First Oklahoma Bank to Cover Accounts for Customers Impacted by Debt Ceiling Crisis
May 25, 2023
- If the federal government is unable to pay its bills, First Oklahoma Bank will treat customers' accounts as though their scheduled federal government payment has been made, provided they currently have a depository account with the Bank.
- Customers covered by the policy include military service members, Social Security and Veterans Administration recipients, federal employees, and government contractors.
- The bank also helped customers during federal government shutdowns in 2013 and 2018.
First Oklahoma Bank is reassuring customers who receive recurring paychecks from the federal government that their accounts will be treated as though the deposits have been made, should the federal government reach a point where it is unable to pay its bills.
The bank notified customers via email in advance of a potential default, which could happen in the coming days if lawmakers do not reach an agreement about the debt ceiling.
“It’s the right thing to do,” said Tom Bennett III, president and CEO of First Oklahoma Bank. “Our families and senior citizens still have bills to pay, whether or not they receive their paychecks.
A debt ceiling crisis would have a devastating impact on lives – the ability to pay for housing, food, medication and more. We have the resources to help, and that’s what we’re doing as a community bank. Stepping up to take care of our neighbors.”
First Oklahoma Bank also helped customers in 2013 and 2018 when federal government shutdowns took place.
For a reasonable time period, the Bank's policy is to treat customer accounts as if they received their federal government payment on time, provided that they have a depository account with First Oklahoma Bank.
Customers covered by First Oklahoma’s policy include:
- Military service members
- Social security recipients
- Veterans Administration (VA) recipients
- Federal employees
- Government contractors