COVID-19 Information from the Department of Financial Institutions

For more information,

visit www.fdic.gov for federally insured banks

visit www.ncua.gov for federally insured credit unions.

For the financial services industry: We need your help, and we're here to help too

STATEMENT ON FINANCIAL INSTITUTIONS WORKING WITH CUSTOMERS AFFECTED BY THE CORONAVIRUS; REGULATORY ASSISTANCE

For customers: You still have access to your accounts, funds and services
Although banks, credit unions and other financial services businesses may restrict face-to-face access with employees, you can still access your accounts and funds in a variety of ways

Use online, mobile and phone banking services to check your account balances and transactions, pay bills, transfer funds, make loan payments, deposit checks.

Use drive-through teller services, or interactive/automated teller machnies (ITMs/ATMs).

Call your financial institution:

  • to make an appointment to access your safe deposit box
  • to get up-to-date information about their operating hours 
  • to obtain customer assistance

Watch out for scams

Be vigilant about protecting your finances and personal information.

  • Your bank, credit union or credit card company should not ask you for financial account details by e-mail.  If you receive an e-mail, contact the financial institution with information listed on their web site or on your account statement (and not with information provided in the e-mail).
     
  • Do not click links in e-mail unless you are confident you know the e-mail came from a safe and reliable source.  Hackers can download viruses on your computer by having you access a link they send.
     
  • Watch for e-mails claiming to be from the Centers for Disease Control and Prevention (CDC) or from experts saying they have informaiton about the virus.  For accurate, up-to-date information about the coronavirus, visit the CDC website or the World Health Organization (WHO) website.
     
  • Ignore online offers for vaccinations or medications for COVID-19.  Instead, contact your licensed healthcare provider with questions, and view information on Arizona's Department of Health Services (azdhs.gov) website or the CDC website.
     
  • Do homework when it comes to donations.  Search for the charity on the IRS "Tax Exempt Organization Search" website and on the Better Business Bureau Give.org website.  Don't let anyone rush you into donating, think twice before donating cash or before providing credit card information over the phone, and never agree to donate through gift cards or by wiring money, which a clear sign the so-called charity may be a scam.  Instead, when possible, use the official website of the charity to make your donation.
     
  • Review additional information about coronavirus scams from the Conference of State Bank Supervisors and from the Federal Trade Commission, 

Get help with mortgage or rent payments

Contact your lender or landlord immediately if you do not have enough money to cover your mortgage payment or rent.  Don't wait until you are behind on payments. 

Get help with student loans

Contact your loan servicer as soon as possible and ask about deferment or forbearance options that may allow you to temporarily stop making payments, or that may allow you to switch to a different repayment plan with a lower monthly payment.

Beware of short-term and emergency loans

Consider your options before taking out a high-cost short-term loan.  Talk with your creditors to negotiate more time to pay bills.  Explore low interest loans offered by local banks and credit unions.  If you take out a short-term loan, make sure the lender holds a federal or state license, and only borrow what you can pay back.

Access information about small business assistance and loans

The Paycheck Protection Program (PPP) makes forgivable loans available to small businesses to pay emlpoyees, mortgage interest, rent and utility costs over an eight-week period after the loan is made.  Certain requirements and restrictions apply.  To find a participating lender, CLICK HERE.

  • 5/12/2020: PPP podcast from the Conference of State Bank Supervisors (CSBS): An expert talks about how the program is intended to work and change over time. In a rush against the clock, a small business owner tries to get a loan for herself and for a minority-owned business client. An expert on community banks explains how they fit into the program.

Review information and assistance avaialble through the Arizona Commerce Authority, from the U.S. Small Business Association and from your local chamber of commerce.