Travis Credit Union Offers Sequestration Aid
Modified Loan Arrangements Planned for Civilian Personnel
VACAVILLE, CA - Travis Credit Union announced that it has a plan in place to help its members who are facing lost pay due to furloughs because of the implementation of sequestration.
The credit union will lower loan payments and extend the terms of loans for members who are impacted and work as civilian personnel when sequestration cuts in defense spending go into effect on March 1. Beginning April 22, 2013 and extending through September 20, 2013, civilian employees could lose up to 20 percent of their income due to 16 hours of furlough that will take place every two-week pay period. Travis Credit Union recognizes the difficulty that sequestration will have on its affected members and stands ready to help lessen the potentially significant financial effects of the furloughs.
“We are here for our members and are doing everything we can to support them during these challenging economic times,” stated Patsy Van Ouwerkerk, president and CEO of Travis Credit Union. “Members are encouraged to visit any of our branches so that we can work with them to address any financial difficulties that these furloughs and loss of income may create.”
Defense Secretary Leon E. Panetta has assured affected employees that they will have 30 days’ notice before the furloughs are executed and that benefits will be protected to the maximum degree possible. Likewise, Travis Credit Union is well prepared to take care of its civilian personnel members and make every attempt possible to make sure that they will continue to retain all of their membership benefits throughout the furlough period.
Headquartered in Vacaville, California, Travis Credit Union is a not-for-profit, cooperative financial institution serving those who live or work in Solano, Yolo, Sacramento, Placer, San Joaquin, Stanislaus, Napa, Contra Costa, Alameda, Sonoma, Colusa, and Merced Counties. Currently, Travis Credit Union is the 11th largest credit union in California, with more than 178,000 members and more than $2.2 billion in assets. As one of the leading financial institutions in Solano, Contra Costa, Yolo, Napa, and Merced Counties, Travis Credit Union’s strength lies in its faithful commitment to its members; its solid, secure history; and its long-standing track record of dedicated service.