Shutdowns are stressful! Make space for your physical and mental health-- eat well, exercise, and step away from the news when it gets overwhelming. Your well-being is just as important as your budget.
Smart Financial Moves During a Government Shutdown
Losing a paycheck, even temporarily, can throw household finances into chaos. Here are some steps that can help:
- Know your back pay rights: All furloughed federal employees are guaranteed retroactive pay once the shutdown ends, under the Government Employee Fair Treatment Act of 2019. Contractors, however, are not generally covered by that law and may not be entitled to back pay.
- Check unemployment eligibility: Furloughed federal employees may qualify for Unemployment Compensation for Federal Employees (UCFE), but rules vary by state (OPM.gov). Essential (excepted) employees required to work without pay are generally ineligible. Contractors typically do not qualify under UCFE.
- Prioritize housing, utilities, and essentials: Pay for food, rent/mortgage, and essential expenses before unsecured debts like credit cards. Keeping a roof over your head and lights on comes first.
- Use caution with payday loans or "quick cash" options: These often come with high interest rates and fees, which can worsen your financial situation long term. Instead, check with your financial institution to see which options they may offer.
- Consider short-term income options: Depending on your situation, side jobs may help temporarily, though they may not be feasible for everyone.
Resources
General Financial Hardship Information and Guidance
- GreenPath Financial Wellness: Connect with NFCC and HUD-certified financial counselors who can help you navigate your options and build a plan.
- 211: Dial 211 or visit the website for food, housing and utility support.
- Federal Employee Education & Assistance Fund (FEEA): Offers limited emergency hardship loans and grants for eligible federal employees.
- Kentucky Health & Family Services: Visit the Kentucky CHFS website for programs related to food, healthcare, and emergency assistance.
Food Assistance
- Feeding Kentucky: The Feeding Kentucky statewide network of food banks, pantries and meal programs serves neighbors in all 120 Kentucky counties.
Mental Health and Wellness
- FindTreatment.gov: An anonymous resource from the U.S. Department of Health and Human Services for people seeking mental health and substance use treatment.
1Offer available for a limited time to federal employees impacted by the government shutdown. Extension Agreements may be requested for an eligible auto loan or personal loan only. The Extension Agreement request must be submitted at least 7 days before the requested payment skip date. Proof of federal employment and a furlough notice is required. The standard $25 Skip-A-Pay fee does not apply to Extension Agreement requests. Interest will continue to accrue on the loan during the skipped period. All terms and conditions subject to change without notice.
2Upon request and with verification of furlough status, eligible fees, including overdraft, non-sufficient funds, and late payment fees, may be refunded up to ten times per month. Proof of federal employment and a furlough notice is required. Fee refunds are granted at Transcend Credit Union's discretion. All terms and conditions are subject to change without notice.
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Financial Education
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