Banking changes with the times

By Trina Hoff

During this uncertain time, it is an entire new way of learning to do your banking without the personal touch of your lobbies, tellers and loan officers. It is of the utmost importance that everyone remains safe and sound, and that you know your financial institutions are getting creative so they can support you and all your financial needs.

In addition, it’s important to remember that your deposits are federally insured through the National Credit Union Administration, a federal insurance fund backed by the full faith and credit of the U.S. Government, to at least $250,000. We strongly discourage withdrawing large amounts of cash, which may place you at risk. You do not need to worry about access to your accounts and money, and we encourage you to contact your financial institution if you have any questions about your federal insurance or account access. We understand many of you are practicing safe social distancing and staying home during this time. We encourage you to connect with your financial institutions through their digital, nobile and telephone banking services for your banking needs, which are available for most transactions 24/7, from any location.

The World Health Organization declared the novel coronavirus a worldwide pandemic on March 11. The virus has disrupted business as usual, yet the credit union industry has adapted. The industry quickly met the safety and security concerns of its employees and members by overhauling operational structures and offering empathetic solutions to those affected by the virus. This new normal has required patience as financial institutions institute more firsts, including appointment-only banking, at-home workstations, and widespread loan deferments. Each day brings with it new governmental guidance or reshaped regulations. Life, as we’ve seen, is moving fast.

Although credit union leaders are tasked with making immediate, important judgement calls every day, the pandemic has brought into a focus an equally important question that can’t be overlooked: What comes next?

The next steps are making sure we are able to serve our communities with all of their financial needs. Interest rates are at a low, loan closings are being done through the drive-thru and via social distancing, new accounts are being opened through the drive thru and now more than ever we are being creative on how we can make “life” easy for our community and their banking needs. D