First Command News & Events
FOR IMMEDIATE RELEASE - June 24, 2013
First Command Offers Financial Help For Furloughed Defense Workers
FORT WORTH, Texas — As the Department of Defense prepares to begin furloughs of more than 650,000 civilian workers next month, First Command Financial Services, Inc. is stepping up to help clients facing a loss of income due to sequestration.
“At First Command we are concerned about the widespread impact that a reduced paid work schedule could have on the fiscal health of our federal employee clients and their families,” said Scott Spiker, CEO of First Command. “Beginning July 8, more than 90 percent of the Defense Department's U.S. civilian employees are expected to lose up to two days of pay in each two-week pay period. While we continue to hope that lawmakers will reach an agreement to de-trigger these cuts, we are ready now to help our clients prepare for this time of uncertainty and get their family finances squared away.”
First Command Financial Services is ready to address the potential financial hardships that could result from the furloughs in various ways. Through its subsidiary First Command Bank, clients will be offered:
- Loan Assistance. Understanding that sequestration and furloughs may strain family budgets, First Command Bank is prepared to work with clients on any First Command Bank loan payments.
- Penalty-free early C.D. withdrawals. First Command Bank will waive any early withdrawal penalties for clients who need to redeem a First Command Bank Certificate of Deposit prior to its maturity.
- Secured Lines of Credit. First Command Bank is ready to help clients use their non-tax qualified mutual fund as collateral for a low interest rate line of credit.
Meanwhile, First Command Financial Advisors are prepared to offer guidance on dealing with federal allotments for investments and insurance and other issues.
“We recognize that many of our clients rely on federal allotments to make monthly payments for mutual funds, insurance and other financial products,” Spiker said. “Our knowledgeable Financial Advisors are available to discuss the possible ramifications of a furlough on monthly allotments as well as broader issues affecting their finances. We have helped thousands of military and federal employees and their families plan for their financial futures, supporting them through times both good and bad. If the furlough does occur as scheduled, we are ready to continue to make good on our mission of coaching those who serve in their pursuit of financial security.”
About First Command Financial Behaviors Index®
Compiled by Sentient Decision Science, Inc., the First Command Financial Behaviors Index® assesses trends among the American public's financial behaviors, attitudes and intentions through a monthly survey of approximately 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 4.3 percent with a 95 percent level of confidence. Financial Behaviors Index
About Sentient Decision Science, Inc.
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data.
About First Command
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through knowledgeable advice and coaching of the financial behaviors conducive to success, First Command Financial Advisors have built trustworthy, lasting relationships with hundreds of thousands of client families since 1958.
First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc. in all states except Montana, where as required by law, insurance products and services are offered by First Command Financial Services, Inc. (a separate Montana domestic corporation). Banking products and services are offered by First Command Bank. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met.