If Congress and President Obama can't come to an agreement to raise the debt ceiling, members of members of Navy Federal, Pentagon FCU and FAA CU will have access to interest-free loans and other programs for coping with any short-term loss of payments from the government.
The $44 billion Navy Federal is offering advance pay to members who are active duty and Defense Department civilian employees who have direct deposit.
But President/CEO Cutler Dawson is using the possibility of a shutdown as a teachable moment. He advises members of the Virginia-based CU, in a letter on its website, to take three steps to plan for unintended financial events: Have an emergency savings fund; set up direct deposit; and manage your credit wisely.
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