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WASHINGTON, Aug. 31, 2005 – Banks and credit unions in Louisiana, Alabama, and Mississippi have implemented contingency procedures in the wake of Hurricane Katrina that will mean a normal payday for those expecting Defense Finance and Accounting Service automatic deposits Sept. 1, DFAS officials announced today.
DFAS has completed payroll for the Sept. 1 payday, officials said. Electronic funds transfers have been provided to the Federal Reserve banks, and Treasury checks have been mailed. The Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Banking and Credit Union Associations have implemented procedures to pull the EFT files into their alternate banking and credit union sites where possible, officials explained. "DFAS is closely monitoring the financial institutions as each (progresses through its) contingency procedures to assure funds are available to account holders," a DFAS statement issued early this evening said. "Most banks and credit unions should have the EFT funds deposited into account holders' accounts within the next 24 to 48 hours." For those expecting delivery of checks by mail in the declared disaster areas, local information is the best source for determining when mail delivery will be resumed in their area, officials said. Central pick-up locations are being planned by the U.S. Postal Service and will be announced locally when they're determined, DFAS officials added. DFAS officials recommended that military members or civilian employees who cannot access an account in the Hurricane Katrina disaster area contact the home office of their financial institution and then their local finance office if they need money now. The finance office can provide for a partial or casual payment, in cash. The cash payments will be deducted from future pay, officials said. (From a Defense Finance and Accounting Service media advisory.)
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