Iowa banks are taking steps to protect their communities, continue banking services, and assist Iowans through this difficult time
JOHNSTON, IOWA (March 17, 2020) — Iowa banks are doing their part to protect our communities in this time of social distancing to prevent the spread of the coronavirus. For some time, banks have been investing in technology to meet customers where they are — through online and mobile banking. Iowans can check account balances, transfer money and deposit checks without leaving their home.
Many banks are encouraging use of their online, mobile, ATM or drive-thru options when you conduct banking over the next month. Some are taking the added step of limiting access to physical locations to protect customers and staff. Even with these changes, customers can be assured that they’ll continue to have access to their money. We urge your patience and understanding during this time.
Iowa banks are working with consumers and businesses who have been economically impacted by COVID-19. In many cases, banks are providing targeted relief or support for those affected. This low interest rate environment may also offer Iowans opportunities to borrow or refinance loans for a home, business or other purpose.
The coronavirus is also impacting the financial markets. Volatile markets are a reminder of the importance of a diversified allocation for your savings and investments. Local banks are Iowans’ first choice for protecting their hard-earned dollars. Deposits up to $250,000 are insured by the Federal Deposit Insurance Corp. and are backed by an additional $10 billion in bank capital. In addition, the FDIC Deposit Insurance Fund, supported by bank premiums, is in strong financial condition with over $110 billion in reserve.
Iowa banks know well that their success is tied directly to the success of their customers and communities. The Iowa banking system has never been stronger or better able to assist Iowans during challenging times. The Iowa Bankers Association urges you to contact your local bank to learn more about how they can be of assistance.