Copyright Arkansas Online
Banks in Arkansas are offering assistance to customers who are federal employees and others affected by the government shutdown, now stretching into a record number of days. Simmons Bank posted a website notice in October offering assistance to those affected. Their consideration for those awaiting delayed paychecks includes flexible consumer and commercial loan payment options. Certain credit card loans may also qualify for these adjusted payment due dates or the establishment of a hardship plan. In some cases, Simmons is also open to waiving fees related to early certificate of deposit withdrawals and overdraft forgiveness. "We understand the uncertainty many are facing during the government shutdown, and our team at Simmons Bank is ready and prepared to assist customers -- both individuals and businesses" navigating these challenging times, Chris Van Steenberg, Simmons' chief operating officer, said. Steenberg encouraged customers experiencing financial hardship related to the shutdown to reach out to their local Simmons banker or call (866) 246-2400. Arvest Bank, meanwhile, has reactivated the Arvest Assist program, originally created to provide assistance during the 2018-2019 government shutdown. After a credit check, the Arvest program provides unsecured loans to furloughed Arkansans and residents of Kansas, Missouri, and Oklahoma of up to $10,000. Interest does accrue with time, but no payment is required for the first four months. Big names in international banking have also offered to help federal employees facing pay disruptions. Wells Fargo, Capital One, and Citibank, among others, have encouraged their customers to call for assistance. In most cases, the number to dial is on the back of the debit or credit card. At the same time, other financial options for the furloughed are ebbing. The nonprofit Federal Employee Education and Assistance Fund has suspended its shutdown grant program now that more than 10,000 applications have been submitted. After agreeing to hand out over 3,000 "micro grants" of $150, the assistance fund program's $1 million shutdown reserve is depleted. These one-time assistance payments were intended to help provide staples for federal employees, like groceries or gasoline. Wednesday was the 36th day of the 2025 shutdown, which began at midnight on Oct. 1. Similar disruptions in federal government operations have occurred during other administrations. These include the terms of Presidents Bill Clinton, Ronald Reagan, and Barack Obama.
