Is Bay Area Credit Union’s lobby safe?
- We are assessing the safety of our members and staff, daily. Currently, we are serving members only through drive through ensuring that members retain access to financial services while limiting potential exposure. Appointments may be scheduled for certain financial business.
What do members need to know about the banking industry right now?
- Bay Area Credit Union and the entire financial services industry are strong. There’s a lot of liquidity across the board and the industry is insured by the National Credit Union Share Insurance Fund (NCUSIF).
Should members be taking large amounts of cash from their accounts?
- There are a lot of things to worry about these days, but the safety of your money in your credit union accounts aren’t one of them.
- As part of the federal government’s recent passage of the Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) all deposit accounts now have unlimited share insurance coverage until December 31, 2020. The current limitations are $250,000 but due to the COVID19 they are being increased.
- COVID-19 has cancelled, postponed, and slowed down much of American life, but it hasn’t touched how our nation’s financial system operates. That includes transferring money and depositing money and paying bills through your debit card, credit card, or electronic transfer.
- Unlike most natural disasters, there’s no reason to expect this emergency to affect power or access to funds. For those members who use electronic payment methods, whether credit or debit card, there’s no reason to expect such forms of payment to remain useable for the foreseeable future.
- There is no risk to keeping money in your Bay Area Credit Union accounts, but there are countless risks to holding cash.
- It is important to remember that if you lose your debit or credit card that they can be replaced. There is no replacement for money that is lost or stolen.
- Using credit or debit cards for payments is especially important now when we all are being asked to practice social distancing. Members can still meet most financial obligations without leaving your home.
- Bay Area Credit Union’s staff can keep members informed online (website, facebook twitter, Instagram, Pinterest, YouTube and TikTok) over the phone (419-698-2962), and for many, at drive-through windows.
What other precautions should consumers know to keep themselves safe?
- While many members are focused on physical health and adequate supplies, everyone needs to be aware of cyber incidents around COVID-19. This may be phishing scams inviting victims to click on malware installers or provide their financial credentials, criminals setting up fake charities, and other ways of exploiting members’ concerns around this pandemic.
- It’s as important as ever for members to maintain proper cyber hygiene at this critical time. That includes double checking the sender before clicking links, never sharing your credentials, and using two-factor authentication wherever possible.
- To avoid fraudulent charities, that may mean focusing on local organizations that you’re familiar with, rather than national relied efforts.
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