Michigan financial institutions understand the importance of stable and uninterrupted delivery of important financial services, such as access to money and credit, during this time of crisis.
All Michigan banks and credit unions remain open for business and will continue to be available to meet the financial needs of consumers and businesses. State and federal regulations require financial institutions to be prepared for situations like pandemics, with tested and proven business continuity plans and procedures that ensure they continue to serve their local communities during difficult times. They have come together to express that consumers money is safe and sound in a bank or a credit union. Deposit insurance through the FDIC and NCUA covering at least $250,000 per person ensures the security of consumers' funds.
The physical and financial wellness of customers is top of mind for Michigan banks and credit unions. They stand ready and able to assist customers through the financial hardships they may encounter in the coming weeks.
Regarding the physical issues, consumers may notice slight changes at their financial institution such as drive-through only access, limited hours, or the need to schedule an appointment. Banks and credit unions will continue working to provide uninterrupted services to meet the financial needs of their customers. Many institutions now offer robust remote-access technologies, including mobile account access, telephone banking
Michigan's financial institutions' safety measures are designed to protect the health of employees and customers, while providing continuous access to financial resources.
Regarding the financial issues, banks and credit unions are in constant contact with federal, state, and local officials strategizing how best to coordinate available public and private financial resources and exploring all possible options for expanding access to credit, together with regulators and other government agencies.
Communication is key. If consumers have any questions on how to access their funds or need advice on financial options or strategies to use during the COVID-19 crisis, they should contact their bank or credit union as soon as possible.
"Michigan banks remain strong and stand ready to help their communities," stated T. Rann Paynter, president & CEO, Michigan Bankers Association. "Bankers regularly assist customers who are facing economic hardships. Whether it's a pandemic, layoff, strike or other unexpected personal economic emergency, bankers work with customers, small businesses, farmers or local governments, to find ways to work together. Michigan banks are here to help."
"Michigan credit unions are not-for-profit, member-owned, and service driven," stated Dave Adams, president & CEO, Michigan Credit Union League & Affiliates. "Credit unions have a proven track record during tough economic times. We will not shy away from Michiganders' needs, and will double down in communities of every size across our state to make sure that members individuals and businesses have access to affordable financial services and the help they need to weather this storm."
For additional information about the Michigan Bankers Association, visit www.mibankers.com. For additional information about the Michigan Credit Union League & Affiliates, visit www.mcul.org.
Published: Tue, Mar 24, 2020
