News

PA banks and credit unions committed to consumers and businesses

photo provided by iStock

March 24, 2020

In a letter to Pennsylvania Gov. Tom Wolf, the Pennsylvania's Bankers Association, Pennsylvania's Association of Community Bankers (PACB) and the Cross State Credit Union Association assured the governor that the financial services sector of the state was committed to the assisting consumers and businesses during the coronavirus pandemic.  

The letter stated, "Please know that our members are well-capitalized and financially strong. Deposits are safe and insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). In many cases, institutions have excess insurance arrangements in place. The safest place for funds is in a bank or credit union."

Additionally, the group thanked the governor for his efforts to make Pennsylvania's essential business guidelines fully compliant with the recent memorandum sent out by theDepartment of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) that confirmed the importance of banks and credit unions to the nation's infrastructure during this health crisis.

The letter went on to state, "The designation by DHS and other Federal government entities of banks and credit unions as essential Critical Infrastructure/Key Resources for community benefit is well-founded. Should access to financial services be impaired, there may be unintended financial and social consequences. Citizens may not be able to buy food, medicine, fuel, and other critical staples. Our members support not only the citizens of Pennsylvania, but also the financial operations of federal, state and local governments and businesses."

The letter also pointed out that consumers and businesses should contact their bank and credit union in the event of financial hardship. "Our members are committed to their customers and communities, and they are working to develop innovative ways to deliver essential services to all Pennsylvanians."

In closing the letter explained the services financial institutions have put in place to help consumers. "The safest financial transactions are through online and mobile banking, credit and debit cards, electronic payments, and ATMs. Many of today's banking services can be conducted remotely on multiple devices, giving consumers access to their accounts at any time. While some financial institutions are utilizing drive-through services to "flatten the curve" and protect the health of both consumers and employees, staff is still available to serve customers.  This accessibility is particularly needed by underserved customers. We have all been through difficult times in the past. There are certainly challenges ahead. Pennsylvania's banks and credit unions are here to help."