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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.

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Smart Financial Moves for Furloughed Workers

During times of economic uncertainty, it is natural to be concerned about struggling to pay your mortgage, student loans, or even putting food on the table for yourself or your family. Fortunately, there are steps you can take to keep up with your financial obligations during difficult times.

Editorial Note: Articles published are intended to provide general information and educational content related to personal finance, banking, and credit union services. While we strive to ensure the accuracy and reliability of the information presented, it should not be considered as financial advice and may be revised as needed.

Depending on your personal position and what your or your family's financial needs are, consider some of the following options:

1. Skip an eligible loan payment with Skip-A-Pay

If you have one or multiple loans at Listerhill Credit Union, you may be eligible for Skip-A-Pay. Skip-A-Pay allows members to pay a $25 fee and skip an eligible loan payment. It's our way of helping members prepare for whatever life throws at them. If you need to skip a loan payment and use your money for more important things, go ahead, we've got you covered. To apply for Skip-A-Pay, just follow these simple steps:

  • Log in to Online Banking at listerhill.com.
  • Click the Welcome tab at the top of the page, then select All Services & Settings.
  • Click Request Skip-A-Pay under Other.
  • Click to agree to the terms of use, then click Accept.
  • Complete the Skip-A-Pay form and submit.

If you have questions about whether or not you are eligible for Skip-A-Pay or which payment to skip, feel free to call us at 256-383-9204 and we will help you make the decision that is best for you.

2. Apply for unemployment

Furloughed employees are eligible to receive financial assistance during the shutdown. If you haven’t done so already, apply for unemployment benefits. You won’t receive your normal compensation, but some additional cash can help you pay your bills.

To learn more about what you can expect from unemployment insurance as a furloughed worker, visit this government resource.

3. Review your budget

With money being tighter than usual, it’s a great time to re-examine how you spend your cash. Most importantly, review discretionary expenses. Do you go out to the movies? Consider having a movie night in with the family (popcorn not required, but recommended!) Do you enjoy shopping all weekend long? Invite your friends over for a clothing swap instead. Small changes like these can make a big difference when paying your bills at the end of the month.

We recommend not touching your savings if possible. The shutdown might go on longer than expected, and you may eventually need to access your rainy day fund for necessary expenses.

4. Consider temporary, part-time work

Depending on your situation, you may need income sooner than later.

It might feel awkward to start a new job knowing that you’re going back to your full-time position eventually. However, these days many people participate in the so-called “gig economy.” This refers to part-time jobs that you’re able to control on your own terms, such as driving for a ride-share company. It could be the perfect solution while you wait to return to work.

5. For emergencies, consider a credit card

Opening a new credit card is not an ideal solution during these times, but it is an option for emergencies. If you have loved ones in the hospital or recently experienced major home or car damages, a credit card may be a necessity. Learn more about Listerhill's credit cards and other credit options and select the one that is best for you.

Being furloughed isn’t easy, but hopefully a few of these simple tips will help you increase your chances of staying financially secure until you receive your regular paycheck again.

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Frequently Asked Questions

  • How can I avoid overdraft fees?

    All Listerhill checking accounts are eligible for 3 Overdraft or NSF Fee refunds per year. To request a refund, visit a Listerhill branch or call 1-800-239-6033.

    Additionally, we provide our members with overdraf services like:

    • Standard Overdraft Coverage

    • Debit Card Overdraft Coverage

    • Overdraft Protection

  • How can I start using mobile banking?

    To Get Started with our Mobile Banking app:

  • Do I have to pay any monthly service fees for having a checking account at Listerhill?

    Our Everyday Checking account comes with no minimum balances and no monthly service fees, so if you choose this account, you won’t have to pay any monthly fees, no matter what your daily balances are.

    If you’re interested in Growth Checking, you’ll have to pay a $10 monthly fee is your average balance is below $1,000. You can easily waive the account fee by keeping $1,000 or more in your account. That way, you can earn interest on your deposits without paying any monthly maintenance fees. It’s a win-win!

  • Why should I open a Growth Checking account?

    Growth Checking is the perfect account for those who want to see their money grow faster. This account offers high returns on your deposits for a small monthly service fee. You can waive the monthly fee by keeping $1,000 or more in your account. What’s even better is that the more you keep in your account, the higher the interest rate you’ll earn, so it makes sense to keep higher balances in your Growth Checking!

    If you want to put your money to work for you, open a Growth Checking account. Simply click here to start your online application as a new member or log into online or mobile banking to open your checking account if you’re already an established member. It normally takes 10 minutes or less to complete!

  • What is everyday checking?

    Everyday Checking is our free checking account. This account is convenient and simple with benefits like no minimum balances and no monthly service charges.

    If you're seeking a hassle-free checking experience coupled with top-rated online and mobile banking services, as well as options for overdraft protection and customizable account alerts, Everyday Checking is the ideal choice for you.

    Plus, our online application makes getting your new checking account easier than ever. Simply click here to start your online application as a new member or log into online or mobile banking to open your checking account if you’re already an established member. It normally takes 10 minutes or less to complete!