FORT WORTH, Texas – (BUSINESS WIRE) – Amid historic levels of uncertainty caused by COVID-19, First Command announced a package of financial relief programs for military clients and their families struggling due to the outbreak and measures taken to control it. The First Command serves approximately 280,000 military families around the world, providing financial guidance, investment planning, insurance solutions and banking services.
Offered through its affiliate, First Command Bank, the relief programs are designed to provide military families with immediate assistance that enables them to close the short-term financial gap and maintain their long-term quest for financial security. . Potential disruptions facing military families can include unpaid leave, unforeseen expenses caused by a Permanent Change of Position (PCS), deployed troops returning home with empty refrigerators, and unforeseen medical expenses for military personnel. family due to the virus.
To mitigate the impact of these challenges, the relief programs offered to customers by First Command include:
- Loan assistance, with 6 to 12 month single payment loans available to eligible customers at a reduced rate. No monthly payment is required and principal and interest are due in one payment at the end of the term.
- Help with payment for customers eligible for credit cards and consumer loans, with First Command Bank offering monthly payment deferrals.
- Early CD withdrawals without penalty, with First Command Bank waiving any bank-generated penalty for early withdrawal.
- Guaranteed lines of credit, allowing eligible clients to use their non-tax qualified mutual or managed fund as collateral for a reduced interest rate for up to 12 months. Only interest payments are required monthly, with the option to repay the principal balance at any time.
- Special handling of credit card accounts, along with First Command Bank, Visa cardholders offered priority processing of application requests to increase credit limits and waive cash advance fees.
“Like many Americans, our customers face unprecedented challenges as they determine how best to ensure the physical and financial health of their families,” said First Command President and CEO Mark Steffe . “Our mission is to help our nation’s military families achieve financial security at all stages of life, and the relief programs offered are a direct extension of that imperative. We believe it is our responsibility to alleviate the burden our customers face. We will continue to identify opportunities to proactively meet their needs during this difficult time. ”
For more information on how First Command is responding to the COVID-19 outbreak, visit firstcommand.com/corona-virus.
About the first order
First Command Financial Services and its subsidiaries, including First Command Financial Planning and First Command Bank, support our nation’s military families in their quest for financial security. Since 1958, First Command Financial Advisors have shaped positive financial behaviors through face-to-face coaching with hundreds of thousands of client families.
First Command Financial Services, Inc., is the parent company of First Command Financial Planning, Inc. (member SIPC, FINRA), First command advisory services, 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., a broker. Financial planning and investment advisory services are provided by First Command Advisory Services, an investment advisor. Insurance products and services are offered by First Command Insurance Services, Inc., banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantees, and may lose value. A financial plan alone cannot guarantee that retirement or other financial goals will be met. First Command Financial Services, Inc. and its related entities are not affiliated with, licensed to sell, or represent on behalf of or otherwise endorsed by federal employee benefit programs referenced by the US government or the US military.