Many of us are feeling uneasy as we navigate the COVID-19 pandemic. But local bankers want you to feel assured that your bank deposits are safe and backed by the full faith and credit of the federal government through the Federal Deposit Insurance Corp (FDIC).
“All banks located in our area are currently on sound financial footing. That is a great place to be during these unusual times. It doesn’t matter what bank you work with. As long as you see those words, ‘Member FDIC’—on the web site, at the drive-up—you can continue to bank with confidence, knowing your money is safe because it is insured by the FDIC,” said Mike Bock, CEO of Dairy State Bank, a member of FDIC. “Since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.”
The FDIC insures deposits and protects depositors’ funds in banks and savings associations. FDIC deposit insurance covers each depositor, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest. All types of deposits received by a financial institution in its usual course of business are covered. Customers should look for an office FDIC sign at each teller window or teller station in their local bank to know their institution is covered by FDIC insurance.
“If you’re having difficulty managing your finances, talk with your local banker,” Bock says. “We are here to serve our customers and communities for the long haul.”
While many—if not all—financial institutions are closing their lobbies during this time of social distancing, most drive-ups are open. Additionally, customer service and lending staff are working inside their banks or remotely, ready to take phone calls and answer questions, and possibly take in-person appointments if necessary. Most institutions offer several free electronic banking options (Online Banking, Mobile Banking, Telebanking and more) that allow you to complete almost any transaction from a distance that you would complete in the lobby. If those alternatives sound intimidating, just talk with the staff at your bank.
“Electronic banking has come a long way and is much easier than most people think. Customer service staff is ready to help people enroll and help them along the way,” Bock says.
For those worried about a cash shortage, “the Federal Reserve System has and will continue to meet the currency needs of banking customers,” according to the FDIC.
The FDIC has put together a list of FAQs to help quell your concerns. If you don’t find your question in the sidebar article, visit www.fdic.gov or call 1-877-ASK-FDIC (1-877-275-3342) seven days a week for individual assistance.