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SALT LAKE CITY — As the federal government shutdown drags on, an increasing number of furloughed workers are having trouble keeping up with payment of bills.
Many banks have launched programs they say will help keep their furloughed patrons afloat while everyone waits on Washington to end the government shutdown.
"We receive calls and visits to our branches on a daily basis looking for help," said Brian Garrett, senior vice president in charge of Zions Bank's furlough assistance program.
He said banks can do many things to help people who are not working due to the shutdown.
"Loan adjustments allow them to skip payments, just to ease the burden of their current financial situation," he said.
Zions is prepared to waive late fees, overdraft fees, even extend lines of credit depending on the customer's situation. Each case is different.
The sooner they meet with their financial institution and assess their situation, the quicker they get a solution.
–Brian Garrett
"We look at fees, we look at their loans to see if there's a better opportunity to rewrite a loan for a better interest rate, payment deferrals, things like that," Garrett said.
Banks such as Chase, Wells Fargo and many others say they're ready to help those affected by the shutdown. Garrett said it's absolutely critical for furloughed workers to contact their bankers and creditors right now.
"The sooner they meet with their financial institution and assess their situation, the quicker they get a solution," he said.
Customers will still need to repay the money they've borrowed.
"It's not loan forgiveness," Garrett explained. "It's loan modifications to just buy these folks a little breathing room during these times."
