YMM Reading List

Saturday, July 30, 2011

Pentagon Federal Joins Navy Federal Credit Union to put Military Member's Financial Fears at Ease

Perhaps following the lead of Navy Federal Credit Union, the Pentagon Federal Credit Union has announced their own contingency plan to help bridge a gap if the Federal Government delays military pay days now through the end of the fiscal year.

"Government Default Contingency Plan

Due to the uncertainty surrounding the national debt ceiling, PenFed would like to assure our membership that in the event the issue is not resolved in August and causes a disruption in federal government payments, PenFed members who regularly have their pay direct deposited to PenFed that are military or civilian employees and retirees of the federal government, as well as Social Security recipients, will have their August deposits advanced as scheduled in anticipation of receiving the actual deposit once the debt ceiling issue is resolved."

No word yet from other military-friendly banks if they will follow suit, but I am confident that institutions like USAA will do whatever it takes to keep their members solvent during any short-term government shutdown.

1 comment:

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