First Command News & Media
FOR IMMEDIATE RELEASE — Sept. 18, 2015
First Command Will Cover Federal Pay In Event Of Government Shutdown
FORT WORTH, Texas — First Command Financial Services, Inc. announced today that it will extend direct deposit pay to its military and federal employee clients as part of a comprehensive plan to address potential financial hardships in the event of a government shutdown.
"First Command is committed to doing all we can to ensure that our clients are not financially harmed by government actions or inactions that are beyond their control," said Scott Spiker, CEO of First Command. "During the previous shutdown in October 2013 we stepped up to help our clients with payroll advances and other financial offerings. As we approach the end of the fiscal year on Sept. 30 and the prospect of a government shutdown continues to grow, we again commit to help our clients through another period of uncertainty and ensure their family finances are squared away."
First Command Financial Services is ready to address the possible financial difficulties that may arise in the event of a government shutdown in various ways. Through its subsidiary First Command Bank, affected clients will be offered:
- Zero-interest payroll advances. First Command Bank is committed to making sure that clients who have existing direct deposit arrangements for their government paychecks will continue to have money in the bank. The program is designed to ensure that payroll advances will be transparent to clients, who will see the usual direct deposit amount credited to their account.
- Loan Assistance. Understanding that a government shutdown may strain family budgets, First Command Bank is prepared to work with clients on any First Command Bank loan payments.
- Penalty-free early C.D. withdrawals. First Command Bank will waive any early withdrawal penalties for clients who need to redeem a First Command Bank Certificate of Deposit prior to its maturity.
- Secured Lines of Credit. First Command Bank is ready to help clients use their non-tax qualified mutual fund as collateral for a low interest rate line of credit.
- Special handling of credit card accounts. First Command Bank’s Visa cardholders will be offered priority processing for increases to credit limits and deferments of monthly payments. The bank will also waive cash advance fees during a shutdown.
Meanwhile, First Command Financial Advisors are prepared to offer guidance on dealing with federal allotments for investments and insurance as well as other issues affecting family finances.
The latest results of the First Command Financial Behaviors Index® reveal that 36 percent of America’s career military families feel extremely or very anxious about the possibility of another government shutdown.
"While we continue to hope that lawmakers will reach an agreement that keeps the government operating, our knowledgeable Financial Advisors are available now to discuss possible ramifications for the finances of our clients," Spiker said. "We have helped thousands of military and federal employees and their families plan for their financial futures, supporting them through times both good and bad. We are committed to make good on our mission of coaching those who serve in their pursuit of financial security."
About First Command Financial Behaviors Index®
Compiled by Sentient Decision Science, Inc., the First Command Financial Behaviors Index® assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 4.3 percent with a 95 percent level of confidence. Financial Behaviors Index
About Sentient Decision Science, Inc.
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data.
About First Command
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through knowledgeable advice and coaching of the financial behaviors conducive to success, First Command Financial Advisors have built trustworthy, lasting relationships with hundreds of thousands of client families since 1958.