New Jersey’s banks and credit unions committed to providing essential services to consumers and business during COVID-19 health emergency
Financial institutions are safest place to keep funds during crisis
HARRISBURG, PA (March 25, 2020) — The New Jersey Bankers Association (NJBankers) and CrossState Credit Union Association wrote to Governor Murphy, yesterday, on behalf of the state’s banks and credit unions, to assure him of the financial services sector’s commitment to New Jersey’s consumers and businesses during this COVID-19 emergency.
Additionally, the associations thanked the Governor for his efforts to make New Jersey’s essential business guidelines fully compliant with the federal guidance set forth by the U.S. Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency (CISA) and emphasized the need to publicly recognize banks and credit unions as essential service providers to the public during the COVID-19 public health crisis.
The financial services industry is one of sixteen critical infrastructure industries, as determined by the federal government. The CISA guidance identifies specific financial services sector employees as essential critical infrastructure workers during this COVID-19 response and instructs that they have a special responsibility to maintain their normal work schedule. During the pandemic, banks and credit unions have continued to ensure New Jerseyans’ access to buy their necessities and operate life-sustaining businesses, and they will continue to do so throughout the entirety of this crisis.
“The safest place to keep your personal savings during a time of crisis is in your financial institution, as our members are well-capitalized and financially strong,” said John McWeeney, Jr., NJBankers’ president & CEO. “Deposits are safe and insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA), and in many cases, institutions have excess insurance arrangements in place.”
Banks and credit unions have implemented their business continuity plans to mitigate the impact of the pandemic on financial services. The associations discourage consumers from making large cash withdrawals, as the safest financial transactions are through online and mobile banking, credit and debit cards, electronic payments and ATMs. Many modern banking services can be conducted remotely on multiple devices, giving consumers access to their funds at any time. While some financial institutions are utilizing drive-through services to “flatten the curve” and protect the health of both consumers and employees, staff is still available to serve customers.
“Access to financial institutions is essential for consumers, businesses and working families to quickly utilize the checks that the federal government seeks to provide as soon as possible and, if necessary, access, manage, and utilize any other assets they may have, such as retirement, securities and trust accounts.”
New Jersey’s banks and credit unions are here to help during the COVID-19 pandemic, and the associations urge state and federal government to continue to categorize financial institutions as essential to the infrastructure of the state and nation.
“The state’s consumers and businesses are urged to contact their banks and credit unions as soon as possible to help them weather any financial hardship the current public health crisis causes,” stated Patrick Conway, CrossState Credit Union Association’s president & CEO. “Banks and credit unions are committed to their members, customers and communities, and they are working to develop innovative ways to deliver essential services to all New Jerseyans.”
About CrossState Credit Union Association
Based out of Harrisburg, PA, and Hamilton, NJ, CrossState Credit Union Association is a trade association that provides legislative, promotional, educational, and operational support for credit unions throughout New Jersey and Pennsylvania. Serving nearly 500 credit unions with combined assets of $88 billion and 5.7 million members, CrossState is one of the country's largest regional credit union associations, providing a strong, vibrant climate for credit unions. To learn more about the benefits of credit unions, visit CrossState.org.
About The New Jersey Bankers Association (NJBankers)
Founded 116 years ago, The New Jersey Bankers Association (NJBankers) is a trade association representing 76 banks and 185 service providers. NJBankers provides a variety of services to members including government relations at both the state and national levels; education and professional development, and employee health and welfare insurance benefit programs through its licensed insurance brokerage facility, Bankers Cooperative Group.