Getting an early bead on the Washington debt crisis, the $1.6billion Texas Dow Employees Credit Union of Lake Jackson announcedover the weekend it will be offering no interest, 30-day“Government Shutdown Loans” to Social Security recipients andothers who might be impacted.

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“TDECU will cover all direct deposit government checks if thereis no debt-limit agreement Aug. 2,” said a statement from the139,000-member credit union, adding that the loans are“non-qualifying to those existing TDECU accounts.”

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“Many seniors on Social Security simply can't afford to miss acheck,” said TDECU, adding that the one-month term may be extended ifneeded.

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Members with existing federal deposits “are eligible for aspecial signature loan equal to the amount of their deposit – withno interest for the first 30 days,” said the statement. “Ourmembers have the commitment of TDECU to step in and make sure theyhave money for groceries and bills if the government does shutdown.”

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TDECU lauded its own loan team “for the creation of this uniqueproduct to serve members during challenging times.”

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The credit union said that after the initial 30-day period, theloan will convert to the current signature loan rate with arepayment term of an additional 11 months, and that the maximumloan amount will be equal to the amount of one net paycheck,

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“It is our commitment to stand ready to assist our membersshould we be needed,” said Stephanie Sherrodd, executive vicepresident/chief operating officer. “We want to give our memberspeace of mind that their daily lives will not be disrupted if wecan help it.”

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