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Some local banks and credit unions are offering help to those who have been or will be furloughed.
Los Alamos National Bank is rolling out a program to provide relief for furloughed Federal Employees called “LANB S.T.R.O.N.G.”.
“Our community and customers have always counted on LANB to be there for them. The unfortunate situation many may find themselves in due to government furloughs is a time when LANB can again help,” said bank President Steve Wells.
LANB S.T.R.O.N.G. stands for “Short Term Relief Options (while) No Government.” It contains four main relief options for furloughed federal employees:
• Payment Deferrals on Consumer Loans and Credit Cards (1 month)
• Home Mortgage Loan Payment Forbearance (up to 6 months)
• Waived Overdraft Fees
• Short Term Relief Loans (new customers as well)
They are up to $5,000, 24-month-term, five percent fixed rate, no fees, with approved credit and must be repain with a monthly payments of $219.36.
Furloughed federal employees need only to contact LANB and the Bank will quickly assist with their request. Direct any questions or requests to: Toll Free: 800-684-5262, Los Alamos and Santa Fe 505-662-5171, Albuquerque: 505-449-5100
Zia Credit Union
The following loan terms will be made available for any member who is furloughed or misses a paycheck with direct payroll deposit to Zia Credit Union from the federal government or a contractor of the government (e.g., LANL or LANS), and is affected by the government shutdown.
• Unsecured loan up to two (2) times net payroll deposit to Zia Credit Union* - Up to a maximum of $5,000
• 4.99 percent Annual Percentage Rate
• Repayment term up to 18 months
• First payment not due until 60 days after funding
* Direct deposit must have been previously set-up and coming to Zia Credit Union
• In addition, Zia Credit Union is also making the following options available to any member affected by the shutdown:
• Waive Early Withdrawal Penalty on Share Certificates.
• Waive Skip-a-Payment Fee.
• Waive Courtesy Pay Fees (relating to checking account).
• Work-Out Loans: The credit union will, on a case-by-case basis, work a member to determine the best way to make accommodations on an existing loan payment – This would include extensions or reduced payments over a period of time to allow the member to work through the reduced pay period and the time it might take to get caught back up.