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|Consumer Coronavirus Resources|
Credit Unions Can Help You Navigate Financial Uncertainty
As not for profit financial institutions, credit unions put their members first and can help address financial concerns in unprecedented uncertainty. Your money is safe and accessible and credit unions can put you in touch with additional resources that may be available. This is what you need to know:
Minnesota Credit Unions Remain Open to Serve
Credit Unions are an essential service and are open to serve during Stay at Home order for Minnesota.
As financial institutions are an essential service, Minnesota Credit Unions remain open to serve members during the Stay at Home order declared by Governor Walz.
Health Related Resources
Center for Disease Control (CDC)
Minnesota Department of Health’s COVID-19 updates, resources, and guidance.
Mayo Clinic COVID-19 page with symptoms, causes, risk factors, and prevention information.
Getting Financial Assistance
Minnesota Credit Unions are committed to meeting the financial needs of our members through this evolving situation. Contact your credit union if you have financial concerns and they may be able to provide emergency loans or skip-a-payment options. If you are not already a member, visit yourmoneyfurther.org to find a credit union near you.
Financial Literacy Forum
News Talk 830 WCCO's Blois Olson talks to financial experts and group leaders of Minnesota's Credit Unions about everything from refinancing, to scams to how to reach your children about money. Credit unions represented included...
ECONOMIC INJURY DISASTER LOANS FOR SMALL BUSINESSES
Small Business Administration: Working capital loans to help small businesses meet financial obligations that cannot be met as a direct result of the disaster.
Second Harvest Heartland
Economic Impact Payments
Information on the Economic Impact Payments from the IRS
How to Make the Most of Your Economic Impact Payment (National Credit Union Foundation)
Read the Blog Post from National Credit Union Foundation
LSS Financial Counseling
Avoiding Scams and Protecting Your Finances
Consumer Financial Protection Bureau: The CFPB is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time as the situation evolves.
The Minnesota Department of Commerce
Urging Minnesota consumers to be on alert for potential scams created to take advantage of the fear, isolation, and uncertainty during this unprecedented time.
In addition, consumers should be asking the following questions about every e-mail, phone call, and piece of mail they receive because the answers could trigger potential red flags for fraud and scams:
Minnesota consumers should be cautious. If there is doubt about the sender, caller, or the idea being pitched - Hang up. Delete the e-mail. Recycle the mail.
At this time, the Department does not have any reported cases of COVID-19 financial scams. If you have questions or if you believe you may have been the victim of a scam or fraud, please contact the Commerce Department’s Consumer Services Center by e-mail at firstname.lastname@example.org.
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
Attorney General Ellison warns Minnesotans about COVID-19 phishing attacks: https://www.ag.state.mn.us/Office/Communications/2020/03/24_CovidPhishingScams.asp
FBI Anticipates Rise in COVID-19 Scams Against Businesses and Consumers
The Federal Bureau of Investigation (FBI) is warning both businesses and consumers of a rise in fraudulent scams related to the COVID-19 Pandemic. In a recent press release the FBI states, “Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts.” Here are some of the most common fraud schemes the FBI is seeing:
Be aware of red flags, such as:
More information on ways to protect against scams is available on the FBI’s press release. In
general, the FBI recommends that people be skeptical.
Minnesota Credit Unions are Working to Prevent COVID-19 Related Fraud Targeting Seniors: https://www.mncun.org/news/501696/-Minnesota-Credit-Unions-are-Working-to-Prevent-COVID-19-Related-Fraud-Targeting-Seniors.htm
Minnesota Department of Commerce Consumer Alert: Commissioner Kelley Reassures Minnesota Residents on the Security of their Deposits in Financial Institutions
Guidance on Cash During Pandemic + Consumer Resources: CDC advises against using cash. Mobile banking offers access and robust tools.
Minnesota Credit Unions to Consumers: Do Not Withdraw Large Amounts of Cash, Beware of Scams
Banks, credit unions closing branches in response to coronavirus threat
Online Financial Education Resources – for Parents and Teachers
MnCU Jr Financial Education App: Sponsored by the Minnesota Credit Union Foundation, this app teaches simple money concepts through tools for kids to manage their money and financial games for ages 2 to 12. Available in your app store.
Biz Kid$: The overall objective of Biz Kid$ is to engage young people and help them develop life skills in the areas of money management and entrepreneurship. The initiative includes an Emmy award-winning television series, free classroom curriculum, outreach activities, and a website targeting kids 9 – 16 year olds. Biz Kid$ is funded and by credit unions!
MyCreditUnion.gov: The NCUA’s consumer website includes information on topics like managing debt, setting a budget, understanding home equity loans, and planning for the expected.
My Money.Gov: The Department of the Treasury prepared report highlighting the importance of financial literacy and education for all Americans and identifies ways to improve the delivery of financial education. A special section provides information about and links to a collection of federal guides and curricula for teachers ; and another area provides games, fun activities, websites, video games, and information about money for kids and youth.
University of Minnesota Extension: University of Minnesota Extension helps Minnesotans explore and understand how to secure stable housing, manage the safety and efficiency of homes, and better plan for your financial future.
Best Prep: BestPrep is a Minnesota-based nonprofit organization that provides educational programs to students in grades 4-12, with the mission of preparing students with business, career, and financial
literacy skills through hands-on experiences that inspire success in work and life. Play the Stock Market Game with kids while they’re at home and want to learn to invest.
Jump$tart Clearinghouse: Search the premier online library of financial education resources for teachers, parents, caregivers, and anyone committed to financial smarts for students.