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Coronavirus - 5 Financial Tips

3/27/2020

Many Americans are being financially affected by the coronavirus disease (COVID-19) pandemic. As businesses close their doors to keep their customers and employees safe, millions are facing several weeks of pay disruption and infrastructure shake up.

In response to the national emergency, you may feel financially insecure and wondering what it means for your wallet.

Although there is still a lot of uncertainty, there are steps you can take towards financial resiliency.  

The Credit Union National Organization recommends:

  1. Get up to date on operational changes: Many financial institutions have made adjustments to help stem the spread of coronavirus and protect members and employees. At OUCU, this means our branches are offering drive-thru banking only. We’ve also opened the Shafer Street drive-thru on Saturdays, 9 a.m. to 1 p.m. Services like safe deposit boxes and notary are still available, but by appointment only. Get the latest updates from OUCU here
     
  2. Protect your data: Be vigilant about protecting your digital identity and personal data. If OUCU reaches out, we 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 OUCU’s robust online banking platform. If you need help registering or using these online options, don’t hesitate to give us a call. 
     
  4. Look for local financial support: As many credit unions across the country have done, OUCU is  extending low-interest loans, offering fee-free skip-a-payments, 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 we make it through this public health emergency. Let us know what you need – we’re here to help. Read more about OUCU
     
  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 OUCU 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.   

 

SOURCE: news.cuna.org/articles/117454-financial-steps-you-can-take-to-prepare-for-coronavirus



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