In January 2019, about 800,000 federal workers didn’t receive paychecks due to the
Federal Government shutdown. With about 8 in 10 Americans already living paycheck-to-paycheck,
not getting paid for over a month can have a big impact on many in our communities. Although the paychecks may have stopped for these employees, the financial obligations – like mortgages, childcare and credit card payments – still needed
to be made.
At WaFd Bank, we were concerned about how our neighbors would pay their bills and put food on the table; the average interest rate on a credit card is about 17%, and payday loans can run up to 400%. We wanted to offer something better and immediate to support these hard-working Americans and their families during this difficult time – a way to live our mantra “invested here."
Quick Relief Loan: Immediate Help for 1,700 Workers
So far, our Government Employee Quick Relief Loan has helped more than 1,700 federal government workers and their families by offering a 90-day interest-free loan to help them pay their bills through the shutdown.
This three-month, interest-free offer was available to any eligible federal government employee, current client or not, living within our eight-state region for an amount equal to the net take home pay for up to six missed paychecks.
It only required a WaFd Bank checking account, including free Basic Checking,
to provide access to the funds.
Did the Relief Help?
Edwin and Elizabeth Holloway, from Safford, Arizona, said, “We are Federal workers and had not received a paycheck since December 2018. An unexpected family emergency depleted our savings so we were ecstatic to learn of the relief loan program offered by WaFd Bank.
We appreciate you giving Federal workers a hand up during this stressful time. We could not have paid our mortgage or utilities without your assistance. We will forever be grateful to WaFd Bank and the wonderful staff that made this possible.”
Ask Us How We Can Help
Our Federal Government Loan program is just one example of how we work to help our neighbors and communities thrive in good times and during challenges. Contact your local branch to find out why we were recently chosen by Forbes and Money Magazine as one of the Best Banks in America.