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While there have been a lot of headlines and stories about people worrying about the safety of their finances, how safe and secure are banks right now? Here’s how to navigate the banking world in uncertain times.
People don’t need to panic as a result of all of this. Capital levels are at all-time highs. The last recession taught banks a lot. So most banks are liquid or have sufficient cash available to operate as usual. FDIC member banks are incredibly safe. We have no concerns about the ability to navigate this pandemic and any resulting economic slowdowns. FDIC insurance also helps protect your money as well.
You may see branches that close temporarily, but for most banks, it will still be business as usual. Thanks to modern technology, there isn’t much you need to go into a branch for that an app won’t do. Between online banking and pay apps, you can manage your finances, do your shopping, and transfer money even if you are restricted to your house. And as an additional piece of mind, most banks and credit unions provide customers with fraud protection and immediate notification of transactions.
Believe it or not, now is a great time to get in touch with your banker to put some contingency plans in place. The Small Business Administration has already started to work with banks. If your small business has been impacted, banks and the SBA have ways to help you.
You can get in touch with Altabank at Altabank.com to see what they can do to help you and your business thrive in these uncertain times.
