A federal government shutdown occurs when lawmakers are unable to agree on new appropriations legislation before the current year’s appropriations ends. This results in a furlough of federal employees for an undetermined time causing financial hardship and uncertainty.
Sandy Spring Bank has a long-standing commitment to improve the quality of life for those that live in the communities we serve. Continuing with this commitment, Sandy Spring Bank will implement a Client Assistance Program to offer financial support to those facing potential hardship as a result of a furlough.
Program offerings may include:
- Special Rates on Lines of Credit
- Complimentary Financial Counseling
- Personal and Mortgage Loan Deferrals
- Penalty-Free CD & IRA Withdrawals
The loan offers and payment assistance options will be made available once a shutdown furlough occurs and are subject to program criteria and credit approval. Please bookmark this page and visit again for more details.
FAQs
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Question
What about Sandy Spring Bank? Will the bank close due to a federal government shutdown?
AnswerNo, a government shutdown has no direct impact on our bank's operations. We are open for business and fully functioning.
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Question
What about my accounts? Are they still insured by the FDIC?
AnswerSandy Spring Bank and the banking sector are strong despite a government shutdown and FDIC-insured deposits are still fully protected and readily available. In the 90-year history of the FDIC, no one has ever lost a penny of an insured deposit.
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Question
I have an active loan/mortgage loan application. Will it be affected?
AnswerAlthough Sandy Spring Bank is not affected by a government shutdown, agencies with lending programs and/or verification resources are affected. That means certain loans that require their approvals and mortgage loans requiring tax transcripts may not be processed until after a shutdown has ended.