Government Shutdown Assistance Program
The role of a community bank is to meet the needs of the community. This includes offering resources to provide stability during unstable and uncertain times. If there is a government shutdown, some of you may be impacted. We at FAB&T want you to know that we are prepared and stand ready to assist those of you whose pay may be impacted by this potential shutdown. We have a comprehensive list of options, which are listed below.
skip-a-pay for loan customers
During the government shutdown, affected loan customers may be eligible to skip their current loan payment to help avoid late fees and negative credit reporting. Because all situations are different, these requests will be reviewed on a case-by-case basis to determine the best payment option for each customer.
Temporary Overdraft Protection
During the government shutdown, affected deposit customers may be eligible for a temporary overdraft limit established on your checking account. All items presented for payment will be paid with no overdraft fee up to the established limit. Qualifications include:
- The temporary overdraft limit will be placed only on the account that had your federal payroll direct deposited;
- The temporary overdraft limit cannot exceed the amount of your last federal payroll direct deposit;
- Any negative balance in your account will be made whole upon the receipt of your federal payroll direct deposit back pay;
- Once the shutdown has ended and the federal payroll direct deposit back pay has been received, the temporary overdraft limit will be removed, and the original overdraft limit reestablished if applicable.
Overdraft protection through linked accounts
During the government shutdown, affected customers who have more than one established deposit account with FAB&T can opt to link a secondary account to their checking account to cover any items presented for payment that would overdraw the account. Requirements include:
- The linked account transfer must be established on the account that had your federal payroll direct deposited;
- Items presented for payment that would have caused a negative balance will only be paid up to the available balance in the linked account;
- Transfers made from the linked account to cover any negative balance, will be in $10.00 increments up to the amount needed to cover the negative balance.
Additional Savings Account Withdrawals
During the government shutdown, affected customers will be allowed to make withdrawals from their FAB&T Savings accounts and not be required to maintain a minimum daily balance to avoid a service charge. Requirements include:
- Withdrawals made cannot exceed the available balance in the Savings account;
- Once the shutdown has ended, all applicable fees and daily balance requirements will be reestablished.
Partial Early Withdrawal or Early Closure of CDs
During the government shutdown, affected customers will be allowed to make partial early withdrawals from their FAB&T CD(s) or close their FAB&T CD(s) without incurring the ‘early withdrawal’ penalty. Requirements include:
- Withdrawals made cannot exceed the available balance in the CD(s);
- Once the shutdown has ended, all applicable penalties and daily balance requirements will be reestablished.
Partial Early Withdrawal or Early Closure of Christmas Clubs
During the government shutdown, affected customers will be allowed to make partial early withdrawals from their FAB&T Christmas Club(s) without incurring the withdrawal fee. Also, affected customers will be allowed to close their Christmas Club(s) without incurring the withdrawal fee and will not be required to close the Christmas Club(s); the account will remain open for 90 days at a zero balance which would allow the customer to replace those funds if desired. We will temporarily pause the automatic transfer to the Christmas Club if desired. Requirements include:
- Withdrawals made cannot exceed the available balance in the Christmas Club(s);
- Once the shutdown has ended, all applicable fees/automatic transfers and closure requirements will be reestablished.
If you have any concerns or questions, we encourage you to reach out to your local FAB&T branch location or call our Call Center at 800-982-4511.