Local banks offer support for upcoming furlough
ANDERSEN AIR FORCE BASE, Guam -- Currently, more than 700,000 civilian government employees will be furloughed up to 11 days before the end of the fiscal year, and local banks on Guam are looking to offer financial support for affected civilians.
Pentagon Federal Credit Union and Bank of Guam, both of which have branches on Andersen AFB, are offering various options for affected civilians and are willing to help as much as they can to relieve the financial stress of sequestration.
"The main thing is that we ask members who feel they are going to have a problem meeting their obligations to contact us, as options are available," said Lynne Franklin, Andersen's Pentagon Federal Credit Union manager. "We encourage people to come in and we are willing to help."
According to Pentagon Federal officials, there will be three options implemented. First, individuals will be able to delay payment on a loan up to three times by meeting with bank personnel. Interest will still accrue on the loan, though no late charges will be added. Debt consolidation loans will be available upon request, and lastly, a "Furlough Loan" will be available for up to one month's net pay, with payment term of 12 months.
Franklin said that Pentagon Federal Credit Union is also there assist customers not affected by the furlough as well. Anyone belonging to the bank is able to notify them if they need to delay a loan payment, and are able to do so one month out of each 12-month cycle, penalty free.
The Bank of Guam has also implemented similar programs to help during the furlough.
"It will be a case-by-case basis, but we will try to help various situations," said Jessica Diaz, Andersen's Bank of Guam consumer manager. "We are here to assist the people and ensure we do everything we can to do so."
According to Diaz, the Bank of Guam is able to do deferments and refinance loans. She encourages people to come in as early as possible if they think they will need assistance.
"PFCU and BOG are always eager to support the military and civilians here on Andersen," said Maj. Alan Copeland, 36th Comptroller Squadron commander. "Whether it's related to furlough or fact of life financial issues, personal coordination can provide you with assistance options."