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Update: USAA Bank to Offer Loan If Debt Ceiling Disrupts Military Pay

‎11-13-2013 09:19 AM

The government shutdown that began on Oct. 1 has not affected active-duty military pay. But USAA Bank remains ready to offer a zero-interest, 0% APR payroll advance loan to affected members if the next federal budget issue — the debt ceiling — disrupts pay to active-duty service personnel.

 

Solutions From USAA

Potential Payroll Advance Loan

In the event of a debt ceiling impasse that threatens military pay, USAA Bank is prepared to offer a zero-interest, 0% APR payroll advance loan to members of the active-duty military, including the National Guard and Reserves1, plus military retirees and VA and Social Security recipients who have existing direct deposit of government payments at USAA Bank. The loan would be approximately equal to your expected direct deposit, or half of your expected direct deposit if you are paid monthly.


Other Options

USAA has several solutions to help members who receive a government paycheck and find themselves in financial distress because of federal budget issues.

These temporary arrangements include:

  • Special payment arrangements, which could include payment deferral, on some bank products.2
  • Refunds of certain fees for credit cards and other USAA Bank products.
  • Early withdrawal of funds from certificates of deposit without penalties.
  • Billing arrangements for insurance products.


Members whose finances are affected by federal budget issues should call us at 1-800-531-USAA (8722).

The debt ceiling, which is the total amount of money the federal government is authorized to borrow, could affect government operations as early as Oct. 17. Last-minute legislation sheltering pay for active-duty military personnel and certain supporting civilian employees from the current shutdown will not offer such protection if a debt-ceiling impasse threatens federal salaries and benefits later this month.

 

Affected members whose federal payments are delayed by such an impasse and who have existing direct-deposit arrangements at USAA Bank for active-duty military or military retiree pay, or VA or Social Security payments, may be eligible for the loan. If a loan offer becomes necessary, USAA will email those members and provide information in the "My Offers" section of usaa.com. We will also offer other solutions, including special payment arrangements to help USAA members who receive government payments and find themselves in financial distress because of a shutdown.1

 

What Can You Do?

 

The shutdown could affect many other people who depend on the federal government for income. If you're a federal employee or otherwise depend on government outlays to make ends meet, check these 5 Tips to Prepare for a Government Shutdown.



1 Must have current direct deposit of government payments with USAA Bank and at least two consecutive direct deposits in the past 60 days. Loan amount is based upon two weeks of normal direct deposit, and loan maximum is $6,000. Must be in good standing with USAA. The loan amount deposited into USAA Bank account will be automatically debited at the next scheduled direct deposit. Loan will not be funded if government payment is not interrupted.

 

2 Interest continues to accrue during any deferment periods.

 

Originally posted Sept. 26, 2013

 

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Comments
by Brent5891 ‎11-21-2013 06:59 AM

Thank You USAA for being understanding during our times of need! You are always there to help, I will never go back to a civilian institution... God Bless

 

Originally commented on Sept. 27, 2013

by Ted in Md ‎11-21-2013 07:01 AM

No kidding! I have been with USAA for upwards of 13 years now and actions like this reaffirm that I will not go back to a regular bank. And on top of this; my 5 children will get these benefits for their entire lives as well, even if they choose not to serve. THANK-YOU USAA!!!

Originally commented on Sept. 27, 2013

by PBee ‎11-21-2013 07:03 AM

Thank you for this service! But I do have a question. It states that the loan would be debited when we get paid again. Would it be taken out in payments or all at one time? Thank you!

 

Originally commented on Sept. 27, 2013

by JenR64 ‎11-21-2013 07:06 AM

Thanks for supporting us! I recommend USAA to all military members.

 

Originally commented on Sept. 27, 2013

by PaulMRyan ‎11-21-2013 07:08 AM

You guys rock!

 

Originally commented on Sept. 27, 2013

by bprendes ‎11-21-2013 07:09 AM

Thank you for being an understanding, upstanding, and respectable company in the time of need of your military members!

 

Originally commented on Sept. 27, 2013

by DF ‎11-21-2013 07:10 AM

This is exactly why I bank with USAA. Their customer service and compassion for the Armed Forces is unsurpassed. No bank or business will ever compare. Thank you!

 

Originally commented on Sept. 27, 2013

by DaveUSCG ‎11-21-2013 07:12 AM

Reading that has brought much relief. Sad that my bank takes better care of the military than my own government does. I'll be passing on this information to my crew members. Thank you USAA!

 

Originally commented on Sept. 28, 2013

by SIGO.XCOM ‎11-21-2013 07:13 AM

This is just one of the many reasons I recommend USAA to all of my Soldiers, NCO's, and other junior officers out there. I even called in all my Soldiers yesterday to brief them about what their banks can do for them. Thank you again USAA.

 

Originally commented on Sept. 28, 2013

by The Warrant ‎11-21-2013 07:15 AM

Your support to those who serve and their families shows tremendous patriotism and service from all those at USAA. Each of your team members deserves a salute and more importantly please when you go home today know that you are making a difference is so many peoples lives.

