Credit Union League Urges Members and Consumers to Remain Calm During COVID-19 Public Health Crisis
“Your money is safe and insured, and we will get through this together.”
As the extraordinary global health crisis of Coronavirus Disease 19 (COVID-19) continues to disrupt nearly every facet of people’s lives, the Credit Union League of Connecticut (CULCT) today urged its members and all consumers of financial services that their deposits are safe and they remain accessible. In this uncertain time, Connecticut’s credit unions stand ready to assist people with their financial challenges.
“Our message today to everyone who has an account with a credit union or a bank is a simple one: Your money is safe and insured, and we will get through this together,” CULCT CEO Bruce Adams said today. “Credit unions understand the link between personal health and financial stability. People need to know that their credit union is here for them; as the original community financial partners in Connecticut, we stand with you every step of the way.”
“The tone has been set by Governor Lamont for all us—calm with vigilance. His leadership and responsiveness have been invaluable in helping Connecticut work through this crisis, and the state’s credit unions are right there with him,” Adams added.
Mr. Adams reminded members that thanks to the National Credit Union Association (NCUA), member deposits are insured up to $250,000, so there is no need for people to rush to remove their holdings from the safety and security of their credit union. He said credit unions across the state are already stepping up to help members during the COVID-19 outbreak, including providing low-interest emergency relief loans, skip-a-payment programs and fee waivers. For those who may find themselves in a higher health-risk population and need to limit social contact, he emphasized the convenience and safety of the online and mobile services that can complete most financial transactions.
Mr. Adams emphasized that credit union members should assume their credit union is accessible and available, but they should call or check online to get up-to-date information about hours and access for individual branches. A complete listing of Connecticut’s credit unions can be found at https://yourmoneyfurther.com/cu-finder.