Federal, Regulation

Chase to provide assistance to furloughed federal employees

250px-Chase_logo_2007.svgChase announced on Friday that it would provide assistance to furloughed federal employees affected by the government shutdown through Oct. 31 or until the shutdown ends, whichever is sooner.

The bank encouraged customers who are employed by a federal agency and whose income has been affected by the shutdown to contact the company to discuss its available hardship programs, which are primarily used by customers who have been affected by unemployment, financial strain or natural disaster.

Employees of federal agencies whose paycheck was direct-deposited to their Chase account last month will not be charged fees on checking and savings accounts that were incurred as a result of a lower-than-expected balance.

Direct deposit customers will also not be charged any late payment fees for credit cards, auto loans, mortgages or home-equity loans.

“This is a difficult and stressful situation for these government workers facing a disruption in pay, and Chase is here to try to help,” Chase Consumer Bank CEO Barry Sommers said. “We all hope this will be resolved soon.”

Chase has assets of $2.5 trillion and operations around the world. The company offers investment banking and financial services for consumers and small businesses, as well as commercial banking, financial transaction processing, asset management and private equity.

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