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

The United States Treasury is close to reaching its statutory debt limit, commonly known as the debt ceiling. Once this limit is reached, the federal government can no longer borrow money to pay its bills and obligations.