Armed Forces Bank Prepares to Ease Financial Burden for Clients in the Military Impacted by Potential Government Shutdown

If Congress cannot pass legislation to extend funding by 1 March, the United States is headed toward a government shutdown. Approximately 1.3 million active-duty military service members may face defending the country without pay. Armed Forces Bank understands what a shutdown could mean to a military family and is prepared to support the military community during this time of uncertainty. Upon an actual shutdown and through the resolution of the shutdown, Armed Forces Bank has prepared several options to ease the financial burden of clients in the military community.

Special payment assistance programs will be available for eligible members on Armed Forces Bank credit products*:

• Consumer Loans: Provide one month payment extension at no additional cost.
• Credit Card: Provide one month payment deferment (interest continuing to accrue).
• Home Equity Line of Credit (HELOC): Provide one month payment extension. Interest continues to accrue and will be due the following month.
• Mortgage: Armed Forces Bank will evaluate each case individually for a one-month payment extension.**
• Overdraft fees will be refunded or waived during the shutdown impact period as requested by those identifying as impacted by the shutdown.

“This is an opportunity for our organization to express unwavering support for our dedicated military members,” said Paul Holewinski, Chief Executive Officer for Armed Forces Bank. “We stand ready to assist during these challenging times, ensuring our client’s financial well-being remains secure.”

Other resources that may be helpful during this shutdown period include:

• Army Emergency Relief (Army Emergency Relief - Soldiers Helping Soldiers)
• Navy-Marine Corps Relief Society (Navy-Marine Corps Relief Society (NMCRS))
• Air Force Aid Society (Air Force Aid Society | The Official Charity of the Air Force (afas.org))
• Coast Guard Mutual Assistance (CGMA | The official relief society of the US Coast Guard (cgmahq.org))
• American Red Cross (American Red Cross | Help Those Affected by Disasters)
• USA Cares (USA Cares - Veteran & Military Family Support System)
• Operation Homefront (Operation Homefront - Operation Homefront)
• Military OneSource (Free 24/7 Support for Military Life | Military OneSource)
• Command/Unit/FRG Funds
• Local Churches
• Local Food Pantries/Banks