03/27/2020: Your Money is Safe and Sound in a Bank: Here’s Why
At times of uncertainty, one thing you can always count on is the safety of your money at a bank. Rest assured, at Wolf River Community Bank, we’re doing everything we can to work with our customers during this time and make their banking experience as seamless as possible. Gain peace of mind knowing your money is safe and sound.
- When you deposit your money at a bank, you get the comfort of knowing that your funds are secure and insured by the government.
- You don’t have the same level of protection when your money is outside the banking system.
- Uncertain times are exactly when you want the certainty and dependability of a bank
Banks have plans in place to handle a range of emergencies so our customers’ funds remain protected and accessible.
- Every bank in the country is required by law to have disaster recovery and business continuity plans in place with multiple backup systems.
- The bank’s regulator regularly examines the bank to make sure we have detailed, tested disaster recovery procedures and business resumption plans.
- The safest place for your money is in the bank. It’s FDIC-insured and accessible, thanks to bank technology that allows you to pay bills, make deposits and send payments from anywhere, anytime.
Banks have a proven record of effective emergency preparedness and disaster recovery.
- Throughout history, U.S. banks have been prepared for and responded to recessions, natural disasters—including pandemics—and other business disruptions.
- When faced with natural disasters and unexpected events, banks have a proven record of operating smoothly, protecting consumers’ deposits and providing continued access to their funds.
- Lessons learned from previous health threats—including the avian flu, SARS and Ebola,—have strengthened the banking industry’s ability to prepare for and minimize disruption due to a pandemic.
If you have questions or concerns about your loan or deposit accounts, please contact us so we can address them and determine the best plan of action.
Stay healthy! This too shall pass.
Article courtesy of the American Bankers Association.