AOD Federal Credit Union Extends Furlough Loans to Members Affected by Sequestration Budget Cuts

BYNUM, AL (March 19, 2013) – AOD Federal Credit Union (AODFCU) announces it will offer assistance to members affected by sequestration budget cuts. A special Furlough Relief Loan will be available for members directly or indirectly affected by sequestration cuts. This loan will be available at a rate of 2.9% APR and may be financed up to 24 months.

AODFCU’s Furlough Relief Loan offers the first 60 days interest free, no payments required for 60 days, with a loan up to $5,000 to qualifying members.

“Since AODFCU’s origination in 1950, our core membership base has been Anniston Army Depot employees and its contractors. We stand ready to assist our members if and when we are needed.” said Chairman of the Board, Gordon “Doc” Williamson.

AODFCU’s goal in providing this resource is to help members manage their finances during this stressful time of reduced pay. The Furlough Relief Loan would give members some time to “bridge the gap”, as they work to adjust to differing pay rates and cope with meeting their financial obligations.

It will be difficult for many who are furloughed to comply with their financial commitments without some additional aid, which AODFCU intends to provide.  “We’re here to help our members provide for their families as best we can should their income be affected by sequestration,” stated Richard H. Simonton, Sr., President and Chief Executive Officer. “We remain true to our mission and the credit union motto ‘People Helping People’.”

Members should contact the credit union directly for additional information.

AOD Federal Credit Union was federally chartered on April 21, 1950, as a financial cooperative to serve its members. The credit union’s original charter group consisted of 45 members who were all employed by the Anniston Ordnance Depot. AOD Federal Credit Union’s first day of operation was May 4, 1950, in an office located on the Depot property.

AOD Federal Credit Union offices are located throughout Anniston, Jacksonville & Oxford, Alabama with more than 400 select employer groups. AODFCU is a full service financial institution with over $244 million in assets as of December 2012.  Financial Institution Rating Agencies Bauer Financial and Weiss Ratings recognized AODFCU with their highest awards for safety and soundness — an honor received by fewer than 2% of this nation’s Financial Institutions.  For 63 years, the credit union has provided its members with savings programs, competitive lending and checking products, and a variety of other convenient services tailored to fit the needs of each individual member.  Learn more at  Federally insured by NCUA.

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