What you should know about banking during the coronavirus

Library | 4/27/2020

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The coronavirus pandemic and resulting economic downturn has greatly impacted American life, changing the way we do business and also the way many people bank. Many banks, including Valley, have had to close local branches or limit business hours or staffing for safety reasons.


Don’t worry. Banks are here to serve you and will continue to do so during this challenging time, as well as in the future. We’ll get through this together. Here are some important things to consider when banking today.


Your money is safe

Unfortunately, during a crisis, people tend to panic. Many people across the country have withdrawn thousands of dollars – if not their entire bank account – so they have cash on hand during the COVID-19 pandemic. This is not only unnecessary; it’s unwise. We’re not in a situation where people are unable to access their money. We are also not in a situation where the banks or the financial system is failing.


Keeping large amounts of cash in your home is risky – it can be stolen or your house could burn down – and you’d have no way of getting it back. Additionally, you are not gaining any interest on cash that is sitting in your home.


Funds that are kept in a bank account are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA) up to $250,000, per account holder for each qualified account type, per insured institution. And some financial institutions offer additional insurance. Even in the highly unlikely event that a financial institution would go under, your money would still be protected.


Adopt online and mobile banking

Even before this crisis, many people had already transitioned to digital banking solutions. Now that most of us are practicing social distancing and staying at home, banking digitally makes more sense than ever.


First of all, if you haven’t done it yet, it’s a good idea to set up direct deposit with your bank so that you don’t have to worry about physically getting and depositing your paycheck.


Personal online banking allows you to access your bank accounts 24/7 from virtually anywhere and do things like check your balances, transfer funds, pay bills and more without ever visiting a branch. Valley also offers a mobile banking app for your convenience, as well as an online loan payment portal.


Learn about all the safe and easy ways to bank with us.


Beware of scams

Unfortunately, some people are taking advantage of the COVID-19 crisis using fraudulent websites, phone calls, emails and text messages to trick people into providing personal information, such as Social Security numbers, bank account numbers, credit card numbers and other valuable information. Do not give out any such information over the phone or via email or text.


Scammers may pretend they are going to help you during a difficult time, or even claim to be government employees. Also, be wary of online solicitations and be sure to research the validity of any charity site before making a donation.


Valley is committed to protecting our customers from identity theft and fraud. If you suspect you’ve been a victim of a scam, contact us.


Talk to your bank if you need help

If you’re struggling to pay your bills, make loan payments or keep your business afloat right now, you’re not alone. Banks are here to help. Valley is offering a number of relief programs that you may qualify for. If you have a loan with us, click on the appropriate link below and fill out a form to let us know that how we can help.


There are also numerous state and federal relief programs available. Learn more about them here, or contact us for advice on which program or resource may be best for your specific situation. Valley is here for you when you need us.

Coronavirus and CARES Act Updates
COVID-19 Updates

Coronavirus and CARES Act Updates

Get the latest updates on Valley branch closures, hours of operation and relief programs due to the latest coronavirus outbreak.

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