Wisconsin banks are stepping up to the plate with special no-cost loans, payment deferrals, overdraft protection and other forms of financial support to help customers affected by the partial federal government shutdown.
While the shutdown has become the longest in U.S. history at 29 days and counting it’s beginning to affect a greater number of workers who have already missed one pay day with a second one fast approaching.
Nationally it has affected more than 800,000 workers. In Wisconsin, about 3,000 have gone without a paycheck, according to statistics released by the Center for American Progress.
A Wisconsin Bankers Association poll reveals that many banks doing business in the state are offering financial concessions that range from no-interest short term loans, overdraft protection on checking accounts, holding back on reporting late payment reports to the credit agencies and allowing payment deferrals on mortgage, home equity, auto, and personal loans.
“The banks are stepping up to help customers,” said WBA president and chief executive officer Rose Oswald Poels, “This is tremendous. It really shows community spirit."
“Many Wisconsin banks have reached out directly to their customers and communities to help them weather the federal government shutdown," Oswald Poels continued. "Some are offering special loans while others are adjusting the monthly payments on current loans. Banks are simply helping out any way they can.
Read more in the Kenosha News.