FDIC - COVID-19 and Your Financial Health
The Federal Deposit Insurance Corporation (FDIC) is working with federal and state banking agencies and financial institutions to assist customers affected by the coronavirus disease 2019 (COVID-19) global pandemic. The following information is more important than ever during these challenging times.
Social Distancing & Mobile Banking Technology
Advances in mobile banking technology enables you to exercise social distancing (https://directorsblog.nih.gov/2020/03/19/ to-beat-covid-19-social-distancing-is-amust/) and conduct banking transactions at the same time. Banking technology and services provide the convenience of conducting banking transactions with your computer, smartphone, or mobile computer device. If you aren’t using these services, ask your bank if the following are available to you and how you can activate them.
Money Transfer Services:
Person-to-person payment services and mobile payment apps have become part of everyday life for many people. Payment services and apps let you send money to people without having to write a check, swipe a card, or hand them cash.
Online Bill Pay Services:
These programs generally allow you to sign up on your bank’s website to receive bills electronically from companies you do business with. Then you can review the bill and pay it online.
Depositing checks using Remote Deposit Capture:
Many banks allow customers to use Remote Deposit Capture (RDC), which allows customers to take a picture of a check with their mobile device and deposit that check electronically without ever visiting a branch or using an ATM. You can find additional tips on mobile banking technology by visiting: https://www.fdic.gov/consumers/ consumer/news/october2019.html.
Safest Place to Keep Your Money Some banks may have adjusted hours or services to observe Centers for Disease Control (CDC) guidance on social distancing, but that doesn’t change the fact that an FDIC-insured account remains the safest place for you to keep your money. The FDIC’s Electronic Deposit Insurance Estimator (EDIE) https://edie.fdic.gov/ calculator.html can help you determine deposit insurance coverage based on accounts you already have with a bank or accounts you are considering opening. Find additional help using EDIE at https://www.fdic.gov/deposit/deposits/.