 

Originally commented on Sept. 28, 2013

by Icebergrican ‎11-21-2013 07:16 AM

USAA is the best bank in the world, there is no other bank that would be as considerate and understanding of veterans, active duty and federal employees in this type of financial crisis. No other bank would even care of our well-being and they would still expect you to make payments on time if your pay was suspended or interrupted in this type of situation. Reading this offers makes me a proud to say I'm a member of USAA

 

Originally commented on Sept. 28, 2013

by Geoffsgirl ‎11-21-2013 07:17 AM

This gave my husband and I a slight sigh of relief. Its nice to know someone is looking out for us.

 

Originally commented on Sept. 28, 2013

by b_johnson135 ‎11-21-2013 07:18 AM

This is why I will continue to bank with USAA for lifel

 

Originally commented on Sept. 28, 2013

by Retired USMC2USA ‎11-21-2013 07:19 AM

I have banked with USAA since before 2001. I am now retired and I only get one paycheck per month. So, if I understand this correctly, USAA will assist by advancing me 1/2 of my monthly pay and only if I have received it for two consecutive periods. I appreciate any and all assistance but for persons like myself this will actually be as bad as not receiving any assistance at all. I do not want to seem unappreciative but I would like to think that as a retiree, USAA would be able to cover our full retirement pay, disability pay, or whatever pay we receive from the government as we are in the same boat as with active duty personnel.

 

Originally commented on Sept. 28, 2013

by RuddyN ‎11-21-2013 07:19 AM

I'm really glad to be a member of USAA. You have credit unions out there that are supposed to be a "better" banking institution with more benefits, but they aren't doing anything like this. I'm glad USAA understands that it isn't our fault, but the governments and that they are helping us cope with this as much as they can. They truly stand by their word.

 

Originally commented on Sept. 28, 2013

by manibri3 ‎11-21-2013 07:21 AM

Love USAA, they are always looking out and taking care of their members!!! My family and I have been with them for about 15 yrs now, and I could not have asked for a better bank. It's great to know that my kids will always have USAA as their bank as they grow and raise families of their own. Thank you USAA for taking care of your members!!!!

 

Originally commented on Sept. 28, 2013

by ShelbieH ‎11-21-2013 07:22 AM

I hope that there is no need to take advantage of this program. Never the less, if there is, I am thankful that being a loyal customer means something to a company. These days, that is getting harder and harder to find. Thank you USAA. Your actions speak volumes.

 

Originally commented on Sept. 28, 2013

by BellaUK1 ‎11-21-2013 07:24 AM

Thank you USAA for yet again proving to me why I continue to bank with you! I've had USAA since 2001 and it's nice to know we can count on a bank to be there for the military when the government won't be. I now have a little more peace of mind!

 

Originally commented on Sept. 29, 2013

by LGonza1104 ‎11-21-2013 07:24 AM

Thanks for Always being ahead of other financial institutions by offering this opportunity. I am prayerful that this Government Shutdown is averted, however, if so, We USAA Loyal customers are appreciative of your support. Thanks for having our 6!

 

Originally commented on Sept. 29, 2013

by Retiree from US ‎11-21-2013 07:25 AM

Great way to take care of your members who may be in need of this option!

 

Originally commented on Sept. 29, 2013

by asb ‎11-21-2013 07:26 AM

This is helpful information for your members who might be affected by a shutdown. But like most of great info online, it is buried behind all the attempts to entice members to get a mortgage or apply for a car loan. Why not make this the first thing a member sees after logging in? The only way I found this article was by searching "government shutdown." But if you want more of your members to really see it, you need to make it more prominent.

 

Originally commented on Sept. 29, 2013

by ps6three ‎11-21-2013 07:27 AM

This is yet another reason why USAA is such a great company.

 

Originally commented on Sept. 29, 2013

by JZ909 ‎11-21-2013 07:28 AM

Thank you.

 

Originally commented on Sept. 29, 2013

by Alexander0711 ‎11-21-2013 07:29 AM

This is helpful information and helps put my mind at ease a little. Except the fact that I will still loose a entire paycheck when the government starts back up and I get a check USAA will take it all back at once? That's not so helpful. That still sets a person back.

 

Originally commented on Sept. 29, 2013

by UPLIFTING EVANGELIST ‎11-21-2013 07:30 AM

Way to go USAA! You are the best! Luv Ya!

 

Originally commented on Sept. 30, 2013

by KKAF ‎11-21-2013 07:31 AM

Kudos, USAA!! Grateful that we can count on our membership with your company when we can't depend on the government... What an asset to military members! THANK YOU!

 

Originally commented on Sept. 30, 2013

by luvmycoastie93 ‎11-21-2013 07:33 AM

So sorry we switched from USAA to a local bank while purchasing our house. Their show of dedication to their banking clients has definitely encouraged me to go back to USAA for our checking needs. Still have our cc, auto loan, and insurance through them. Really wishing our checking had still been with them as well : (

 

Originally commented on Sept. 30, 2013

by coastman49 ‎11-21-2013 07:33 AM

Such a good gesture on the part of USAA. It shows you understand your customer needs. Thanks.

