Penfed Contingency Plan In Case Of Government Default

The following is an excerpt of an Email received from Pentagon Federal Credit Union this afternoon.  I give them kudos for this action.

Government Default Contingency Plan

Due to the uncertainty surrounding the national debt ceiling, PenFed would like to assure our membership that in the event the issue is not resolved in August and causes a disruption in federal government payments, PenFed members who regularly have their pay direct deposited to PenFed that are military or civilian employees and retirees of the federal government, as well as Social Security recipients, will have their August deposits advanced as scheduled in anticipation of receiving the actual deposit once the debt ceiling issue is resolved.

Should it be necessary, PenFed will be advancing these August deposits to provide assistance to our valued members. Members who have deposits advanced will need to repay the amount of funds advanced within 90 days from the date funds are advanced.