Fargo, ND – Gate City Bank is encouraging federal government employees affected by the shutdown to reach out to their financial institution as soon as possible, to proactively discuss financial options. Gate City Bank may be able to help customers with extending a payment on a loan, honoring currently scheduled closing dates, or working around potential overdraft situations.
In addition, Gate City Bank is offering a BetterLife™ Personal Loan as an option to federal government employees that need assistance during the shutdown. This is a short-term loan intended to help cover the time period in which they are not receiving a paycheck. The loan will have a zero percent interest rate and no fees. For more details on this loan, visit www.gatecity.bank/government-shutdown.
Providing options for affected customers and community members is important to Gate City Bank. “It’s difficult to see those experiencing financial hardship due to this shutdown, and as their Bank we want them to know we are here to help,” said Kim Settel, Executive Vice President of Retail Banking & Lending.
Gate City Bank is already seeing customers reach out to learn more about their options, and they encourage people to continue to do so. “I had a customer who was nervous about letting us know. We were able to help the customer by adjusting their upcoming loan due date,” said Norm Clark, Senior Vice President of Relationship Banking & Development. “The customer said it put their mind at ease, since they didn’t need to worry about how they were going to make payments, plus buy groceries and pay their monthly utilities.”
For Americans, missing a paycheck is more than inconvenient – it’s an emergency. According to a recent study from Career Builder1, 78% of U.S. workers are living paycheck to paycheck. In another study done by Bankrate2, only 39% of Americans have enough savings to cover a $1,000 emergency. Lastly, a report produced by the Federal Reserve found that 44% of Americans couldn’t cover a $400 emergency expense out of their pocket; rather they would have to borrow or sell something to cover it.
“We take the financial impact of this situation on our customers very seriously and want customers and community members to know we will work together to find a solution,” said Kim Settel, Executive Vice President of Retail Banking & Lending.
Anyone who is affected financially by the U.S. Government Shutdown is encouraged to contact Gate City Bank by calling them at 800-423-3344 or 701-293-2400, or by email at onlinebanking at gatecity dot bank. Additional information can be found online at www.gatecity.bank/government-shutdown.
Gate City Bank
A $2.2 billion mutual community bank, Gate City Bank has 36 locations across 19 communities in North Dakota and west central Minnesota. Employing 664 team members, Gate City Bank is committed to making lives better by investing in its team members and the communities it serves. In addition to being North Dakota’s number one mortgage lender, Gate City Bank has also been named one of the “50 Best Places to Work” since 2014 by Prairie Business. Additional information is available at gatecity.bank.