Banks offer programs to aid furloughed workers

By - Last modified: October 8, 2013 at 10:16 AM

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To ease the financial burden faced by furloughed workers affected by the government shutdown, banks are beginning to offer assistance programs for customers.

Customers Bank, which has an executive office in Wyomissing, announced its new program, the Employees Furlough Assistance Plan, geared to help workers who have been furloughed.

For workers affected by the government shutdown, Customers Bank will offer a one-month deferral on consumer loans as well as a one-month forbearance on mortgage payments, said Richard Ehst, president of Customers Bank.

"I think it's important that the leadership starts to understand the extraordinary consequences of this kind of inaction and really comes to grips with the responsibility that they have to protect this country," Ehst said this morning. "There are significant consequences to the economy."

Customers Bank will offer the program, which started Monday, for as long as people are suffering from a lack of leadership, Ehst said.

TD Bank has locations throughout Lehigh Valley and suburban Philadelphia and will offer a program, TD Cares, to its customers throughout the bank's footprint.

"It's really something that's done so a furloughed employee can pay their bills, cover their monthly expenses," said Gabe Weissman, spokesman for TD Bank, headquartered in Cherry Hill, N.J.

Those who are seeking assistance can go to any location, show either a government I.D. or letter notifying them of the furlough and receive several levels of assistance through the program, Weissman said this morning. The bank will waive all late fees on accounts, including mortgages, and also will give customers the ability to access up to $1,000 in funds. The bank will work with customers seeking help in making mortgage payments.

TD Bank's program starts Oct. 10 and is scheduled to run through Nov. 2. If the shutdown lasts longer, Weissman said, the bank will evaluate its program and determine if it needs to be extended

Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

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