Whenever California’s state budget fails to pass by the new fiscal year, state employees face the daunting prospect of deferred pay until its final approval. This year, SAFE Credit Union once again offers a service that keeps a budget gridlock from stopping members’ paychecks. SAFE’s State Employee Payroll Loan program allows the net paycheck amount to be deposited in the members’ designated checking or savings account.*
In the event the State cannot pay employees, SAFE’s program offers an interest-free, fee-free loan in the amount of their regular net pay. If the State pays employees minimum wage, SAFE offers an interest-free loan for the difference between the minimum wage net paystub amount and normal wage net paystub amount. State employees have the peace of mind that they can conduct banking as usual, without worrying about the effect of the budget impasse on their livelihood.
For 2010, SAFE has expanded the program by offering it to new members as well. State employees can join SAFE and, if qualified to open a checking account with Direct Deposit, can take advantage of the interest-free State Employee Payroll Loan.
If you are a California state or legislative worker faced with uncertainty in meeting payments and obligations, please contact a helpful Call Center Representative at (916) 979-7233 or (800) SEE-SAFE, or visit any branch.
*Terms and conditions subject to change. Some restrictions may apply. SEE SAFE for details.