This summer state employees were pawns in a budget impasse. Here is the advice they received from one of their unions.
PSECU has developed a special 0% Annual Percentage Rate (APR) PA Budget Impasse Loan*.
Loan Details•0% APR line of credit during the 2009/2010 PA budget impasse and for 60 days after the budget is signed by the Governor. Any remaining balance after that time will begin to accrue interest at a low rate of 3.9% APR.•A $1,000 line of credit will be available on each pay date affected by the impasse. The line of credit will be increased in $1,000 increments every two weeks during the impasse.•No penalty for early repayment.
In Order To Be Eligible, You Must
After you have a PA Budget Impasse Loan set up, it will be available for use on your first affected pay. If your first affected pay is on or before July 17, the loan will follow a bi-weekly cycle starting on the 17th. If your first affected pay is on July 24, the loan will follow a bi-weekly cycle starting on the 24th.
Important: The money is available as a line of credit. You have the option to use - or not use - the money. If you choose to use it, you will need to "advance" your loan into your checking or savings shares.
After you advance your loan into a share, you can use the money to pay loans or access your money with your PSECU Check (debit) Card. You can use the card to withdraw at an ATM and/or make purchases. When using debit with the PSECU Check Card, you must have funds available in your checking shares or your transaction will be declined.
SOP can go on and on but
2 comments:
Agreed, failed leadership from the State of PA but MAJOR KUDOS to PSECU for stepping up and supporting the state workers. Without these loans, many many people would have been hurt much worse by the impasse.
Totally agree...its a shame the union needed to protect its members when elected officials who take an oath to do so ignore their obligations.
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