The Safety And Soundness Of The Banking System During Covid19
March 23, 2020
Olympia, Washington – Community Bankers of Washington and President & Executive Director John Collins issued the following statement regarding the safety and soundness of the banking system during the COVID-10 pandemic.
“CBW, along with the Federal Deposit Insurance Corporation (FDIC), wants to remind and reassure the public that the safest place for their money is in a federally insured bank, which all Washington community banks are. Since 1933, no depositor has lost any FDIC-insured funds. The safety and soundness of the entire banking system is, and will remain, secure and unchanged.
“If a bank has announced limited branch hours or specific lobby closures, it is in preparation to remain open and ready to meet all customers’ financial needs throughout this pandemic—however long it may last. Washington community banks are committed to protecting the health and safety of both customers and employees. Full banking services can be accessed through other locations (if a specific branch is closed) or by utilizing technology, drive-through services and/or person-to-person telephone interaction.
“Consumers should be aware of recent scams in which bad actors pretend to be FDIC representatives to perpetrate fraudulent schemes. The FDIC warns that consumers may receive false information regarding the security of their deposits or their ability to access cash—this is a scam. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information, so please never respond to these requests.
“To reiterate, the safest place for Washingtonians to keep their money during this time of uncertainty is a bank, where they will always have full access to it. On behalf of the Washington community banking industry, I urge consumers to not let fear drive decisions and instead rest assured that our banking system remains safe and sound.”
About Community Bankers of Washington
Formed in 1989, the Community Bankers of Washington (CBW) represents Washington community banks. Eighty percent of Washington community banks are members of CBW, provide safe and responsible financial services, and are committed to supporting and investing in their local communities.
President & Executive Director
Community Bankers of Washington
410 11th Ave SE #205
Olympia WA 98501