Credit union reaching out to federal employees affected by sequestration budget cuts

Hanscom Federal Credit Union, which serves federal employees in Massachusetts, stands ready to offer financial assistance to its members affected by sequestration budget cuts.

Beginning Friday, March 1, members whose paychecks are affected by federal budget cuts will have access to a 0% Annual Percentage Rate interest line of credit for 30 days, equal to one months net payroll up to $5,000. Dubbed the Life Line Loan, this interest-free loan is attached to a members checking account to provide additional funds to cover checks, ATM withdrawals, and debit card purchases.

In addition, Hanscom FCU will waive penalties for premature withdrawals on term share certificates held by affected members.�

Hanscom FCU also provides free and confidential financial counseling and education through BALANCE Financial Fitness. Members can schedule a one-on-one phone session with a certified financial counselor for help with budgeting, managing credit, and assessing their finances.

"Were here to help our members should their income be affected by sequestration," stated Paul Marotta, Chairman of the Board. "We are true to our roots and the credit union motto "People Helping People."

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