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CU System
The Golden 1 announces 0 state budget payroll loans
SACRAMENTO, Calif. (6/29/10)--With a possible California state budget impasse looming, The Golden 1 CU announced its plans to once again provide State Budget Payroll Loans with rates as low as 0% annual percentage rate (APR). The loans are for its members who are state legislative staff--including gubernatorial and constitutional appointees--provided they have a Golden 1 checking account with direct deposit of their state payroll checks by Wednesday. “Golden 1 was founded nearly 77 years ago by California State employees under the concept of people helping people,” says Teresa A. Halleck, Golden 1 president/CEO. “This philosophy is still paramount to our credit union and, as the state budget resolution continues, we intend to support our state employee members.” State workers could see their pay cut to minimum wage until the state government reaches a budget accord this summer, according to a memo from Gov. Arnold Schwarzenegger's administration sent Wednesday. Schwarzenegger is seeking the pay cut as yet another overdue state spending plan is pending (The Los Angeles Times June 24). In 1992, Golden 1 pioneered 0% annual percentage rate State Budget Payroll Loans to help state legislative employees whose paychecks were deferred during periods of budget impasse. Current and new Golden 1 members who are legislative staff and who sign up for direct deposit after Wednesday, will be eligible for a State Budget Payroll Loan with a 4.99% APR. “Golden 1 has a legacy of giving back to its communities during times of need,” Halleck said. “Our members who are state employees have our assurance that Golden 1 will be there for them with assistance should they need us during this state budget impasse.” The Golden 1, based in Sacramento, has $7.3 billion in assets.
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