TD Bank to Furloughed Workers: Here's an Extra $1,000 to Tide You Over

TD Bank Cambridge
Alamy
TD Bank (TD) says it will give a hand to workers put out of work by the ongoing government shutdown, forgiving late fees on credit cards and giving account holders an extra $1,000 to cover expenses.

The bank announced Thursday that it was launching TD Cares, a program that will provide a range of benefits for any government worker dealing with a missing paycheck as a result of the shutdown. From Oct. 10 through Nov. 2, TD Bank account holders can overdraft their accounts by as much as $1,000 (or their usual monthly pay, whichever is lower). The overdraft will be fee-free for the duration of the program, but overdrafts that go beyond the resumption of government services (and paychecks) will be subject to fees. The idea is to help government workers who miss a paycheck to cover basic expenses until their jobs are funded again.

That's not all. If you've got a TD Bank credit card and have to miss a payment, you'll be forgiven any late fees. And federal workers who have mortgages with the bank will be eligible for mortgage assistance, though it's not clear what form that assistance will take.

The move comes after Hyundai announced a similar program that offered to defer car payments for any worker who can't come up with the funds during the shutdown. Both are publicity stunts of sorts, though we imagine TD Bank's gesture will help a wider swath of the population. As with Hyundai, TD is only letting you defer your payments -- once you're back at work with a paycheck, you'll need to get your accounts back in the black and pay off any credit card bills.

That shouldn't be a problem if the government comes through with back pay once the crisis is over. But as we noted earlier this week, it's still an open question whether furloughed workers will be paid for the time they were forced to miss.

Matt Brownell is the consumer and retail reporter for DailyFinance. You can reach him at Matt.Brownell@teamaol.com, and follow him on Twitter at @Brownellorama.

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41 Comments

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jdykbpl45

Ah, a new way to make a pay day loan. Wonder what the rate is? Disclosed in the micro print, no doubt.

October 05 2013 at 12:32 PM Report abuse +1 rate up rate down Reply
propickup

great . now they get help and when they get paid for the time they missed not only will it be a paid vacation but they will have gotten bonuses. UNREAL. this all while the regular workers can not get help with there bills or house payments. sandy victims still with out aid. government wins again.

October 04 2013 at 7:46 PM Report abuse +4 rate up rate down Reply
1 reply to propickup's comment
sun1045

Excellent comment, like they're gonna lose anything...

October 04 2013 at 8:13 PM Report abuse +4 rate up rate down Reply
bohica6525

So Joe blow gets fired and overdrafts and he get fines and penalties up the you know what.
People who work for Obama's government get a free ride.
TD will get big perk form the government down the road for this and the tax payer will continue to get screwed.

October 04 2013 at 7:39 PM Report abuse +6 rate up rate down Reply
1 reply to bohica6525's comment
sun1045

Exactly, just another publicity stunt...

October 04 2013 at 8:15 PM Report abuse +3 rate up rate down Reply
knarf714

Furloughed Federal employees have always gotten back pay in the past.

October 04 2013 at 6:38 PM Report abuse +1 rate up rate down Reply
1 reply to knarf714's comment
sun1045

And benfits..

October 04 2013 at 8:15 PM Report abuse +2 rate up rate down Reply
Jim

On the surface this sounds like a business out of step with most businesses we deal with or hear about. If it's on the up and up I applaud them.

October 04 2013 at 6:27 PM Report abuse -2 rate up rate down Reply
Karl

I have been doing business with BOA when they were called NCNB back in 1975. If I ever had a problem they will take care of it. The branch manager has been at this branch for 15 years and I can most of the time walk in her office about 90% of the time. It is not often, I can do most business on-line. I also switch my 401 stock management to Merrill edge a sister co of BOA and have saved thousands in fees. My wife and children also bank with them.

October 04 2013 at 1:56 PM Report abuse -2 rate up rate down Reply
lsloanpdx

READ NEXT TO LAST PARA. AND TELL ME WHICH IS DOEING WHAT

October 04 2013 at 1:34 PM Report abuse rate up rate down Reply
rkeeeballs

Let's see if Bank of America will do this...don't hold your breath !

October 04 2013 at 9:20 AM Report abuse +1 rate up rate down Reply
rkeeeballs

I have been with this bank for a couple years now....they are really decent ! :>)

October 04 2013 at 9:19 AM Report abuse -1 rate up rate down Reply
actionred1

government asskissg BIG BANK

October 04 2013 at 9:05 AM Report abuse +5 rate up rate down Reply
1 reply to actionred1's comment
rkeeeballs

....You post foolishly ...TD Bank is a Canadian bank....Toronto Dominion !

October 04 2013 at 9:18 AM Report abuse -3 rate up rate down Reply