BOISE – Idaho’s Banks have sprung into action to meet the financial service needs of our state’s families and businesses during the coronavirus public health emergency. The Idaho Bankers Association and the Idaho Community Bankers Association collectively represent Idaho federally insured depository institutions. On behalf of our members, we want to share the following important information with you.
Here are some key facts:
- Financial institutions are prepared and able to be the source of strength for the communities we serve.
- Money in insured financial institutions is safe
-Not a penny of deposits insured by FDIC 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 accounts at any insured institution. Additional coverage may be available depending on account type and structure.
FDIC insurance coverage details are accessible here: https://www.fdic.gov/deposit/
What consumers and businesses should know:
- Financial institutions are working proactively with borrowers experiencing challenges in the current environment.
-Each institution is eager to work with you for a solution customized to your situation.
- Financial institutions have responded positively to Governor Little’s and President Trump’s health directives. Pandemic business continuity plans were already in place and are being exercised
- Lobby access may be restricted, but we’re open for business (check your financial institution’s webpage for details):
-Drive through service, when available at a branch, is open for transactions.
-Individual appointments for in-person meetings are being scheduled.
-Technology platforms give ready access to online services like bill pay, remote depositing of checks and ATMs for cash.
-Consumers can take advantage of the United States’ world-class payments system and use mobile payment channels and debit cards or credit cards to make purchases
“Idaho’s banks are open for business, and we are seeing banks statewide responding positively to the Governor and President’s health directives,” said Trent Wright, president and CEO of the Idaho Bankers Association. “Bankers are taking care of their team members by protecting their health as best as possible so they can continue to operate. And they’re focusing on helping concerned customers. For those with loans, it’s all about staying in touch, identifying needs and working on customized solutions. For savers and depositors, it’s reassuring to know that deposits within FDIC insurance limits are fully protected. The almost 5,000+ Idahoans who work as bankers are fully committed to helping lead our communities through this trying time.”