VIENNA, Va. (May 26, 2023) – Navy Federal Credit Union announced today it is again offering a paycheck assistance program, providing an advance on direct deposit for eligible members impacted by the federal government’s potential breach of the debt ceiling. This program is available immediately for all Active Duty servicemembers, Reservists, and Department of Defense (DoD) civilian employees and contractors, whose pay is issued directly by the DoD and could be affected by a debt ceiling breach.
“Given the potential for financial uncertainty related to the debt ceiling, we want to provide our members with peace of mind,” said Pete Amstutz, senior vice president of Savings & Membership at Navy Federal. “Serving our members is foundational to our mission—we want to do the right thing and be there for them when they need us the most.”
To be eligible, members must also have direct deposit set up with Navy Federal for their paycheck. Navy Federal will continue to accept registration for the program until 3 business days after the scheduled payday. For members impacted by the potential default who don’t meet the eligibility requirements, our member service representatives may be able to offer alternative services for financial relief.
Navy Federal helped its members during government shutdowns in 2011, 2013 and most recently in 2018-2019, when the credit union provided loans to nearly 20,000 members, totaling more than $50 million.
About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 12 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 23,000 and has a global network of 357 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.