Letter: Money is safe at credit unions

Letter: Money is safe at credit unions

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Jeffrey Olson

Jeffrey Olson

The spread of the coronavirus disease (COVID-19) has us all feeling worried and a little uncertain, whether it’s how long we’ll need to continue social distance or what our community will look like once it’s passed. But one thing Dakotans can count on right now is their credit union. 

We want to assure you during this unprecedented time, that credit unions across North Dakota are continuing to help members with their financial needs as the COVID-19 threat continues. We also want to reassure you that our credit unions are safe and financially strong, and that your hard-earned money is federally insured by the NCUA. In fact, your money is much safer at an institution than if you put it in your pocket. There has been no impact on transferring money, depositing money or paying bills through your debit card, credit card, or through an electronic transfer. Keep in mind, there is no risk to keeping money in your credit union account, but there are countless risks to holding cash, especially in large amounts. Consider this: Payment cards can be replaced; cash cannot.

As the COVID-19 threat expands in our local communities, our credit unions have had to make some difficult decisions. First and foremost, credit unions are concerned about your safety, as well as the safety and welfare of our employees and their families. Many have closed their lobby services; however, their drive-throughs are open and ready to serve you. You can also access your accounts electronically using online services, or with your mobile apps. Many have call centers that are staffed to provide services and answer questions.

Credit unions across North Dakota stand willing and ready to serve you as your financial needs arise. We are just a click or phone call away. I wish everyone continued good health and safety as we work together to prevent the spread of this pandemic threat.

Jeffrey Olson is president and CEO of the Credit Union Association of the Dakotas.

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