Hurricane Won't Disrupt Soldiers'Pay

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WASHINGTON - (09/01/05) -- Credit unions and banks inLouisiana, Alabama, and Mississippi have implemented contingencyprocedures in the wake of Hurricane Katrina that will mean a normalpayday for millions of Americans along the Gulf Coast expectingautomatic deposits from the military on Sept. 1, the Department ofDefense announced Tuesday. Electronic funds transfers have beenprovided to the Federal Reserve banks, and Treasury checks havebeen mailed. The Federal Reserve Bank, the Federal DepositInsurance Corp. and the banking and credit union associations haveimplemented procedures to pull the electronic funds transfer filesinto alternate banking and credit union sites where possible,officials said. Defense Department officials recommended thatmilitary members or civilian employees who cannot access an accountin the Hurricane Katrina disaster area contact the home office oftheir financial institution and then their local finance office ifthey need money now. The finance office can provide for a partialor casual payment, in cash. The cash payments will be deducted fromfuture pay, officials said.

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