The state’s financial institutions issued a joint statement late last week assuring Iowans their money is safe. The Iowa Banker’s Association, Community Bankers of Iowa and the Iowa Credit Union League represent the bulk of banks, credit unions and other similar organizations. In the joint statement, industry leaders say, “The vitality of Iowa residents, small businesses, farmers and communities during this time is critical. That is why financial institutions throughout the state remain open for businesses, and they will continue to be available to meet customers’ financial needs. State and Federal regulations require financial institutions to be prepared for situations like pandemics, with tested and proven businesses continuity plans and procedures that ensure they continue to serve their communities through difficult times.” Many places are limiting access to their physical locations. However, online and mobile banking, ATMs and drive-thru options remain available at nearly all banks and credit unions. Additionally, deposits at banks and credit unions are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. Customers are encouraged to regularly check their institution’s website and social media for service announcements or contact the bank by telephone with any questions or concerns.
