Fort Worth-based First Command Financial Services Inc. announced on March 26 a package of financial relief programs for clients in the military and their families who are encountering hardships as a result of the COVID-19 outbreak and the measures being taken to control it.
First Command serves approximately 280,000 military families globally, providing financial coaching, investment planning, insurance solutions and banking services.
Offered through its subsidiary, First Command Bank, the relief programs are designed to provide military families with immediate relief that allows them to bridge a short-term financial gap and maintain their long-term pursuit of financial security, the company said in a news release.
Potential disruptions faced by military families may include furloughs without pay, unexpected expenses caused by a permanent change of station, deployed troops returning home to empty refrigerators and unplanned medical expenses for family members due to the virus.
First Command said to mitigate the impact of these challenges, relief programs being offered to clients include:
– Loan assistance, with 6-12 month single-pay loans available to clients who qualify at a reduced rate. No monthly payments are required, and the principal and interest are due in a single payment at the end of the term.
– Payment relief assistance for eligible credit card and consumer loan clients, with First Command Bank offering deferments of monthly payments.
– Penalty-free early CD withdrawals, with First Command Bank waiving any bank-generated penalties for early withdrawal.
– Secured lines of credit, allowing eligible clients to use their non-tax qualified mutual or managed fund as collateral for a reduced interest rate up to 12 months. Only interest payments are required monthly, with flexibility to pay down the principal balance at any time.
– Special handling of credit card accounts, with First Command Bank’s Visa cardholders offered priority processing of application requests to increase credit limits and waive cash advance fees.
“Like many Americans, our clients are facing unprecedented challenges as they determine how best to ensure the physical and financial health of their families,” First Command President/CEO Mark Steffe said in the news release.
“Our mission is to help our nation’s military families pursue financial security through all stages of life, and the relief programs being offered are a direct extension of that imperative. We feel strongly that it is our responsibility to ease the burden our clients are facing. We will continue to identify opportunities to proactively address their needs through this challenging time,” Steffe said.
More information about how First Command is responding to the
COVID-19 outbreak: www.firstcommand.com/corona-virus
First Command Financial Services and its subsidiaries, including First Command Financial Planning and First Command Bank, serve the nation’s military families in their pursuit of financial security, the company said.
– FWBP Staff