5 Financial Steps to Take During the Covid-19 Pandemic

There is no doubt that the Covid-19 pandemic has been stressful and overwhelming for most people. It has taken quite a bit for all of us to adjust to the behavioral changes. Dealing with financial matters has proven to be challenging, as more people resort to online shopping for supplies, ordering take out and conducting most daily affairs electronically or via phone. Some banks and credit unions have even instituted “appointment only” meetings for conducting in-person financial transactions.

Furthermore, people have had to shift their buying and consumption behaviors for their own well-being. Additionally, retailers and businesses have had to alter their business models and adapt to all the changes to ensure safety and well-being of their employees and the financial success of their business.

While we are all anxious for the pandemic to come to an end, it is important to remember that there are things that you can do, and certainly should do, to protect yourself, your identity, your financial stability and your financial future.

When this global pandemic first started to grip our nation, CUNA released 5 Financial Steps You can Take to Prepare for Coronavirus. To make sure you are currently doing what you need to be doing for your health and welfare, and to ensure that you are protecting yourself financially during this pandemic check out their checklist here:

1. Contact your financial institution: Credit unions from coast to coast are adjusting their operations to help stem the spread of coronavirus and protect members and employees. Make sure you’re up-to-date on the latest information on lobby closures, hours of operation, and drive-thru services and ATM access by contacting or visiting the website of your financial institution.
2. Protect your data: Be vigilant about protecting your digital identity and personal data. If your credit union reaches out, they won’t ask for confidential information such as your name, password, personal identification number (PIN) or other account information. A recent report from NBC News notes that criminals are using COVID-19 as a basis for email attacks to snag personal information, steal money and infect computers with malware.
3. Utilize online and mobile services: You can easily deposit a check using your mobile device or quickly and securely send money to others with digital payments. Using credit or debit cards for payments is especially important now when we all are being asked to practice social distancing. You can still meet most of your obligations without leaving your home, thanks to your financial institution.
4. Research local financial support: From Miami to Seattle, credit unions are extending low and no-interest loans, offering fee-free loan deferrals, and finding other individualized solutions that help ensure those facing financial disruptions due to COVID-19 can keep the lights on, keep food on the table, and maintain a secure financial future once the country makes it through this public health emergency.
5. Remember, your money is safest in a credit union: There are a lot of things to worry about these days, but the safety of your money in your credit union account isn’t one of them. Your money is safer in your insured credit union than it is in your pockets or under your mattress. There is no risk to keeping money in your credit union account, but there are countless risks to holding cash, as pointed out in this Wall Street Journal piece.