1. Your BankFive Accounts Are Safe and Operational
All banking services, including checking and savings accounts, ATMs, debit and credit card transactions, and online banking, are running as usual. At BankFive, your deposits remain protected by both FDIC and DIF insurance, which are not impacted by the shutdown.
2. Mortgage and Lending Services May See Delays
While government-sponsored enterprises like Fannie Mae and Freddie Mac are still functioning, federal housing programs such as FHA, HUD, USDA, and VA may experience slower processing times due to reduced staffing.
3. Federal Assistance Programs Could Be Disrupted
October SNAP benefits have been distributed as planned, but future payments may be affected if the shutdown continues. WIC recipients may face more immediate challenges, as 2025 funding is nearly exhausted and contingency funds are limited.
4. Social Security Payments Continue, But Services May Be Slower
Social Security benefit payments are still being issued, but customer service and claims processing may be delayed due to limited staffing at the Social Security Administration.
5. Flood Insurance: New Policies and Renewals on Hold
The National Flood Insurance Program (NFIP) cannot issue new or renewed policies during the shutdown, but existing policies remain active until their expiration date. If your policy is set to expire, contact your mortgage lender to explore private flood insurance options.
6. Government-Backed Loans Are Still Active, With Some Delays
Existing FHA, SBA, USDA, and VA loans remain in effect and continue to be serviced during the shutdown. However, new applications for these programs may face delays or temporary suspension due to limited federal staffing. If you’re applying for a government-backed loan, we recommend staying in close contact with your mortgage lender to understand how the shutdown may affect your timeline.
7. Federal Payments and Paychecks May Be Delayed
Some federal benefit payments and government employee salaries may be delayed due to the shutdown. If you rely on these payments, now is a good time to review your budget and consider how to manage short-term expenses. Whether that means tapping into emergency savings or exploring temporary financial solutions, we’re here to help you understand your options and find what works best for your situation.
Looking for More Information or Support?
If you’re navigating financial uncertainty due to the shutdown, you’re not alone. Whether you’re seeking budgeting tips, updates on federal services, or local assistance, these trusted resources can help:
- ABA Consumer Tips: Managing Finances Amid a Government Shutdown – Practical advice for handling financial disruptions.
- Information on Services During a Government Shutdown – A breakdown of how federal services are affected.
- Massachusetts Resources: Federal Shutdown October 2025 – Local support and guidance for Massachusetts residents.
- Rhode Island Updates: General Resources and Support – Assistance programs and updates for Rhode Island residents