Government Shutdown
Resource Center

A government shutdown occurs when Congress fails to pass funding legislation that authorizes the resources needed to maintain specific or broad government programs. This can result in furloughed federal employees, delayed government contracts, and ripple effects on the economy. If you are directly affected, your credit union is here to support you with financial solutions and guidance.

No, your funds are safe and federally insured by the National Credit Union Administration (NCUA) up to $250,000 per individual depositor and on top of that, Climb's Excess Share Insurance covers an additional $250,000 – for full coverage of $500,000 per individual depositor.

Climb Credit Union offers programs for affected members, including: 

• Emergency loans
• Payment deferral options for existing loans
• Waivers for fees such as overdraft or late payment penalties

Please contact us directly to learn about the specific options available to you. 

• Benefit payments, like social security checks, are usually safeguarded from shutdown-related interruptions; however, customer service-related activities such as card replacements, benefit verifications and customer support could experience delays due to furloughed staff and reduced operations.
• Most federal agencies will shut down operations except for essential employees that carry out national security, law enforcement, safety, and essential functions, such as TSA and air traffic controllers.
• During a shutdown, federal employees generally fall into three categories:
  • Workers whose salaries are financed through means other than annual government appropriations and so they continue to work and be paid (i.e., US Postal Services);
  • Workers who are furloughed, and,
  • Workers who continue to work without pay, also known as “essential” or “excepted” employees.

Neither furloughed nor excepted employees receive pay for the duration of a shutdown, but they may be repaid after funding is reestablished and the government reopens.

• Military personnel’s pay could be impacted during a shutdown, but in recent shutdowns, most military pay has been maintained by congressional action.

Climb Credit Union remains stable and operational during a government shutdown. We are a member-owned, not-for-profit institution that prioritizes your financial well-being. Our services and support systems will continue uninterrupted. 

Certain government processes, like IRS operations or federal loan disbursements, may be delayed. If you’re affected, we can help you explore temporary financial solutions to bridge the gap. 

The National Credit Union Share Insurance Fund (NCUSIF) is fully funded and independent of the federal budget process. This means that your deposits remain insured and protected, regardless of a government shutdown. 

We take our responsibility to our members seriously, and we have implemented strict financial safeguards to ensure the security of your funds. Climb is federally insured by the National Credit Union Administration (NCUA), so your deposits are insured for up to $250,000 per individual depositor. In addition, Climb has Excess Share Insurance (ESI) which provides an additional $250,000 in coverage per individual depositor. This means that your deposits are insured up to $500,000, providing an extra layer of protection, and giving you peace of mind that your money is safe with us.

We don’t know exactly how long a government shutdown will last if it takes effect, but be assured, credit unions are built to withstand economic fluctuations, including government shutdowns. Climb Credit Union has experience navigating economic disruptions and is well-positioned to adapt and support members for the long term. Credit unions have strong capital reserves and operate under conservative, member-focused lending practices. Additionally, the not-for-profit structure allows us to prioritize stability over profits, ensuring we remain a safe and reliable financial partner. 

Please visit a branch or call us at (303) 427-5005. We are happy to answer any questions you may have.