America’s credit unions have been working diligently to meet the financial needs of the states’ families and businesses impacted by the coronavirus pandemic.
The League of Southeastern Credit Unions (LSCU) is the regional trade association representing credit unions in the states of Alabama, Florida and Georgia. On behalf of our member credit unions, we want to share the following important information with you. The Georgia Credit Union Association – a subsidiary of LSCU representing Georgia credit unions – recently partnered with the state’s banking trade associations to spread similar information.
Here are some key facts:
- Financial institutions are prepared and able to be a source of financial stability for the communities we serve.
- Money is safe in NCUA and FDIC insured financial institutions.
- Not a penny of deposits insured by NCUA has ever been lost.
- The safest place for your money is in an insured depository institution.
- Up to $250,000 is the basic amount covered by federal insurance for single amounts at any insured institution. Additional coverage may be available depending on the account type and structure.
- NCUA insurance coverage details are accessible here: https://www.ncua.gov/support-services/share-insurance-fund
What consumers and businesses need to know:
- Credit unions are working proactively with borrowers experiencing challenges in the current environment brought on by the coronavirus.
- Credit unions are eager to work with consumers and small businesses for a solution customized to their specific situation.
- Financial institutions have responded to all state and national health directives. Furthermore, business continuity plans were already in place and are being exercised.
- Lobby access may be restricted at certain credit unions, but we’re open for business (check your financial institution’s webpage or LSCU’s list of CU changes for more information.):
- Drive-through service, when available at a branch, is open for transactions.
- Individual appointments for in-person meeting are being scheduled.
- Technology platforms give ready access to online services like bill pay, remote depositing of checks and ATMs for cash.
- Take advantage of the United States’ world-class payments system and use mobile payment channels and debit cards or credit cards to make purchases.
- Be on guard for scams. Resources are:
“Credit unions remain open and ready to serve their members during this difficult time,” said Patrick La Pine, LSCU CEO. “Credit unions are integral parts of their communities – and they understand the challenges their members face. During this trying time, credit unions will continue to do what they’ve always done: help consumers, families, businesses and communities through their challenges. Credit unions are also doing everything possible to make sure their teams are safe while still offering personalized service.”