The Michigan Bankers Association (MBA) would like to notify government leaders and the public that banks will remain open at this time during the Coronavirus (COVID-19) Pandemic. The MBA is closely monitoring this developing situation, noting that banks have contingency plans in place designed to address potential impacts of the Coronavirus.
"As the global outbreak of COVID-19 deepens, the MBA recognizes the current event COVID-19 situation and is monitoring for potential impacts on Michigan banks," stated T. Rann Paynter, president & CEO, Michigan Bankers Association. "I've had conversations with bankers, and banks are keeping their lines of communication open with customers and informing customers with their pandemic plans. As always, banks focus on the safety and well-being of their customers, employees, and the communities they serve. Certainly, our thoughts are with those being impacted."
"Many banks will encourage their customers to utilize their drive through window, atms, itms, online and mobile banking options. Never before, has the strong banking industry in Michigan be better poised to enable their customers to utilize their services in a variety of ways that minimize living in the comfort of your living room, or your office chair. Consumers who need to visit with a banker are encouraged to call them and set an appointment to visit by phone by possible, or in person if critical."
"We at Farmers State Bank of Munith have already begun to take calls from customers concerned with the impact COVID-19 is having and may continue to have on their businesses and livelihoods," stated Jeanne Richter, chairman, MBA, president & CFO, Farmers State Bank of Munith. "Our staff is ready and willing to answer our customer's questions and have already put in place plans with loan customers who have called and are concerned about their ability to make a scheduled payment. The only way our bank, and every bank, can help is by customers reaching out and letting us know, in advance, the struggles they are facing. We are here to help. While we are facing uncharted territory, we are all in this together, and the only way we make it through is by helping one another. I urge you to contact your bank if you have any questions or concerns. I speak for the industry when I say, 'we want to help.'"
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US Government. The FDIC protect depositors of insured banks located in the United State against the loss of their deposits. FDIC insurance is backed by the full faith and credit of the United Stated government. Since the FDIC began operation in 1934, no depositor has ever lost a penny of FDIC-insured deposits.
Banks routinely work with customers who are experiencing difficult and unexpected issues, and they stand ready now to assist those who may be experiencing financial difficulty due to the impacts of this global outbreak through a range of measures. We encourage the public who may be encountering financial hardships to contact their bank directly to discuss their unique situations and needs.
The public is encouraged to leverage all available tools and resources for self-service banking and 24/7 account access through mobile, online and voice banking services. Through these channels, customers can check balances, transfer funds, deposit checks or find the nearest ATM.
The unpredictability of the spread of this virus or its overall impact does not alter the MBA's focus on continuing to serve Michigan banks.
The MBA, the voice of the banking industry since 1887, consists of Michigan financial institutions with more than 2,300 branches located throughout the state. For additional information, visit www.mibankers.com.
Published: Thu, Mar 19, 2020
