ALERT
Our branches will be closed on Monday, May 27th for Memorial Day. We will return to our normal operating hours on Tuesday, May 28th.
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Smart Financial Moves for Furloughed Workers

Approximately 800,000 employees are living without a paycheck due to the government shutdown. Fortunately, there are steps you can take to keep up with your financial obligations during this difficult time.

Depending on your personal position and what your family's financial needs are, consider some of the following options:

1. Skip an eligible loan payment with Skip-A-Pay

If you have one or multiple loans at Listerhill Credit Union, you may be eligible for Skip-A-Pay. Skip-A-Pay allows members to pay a $25 fee and skip an eligible loan payment. It's our way of helping members prepare for whatever life throws at them. If you need to skip a loan payment and use your money for more important things, go ahead, we've got you covered. To apply for Skip-A-Pay, just follow these simple steps:

  • Log in to Online Banking at listerhill.com.
  • Click the Welcome tab at the top of the page, then select All Services & Settings.
  • Click Request Skip-A-Pay under Other.
  • Click to agree to the terms of use, then click Accept.
  • Complete the Skip-A-Pay form and submit.

If you have questions about whether or not you are eligible for Skip-A-Pay or which payment to skip, feel free to call us at 256-383-9204 and we will help you make the decision that is best for you.

2. Apply for unemployment

Furloughed employees are eligible to receive financial assistance during the shutdown. If you haven’t done so already, apply for unemployment benefits. You won’t receive your normal compensation, but some additional cash can help you pay your bills.

To learn more about what you can expect from unemployment insurance as a furloughed worker, visit this government resource.

3. Review your budget

With money being tighter than usual, it’s a great time to re-examine how you spend your cash. Most importantly, review discretionary expenses. Do you go out to the movies? Consider having a movie night in with the family (popcorn not required, but recommended!) Do you enjoy shopping all weekend long? Invite your friends over for a clothing swap instead. Small changes like these can make a big difference when paying your bills at the end of the month.

We recommend not touching your savings if possible. The shutdown might go on longer than expected, and you may eventually need to access your rainy day fund for necessary expenses.

4. Consider temporary, part-time work

Depending on your situation, you may need income sooner than later.

It might feel awkward to start a new job knowing that you’re going back to your full-time position eventually. However, these days many people participate in the so-called “gig economy.” This refers to part-time jobs that you’re able to control on your own terms, such as driving for a ride-share company. It could be the perfect solution while you wait to return to work.

5. For emergencies, consider a credit card

Opening a new credit card is not an ideal solution during these times, but it is an option for emergencies. If you have loved ones in the hospital or recently experienced major home or car damages, a credit card may be a necessity. Learn more about our Platinum Visa Rewards Card and other credit options and select the one that is best for you.

Being furloughed isn’t easy, but hopefully a few of these simple tips will help you increase your chances of staying financially secure until you receive your regular paycheck again.



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Frequently Asked Questions

  • Which loans are eligible for Skip-A-Pay?

    Auto loans, recreational loans, and personal loans are all eligible for Skip-A-Pay. This includes boat loans, RV loans, 4-wheeler loans etc. To learn more about if you have an eligible Skip-A-Pay loan, call us at 256-383-9204 or 1-800-239-6033 to speak with a Member Advocate.

  • When should I request Skip-A-Pay?

    In order to have your Skip-A-Pay request processed before your loan payment is due, please submit your skip request five (5) business days in advance of the scheduled payment date.

    Example: If your next loan payment is due on June 20th, you would need to submit your request no later than June 12th.

  • How do I request Skip-A-Pay?

    To request Skip-A-Pay, click the "Request Skip-A-Pay Now" button above, agree to do business electronically, and fill out the online form. You must also provide payment for the $25 fee before your loan payment can be skipped. This fee can be transferred from your Listerhill checking or savings account or paid from an outside account.

  • What is Skip-A-Pay?

    Skip-A-Pay is a service we provide to Listerhill members who make six (6) or more on-time payments for their auto loans, personal loans, etc. Members can request Skip-A-Pay, submit a $25 fee, and skip paying on an eligible Listerhill loan twice a year. During more expensive times, like the holidays or the Summer months, Skip-A-Pay can be a great tool that helps keep your payments on time while allowing your family a little extra spending money when you need it.

  • What loans are not eligible for Skip-A-Pay?
    1. Real Estate Loans (1st and 2nd Mortgage and Home Equity Lines)
    2. Business Loans
    3. Lines of Credit (Kwik Kash, Anytime Credit, Overdraft Protection, and Credit Cards)
    4. Christmas Loans
    5. Single Pay Term Loans
    6. Loans with Less than 6 Monthly Payments
    7. Loans Currently Past Due More than 10 Days
    8. Loans that Received Maximum Extensions (six skip pays and/or extensions allowed during the term of the loan)
    9. Workout Loans or Troubled Debt Restructuring (TDR)
    10. Accounts in Bankruptcy
    11. Charged-Off Loans
    12. Loans on Accounts with a Negative Checking or Savings Balance
    13. Accounts with Bad Addresses