Support for Clients During the Government Shutdown
We understand that the government shutdown might affect some of our clients, and there are steps we can take to help those who might need assistance.
If you’re a government employee or member of the military who is impacted by the shutdown, we are prepared to help you with your KeyBank accounts. If you’re a KeyBank Business Banking client applying for an SBA loan, or a corporate client who provides contracted services to the US government, a long-term shutdown could also have implications for you. We are here to help you navigate your options.
How Key Can Help
In addition to our Borrower Assistance program, which is always available to qualified clients, Key has prepared various options, such as a special personal loan, for our clients who are directly impacted by the shutdown.
Key will assist you with special arrangements for situations arising between December 22, 2018, the day the shutdown began, and for 30 days following the date the shutdown ends.
Special programs are in place for KeyBank Consumer Deposit and Credit products that may allow you to have various fees waived or obtain an extension on your payment due date. If you would like more information on the available programs, please contact us to discuss your personal situation and eligibility.
What You Should Know
Key remains committed to working closely with you during the shutdown. The following information answers some commonly asked questions about the shutdown:
- The Federal Reserve will remain fully functional, maintaining its monetary, regulatory and supervisory responsibilities. This includes check clearing, wire transfers, foreign currency processing, etc.
- FDIC Deposit Insurance remains unchanged, even in the event of a government shutdown.
- Social Security payments should continue uninterrupted; however, new claims and card issuance may be suspended for the duration of the shutdown.
- For the duration of the shutdown, loans backed by the Small Business Administration (SBA) loans will not be approved by the SBA. The KeyBank National SBA Credit and Closing Teams will continue to underwrite and process your SBA loans, and they will be ready to move forward with closing as soon as the government is back in business. Please reach out to your designated SBA Specialist for further information.
- Even if the Office of Foreign Assets Control (OFAC) is impacted by a shutdown, accounts may still be opened at Key, business as usual.
To Learn More, Contact Us
We are happy to help you if you have questions about how the shutdown might affect you personally, KeyBank or the banking industry.