Serving our Members During the Government Shutdown
Belvoir Federal is prepared to serve our members during the government shutdown by letting our members know of our response, developing emergency loan products, and forming services to support members. The government shutdown occurred due to the government not being able to come to a compromise on the budget.
Due to the shutdown, many, if not most, federal government offices, programs, museums, and parks are shuttered. For federal contractors, projects may be delayed because the agencies they work for can not issue the paperwork needed to move forward. Hundreds of thousands of federal workers may be furloughed without pay. Historically that pay has been restored when the shutdown ends, but there is no guarantee of that in law.
Many federal employees, however, would be exempted from furloughs. Also expected to work through a shutdown are federal employees needed to preserve key parts of the money and banking systems. Anyone authorized to work during a shutdown would be paid, although in most instances they will not get their checks until after the shutdown ends.
With the government shutdown, Belvoir Federal is prepared to serve our members by providing relief and assistance during the challenging time. The following will be available for impacted members:
- Borrow up to $5,000 at a fixed-rate of 4.99% APR* (0% APR for the first 60 days)
- Maximum term is 12 months
- Members may defer their 1st payment for 60 days
- Members may work with a loan officer to determine if a loan workout program can be created to help ease your financial hardship
- Skip a regular consumer loan payment at no charge
Penalty Free Share Certificate Withdrawal4
- Take out money in your certificate to help you now without the associated fee
For more information and/or to acquire any of the above assistance options, please contact us:
- Call: 703.730.1800
- Email: Contact Center
1 The maximum loan amount will be equivalent to that of the last (monthly net) direct deposit posted to the member’s account within 30 days prior to the request. The initial rate is 0% APR for the first 60 days. After the first 60 days, the rate is 4.99%APR. Interest will start to accrue on the 61st day of the disbursed loan. For example, if the maximum loan of $5,000 was taken at 4.99% APR for the maximum 12 month term and no payments were made until after the 60 days, the monthly payment would be $511.51. Other restrictions may apply. Contact us for details.
2 Other restrictions may apply. Contact us for details.
3 Skip-A-Pay excludes real estate loans and lines of credit, interest will continue to accrue. Other restrictions may apply contact us for details.
4 Early withdrawal fees for share certificates will be waived should a member need access to their funds due to the sequestration. Only the penalty fees from Belvoir Federal will be waived. If funds are withdrawn from an IRA Share Certificate, the government penalties can not be waived. If the certificate is kept open, the minimum balance must still be met to keep the share certificate opened.