Financial experts work to keep customers and money safe

Published: Mar. 26, 2020 at 4:50 AM EDT
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While major moves are underway in Washington to jump start the economy today-- many people are turning to banks trying to figure out their next moves as the pandemic continues.

Financial experts tells us your money is best kept where it is--the bank.

We're facing a time that truly, we've never faced before. Leaving may people with unanswered questions about what to do next, especially when it comes to their money.

"We've had a lot of calls and concerns about large sums of money being needed for whatever reason-- it is not the time to need large sums of cash," said Elga Credit Union CEO, Karen Church.

Elga Credit Union has been taking an influx of calls concerned about the safety of money and if it will be accessible with so much uncertainty.

"Yes, this is a time that's a little different to do your business, but there's nothing that you have to worry about," said Church. "It is insured by the NCUA at the credit union and FDIC at the banks.

While many businesses have closed, banks are still open and in fact working extra hard to help ease the financial burdens many are currently facing.

"We have a lot of options that we can help members with. We've skipped a number of Visa payments for our members, we sent out information on that," said Elga Credit Union Vice President Terry Katzur. 'We're also doing loan payment deferments which moves payments to the back of the loans. I think its important that not just Elga Credit Union, but all financial institutions are here for their members and customers and give them options."

Katzur says, he thinks it gives people a sense of calm and sense of relief.

Checking in with your banks is crucial at this time to make sure you are able to workout a plan for the time being.

While many will be relying on government checks for their livelihood at this point, financial advisors also tell us that if you can stimulate the local economy it will help in the future.

According to Financial Strategies Group member, Brice Carter, these stimulus checks won't solve all the problems in the economy-- but it will be a start and a way to get many through a crucial time of need.

"This will help, this is a milestone, but it's not the last bit that we will need for the economy," said Carter. "Save it for a rainy day, if you have enough now-- invest it. If you're feeling charitable, go to you local restaurants, order take out, and leave some big tips over the next few weeks and months."

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