FirstBank's Assistance Program Helps Federal Workers Skip Payments
In response to government shutdown, FirstBank offers 0 percent interest
Like Americans across the country, Coloradans are feeling the pinch of the government shutdown. Paychecks are on hold for more than 800,000 people nationwide and an estimated 15,000 federal workers in Colorado have been forced to go on unpaid leave or have been working without pay since December.
As one of the country’s largest privately held banks operating more than 115 locations throughout the Centennial State, Arizona and California, we’re seeing not only customers struggling to make ends meet, but families, friends and neighbors suffering from the effects as well. That doesn’t work for us.
We live and breathe ‘banking for good,’ meaning we’re committed to doing right by our customers, communities and employees. In light of the myriad of individuals affected, we’re extending the following financial flexibility and support to furloughed federal workers.
We’re proud to be one of many local companies providing assistance and encourage other Colorado-based companies to join in.
SKIP ONE MORTGAGE + LOAN PAYMENT
As part of our program, furloughed customers can skip one payment (with interest waived) on their personal loans or mortgage upon request. If further relief is needed, FirstBank will make considerations and evaluate on a case-by-case basis.
We will be refunding all fees, including overdraft fees, Visa card fees, early withdrawal fees and so on, when furloughed employees contact the bank. Customers can go into any branch location or call FirstBank’s 24-hour customer service line to have these fees reversed. They can also notify branch employees and other representatives about their federal employment status to avoid transaction fees for things like wire transfers, cashier’s checks or money orders.
0 PERCENT INTEREST RATES
We’re reducing interest rates on credit cards to 0 percent and cash reserves to .001 percent for a three-month period. Furloughed customers who don’t have a credit card or cash reserve line can apply and should be provided the same offer, as long as they meet the bank’s credit requirements.
We’ll continue to evaluate the federal situation, keep an open dialogue with impacted employees, and make adjustments to the assistance program as needed. It’s important to us no one gets left in the cold, and we do as much as we can, when we can. There are numerous Colorado companies who echo these same sentiments, and we applaud all the organizations who are stepping up to help out. Well done, Colorado.
Jim Reuter is Chief Executive Officer (CEO) of FirstBank, one of the nation’s largest privately held banks. He started his career at FirstBank in 1987 and has held several leadership roles within the organization. He previously served as the company’s Chief Operating Officer before being appointed CEO in 2017. FirstBank maintains more than $18 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. It’s also recognized as a leader in corporate philanthropy, contributing over $60 million to local nonprofits since 2000.