Guam banks urge residents to open accounts for direct deposit of upcoming unemployment assistance

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The Guam Bankers Association is encouraging residents seeking unemployment assistance to open bank accounts now so that when the application process opens, their benefits can be directly deposited into their accounts.

To open an account, residents can go to their preferred bank and present valid ID such as a driver’s license, passport, or Guam ID. Residents must also present their social security number.

To avail of the unemployment assistance that will be coming in the next few weeks, beneficiaries must be prepared to provide their bank account number and the bank’s routing number. They will need to have their account information ready if they want to select the direct deposit option.

The Guam Department of Labor (GDOL) has already notified financial institutions of the millions of dollars in federal money that will be coming to Guam for unemployment assistance.

GDOL is preparing to launch its employee application module for the Pandemic Unemployment Assistance (PUA) program and Federal Pandemic Unemployment Compensation (FPUC) program, which will allow thousands of Guam residents to receive unemployment assistance funds.

As of right now, the module has not been launched yet. But GDOL has been working around the clock to refine the employee online application module and the agency is close to getting it up and running.

Because the unemployment assistance will be retroactive, GDOL Director David Dell’Isola warned that the first disbursements may involve large amounts of money that may be difficult to cash.

“If you do not have a personal bank account, it will be best to reach out to a bank or financial institution and establish one so you can receive your payments through a direct deposit. This will be faster than waiting for a check to be processed,” Dell’Isola said in a news release.

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