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Some of Hawaii’s major banks are offering loan extensions and deferred payment options as more than 2,500 federal workers are estimated to be affected across the islands by the partial federal government shutdown.
“The 11 banks who are members of the Hawaii Bankers Association are very aware of the pain, suffering, and anxiety borne by Hawaii residents who are employees of the federal government and federal contractors,” Neal K. Okabayashi, executive director of the Hawaii Bankers Association, said in a statement.
“As we have done in the past in times of natural disasters and hardships, the Hawaii banks stand ready to work with our customers to attempt to alleviate their hardships caused by the government shutdown. We understand that the first missed paycheck will occur shortly, so we encourage our customers to contact their bank directly to discuss their issues regarding their loan or other banking relationships. As much as possible, we will attempt to devise a solution to each customer’s situation.”
Bank of Hawaii
Bank of Hawaii is offering:
>> Personal loans of up to $5,000 at a 3 percent, fixed interest rate. Terms are for 27 months with no payments for the first three months.
>> Deferral of loan payments for up to three months for residential mortgages, home equity loans and home equity lines in amortization.
>> Up to three-month extensions on direct installment or indirect loans such as personal loans or auto loans.
All loan and late fees will be waived.
Federal workers will be asked to provide a paycheck dated Nov. 30 or later, according to Bank of Hawaii spokeswoman Melissa Torres-Laing.
For more information, visit any Bank of Hawaii branch or call 888-643-3888.
“We hope to help our federal workers and contractors get through an uncertain time without the worry of how they are going to pay for basic living essentials or any negative impact to their existing loans,” Peter Ho, Bank of Hawaii chairman, president and CEO, said in a statement.
First Hawaiian Bank
At First Hawaiian Bank, Bob Harrison, chairman and CEO, said in a statement, “This shutdown has placed many families into positions of hardship and we want to offer what support we can to impacted federal workers and contractors. Whether it’s access to funds or an existing loan payment deferral, we are here to offer the support to them in this time of need.”
Federal workers who bank at First Hawaiian may be eligible for:
>> A $2,500 to $5,000 personal loan at a 1.5 percent fixed interest rate for 24 months, with the option for payment deferral up to three months.
>> Up to three months existing loan payment deferral.
>> Up to three months waiver on credit card interest and fees.
>> Up to three months payment forbearance on existing mortgages.
For more information, visit a First Hawaiian Bank branch or call 888-844-4444.
Central Pacific Bank
Central Pacific Bank is offering unspecified “special rates, flexible terms, and fast application processing for loan amounts ranging from $1,000 to $8,000.”
Customers also may be eligible to defer loan payments up to three months, said Central Pacific Bank spokesman Dean Kawamura.
For more information, visit a Central Pacific Bank branch or call 544-0500, or toll free at 800-342-8422.
American Savings Bank
American Savings Bank mortgage customers who are affected by the shutdown may be eligible for unspecified “short-term payment plan options,” the bank said in a statement. “Those customers with existing ASB loans may be eligible for relief via deferment, forbearances, or a loan extension.”
Asked for details, American Savings Bank spokeswoman Andrea “Anj” Lum wrote in an email that “ASB will work with each customer individually to determine how to best assist them during the shutdown. Deferments will be based on the customer’s eligibility.”
For more information, visit an ASB branch or call 627-6900 or 800-272-2566.
Hirono on federal workers in Hawaii
On Dec. 27, U.S. Sen. Mazie Hirono wrote that “more than 2,500 federal workers in Hawaii are either furloughed or working without pay during the holiday season because Donald Trump shut down the government. As long as Donald Trump refuses to reopen the government, I will be donating my salary to Hawaii’s food banks — who serve nearly one in eight Hawaii residents in need.”
The website governing.com reported that 2,741 people are affected in Hawaii.
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