Guidance on Cash During Pandemic + Consumer Resources
Monday, March 23, 2020
CDC advises against using cash. Mobile banking offers access and robust tools.
St. Paul – The Minnesota Credit Union Network (MnCUN) advises Minnesotans today to not withdraw large amounts of cash. Instead, utilize online, mobile, and electronic tools to navigate financial issues related to COVID-19.
Minnesota Credit Unions have launched an online portal for consumers to follow guidance on health, utility bills, and financial resources. The site is: www.mncun.org/ConsumerCoronavirusResources
All Minnesota credit union deposits are federally insured by the National Credit Union Administration (NCUA) per individual up to $250,000, just as bank deposits are insured by the FDIC. Minnesota Credit Unions want to reassure consumers their money is safe.
Consumers are urged to work with their credit union on any financial concerns they may have, rather than withdrawing large amounts of cash. Any withdrawal of cash eliminates the NCUA insurance, and could put people’s public safety at risk.
Minnesotans experiencing financial stress will be able to access resources, as well as reach out to credit unions for guidance, support and products that can assist them.
MN Credit Unions refers media and consumers to the following guidance:
Minnesota Credit Unions will remain accessible continue to provide resources to members and consumers. For updates visit: www.mncun.org/ConsumerCoronavirusResources
The CDC is recommending using tap and electronic payments to minimize the risk of spreading COVID-19. Information can be found at: https://www.cdc.gov/coronavirus/2019-ncov/downloads/workplace-school-and-home-guidance.pdf
Minnesota’s Attorney General Keith Ellison has advised consumers to be hyper-aware of COVID-19 scams and report price gouging. Information can be found at: https://www.ag.state.mn.us/Office/Communications/2020/03/13_CoronavirusScams.asp
Minnesota Credit Unions are committed to meeting the financial needs of their members and the community through this unprecedented time.