Defense CUs Guarantee Members Pay As Debt Default Looms
VIENNA, Va. -- Navy FCU announced it's commitment to advance pay to its members with direct deposit who are active duty military and DoD civilian employees in the event of a breach of the debt ceiling August 2.
"Navy Federal's strong financial position allows us to ensure, to the extent possible, that our military families do not suffer financially in the wake of a political impasse," said Cutler Dawson, president of the $44 billion credit union.
Pentagon FCU made a similar pledge, that military or civilian employees and retirees of the federal government, as well as Social Security recipients will receive their regularly scheduled payments in August even if the government defaults. Members will have to repay these advances within 90 days of when the advance was made.