 

Originally commented on Sept. 30, 2013

by jahmiller ‎11-21-2013 07:34 AM

Thank you USAA!

 

Originally commented on Sept. 30, 2013

by Retirment ‎11-21-2013 07:35 AM

Wow thanks USAA for thinking of us!!!!!!!!!!!!!!!!!!!

 

Originally commented on Sept. 30, 2013

by Lorri ‎11-21-2013 07:36 AM

Wow! Just one more reason why USAA is the only bank for me

 

Originally commented on Sept. 30, 2013

by bettyjae61 ‎11-21-2013 07:37 AM

Thank you USAA! This is precisely why we bank with you.

 

Originally commented on Sept. 30, 2013

by FSU_Ski ‎11-21-2013 07:38 AM

Is this automatic or do we need to call/apply? Thanks!

 

Originally commented on Sept. 30, 2013

by Jeepchica ‎11-21-2013 07:38 AM

I am passing this information to my coworkers. Thank you USAA for your service! At least you care about us.

 

Originally commented on Sept. 30, 2013

by timothybatson ‎11-21-2013 07:39 AM

Will this also cover federal employees? You have me covered for any disruptions of my VA benefits, which I appreciate. But as a military retiree and current Army civilian employee I'm also concerned about disruptions in my federal civlian pay. Thanks.

 

Originally commented on Sept. 30, 2013

by Codeman ‎11-21-2013 07:40 AM

I love USAA! I was told by my boss that if there is a shutdown, I would be expected to come to work anyway.....for free. By law I would have to get back-pay, but that could take weeks or months. This offer from USAA really sets my mind at ease. Thanks again USAA.

 

Originally commented on Sept. 30, 2013

by Hervis ‎11-21-2013 07:41 AM

This kind of commitment to our military is amazing. While I'm not really surprised, since USAA always steps up, it is definitely another reason I will continue to put all my banking business in their capable hands.

 

Originally commented on Sept. 30, 2013

by flyingtenz ‎11-21-2013 07:42 AM

What a great bank. I brag about my USAA benefits to friends and family all the time. This is one more thing to add to the great list of benefits they offer. Thanks!!!!

 

Originally commented on Sept. 30, 2013

by zlr2004 ‎11-21-2013 07:43 AM

So grateful that our bank is AGAIN taking care of the needs of its members!!! I LOVE USAA!!!!!

 

Originally commented on Sept. 30, 2013

by Mrs Young ‎11-21-2013 07:44 AM

I love USAA. Always looking out for its members!

 

Originally commented on Sept. 30, 2013

by Army Wife 15 ‎11-21-2013 07:45 AM

I would be a nervous wreck if Usaa was not doing this. USAA is ALWAYS there no matter the disaster we may face!! THANK YOU

 

Originally commented on Sept. 30, 2013

by Nickname6 ‎11-21-2013 07:45 AM

I have always said that USAA tops any other financial institution in everything they do. I do not live in San Antonio, but I would never change to a local bank, because of reasons like this. Way to go USAA. You know how to treat the men and women who sacrifice their lives for us. I can't sing enough praises.

 

Originally commented on Sept. 30, 2013

by wildchicken ‎11-21-2013 07:47 AM

My question would be if USAA would extend this same service to civilian federal employees who's pay will also be inpacted by the government shutdown

 

Originally commented on Sept. 30, 2013

by Loving the Outdoors ‎11-21-2013 07:47 AM

USAA - just BETTER than the 'typical' bank I feel like in times like these customers- members- get to see the 'real face' of an institution. And (as always) USAA has our back. Thank you to USAA's outstanding leadership and staff. You rock!

 

Originally commented on Sept. 30, 2013

by amb519 ‎11-21-2013 07:48 AM

I absolutely hate banks, but I love USAA. Ya'll have been so good to us. I have never spoken with a rude person on the phone, and any time I've had a question or concern I'm able to ressolve it ASAP. MUCH appreciated!!!! It's too bad more businesses in America aren't like this!

 

Originally commented on Sept. 30, 2013

by pkmang ‎11-21-2013 07:49 AM

This is a great offer and make me proud of USAA.

 

Originally commented on Sept. 30, 2013

by MMMA25 ‎11-21-2013 07:50 AM

I have banked with USAA for more than 14 years. I was a 13 when my Active Army parents started my own account. I have all my insurances (car, motorcycle, homeowners, rental property) with them and a car loan. I know my family will be ok with USAA. Thank you!

 

Originally commented on Sept. 30, 2013

by Chris.Tribolet ‎11-21-2013 07:57 AM

Thank you USAA!

 

Originally commented on Sept. 30, 2013
by Pelkins ‎11-21-2013 08:10 AM

And that is why USAA is the best. They are always looking out for us. There is no other institution anything like it!

 

Originally commented on Sept. 30, 2013

by yes navy ‎11-21-2013 08:11 AM

Thank you.

 

Originally commented on Sept. 30, 2013