COVID-19 Response by Minnesota Banks to Support Community Health

March 18, 2020  Minnesota’s banks are dedicated to serving their communities and ensuring families and businesses have continued access to important financial services. In this time of uncertainty surrounding Coronavirus Disease 2019 (COVID-19), please know that the banks are open for business, and they remain ready to meet the financial needs of their customers.  

Bankers understand that the COVID-19 pandemic will have significant economic impacts on both families and businesses. Banks routinely work with customers who are experiencing difficult or unexpected financial challenges. That support will continue. Bankers stand ready to assist those who need help. If you find yourself in that situation, the first and most important step is to contact your bank to explore your options. 

For example, homeowners who are uncertain about their ability to make their mortgage loan payments are encouraged to share your situation with your lender as soon as possible. There may be actions you can take now to prevent a short-term problem from becoming a bigger one.

Banks will also work with their small business customers, including those businesses that have been forced to close their doors to help prevent the virus from spreading. There are many tools bankers can use to support these businesses, and there are proposals in Congress and in the Minnesota legislature to give banks additional options to help their business customers.

Minnesota bankers want to help ensure the health and safety of both their employees and their customers during this pandemic. Therefore, your bank might adjust its delivery channels, such as by offering shorter business hours in their lobbies and encouraging the use of their drive thru locations. They also strongly recommend that you take advantage of self-service banking and 24/7 account access through mobile, online, and other electronic banking services to the extent that you are able. Your bank is happy to share what those solutions are and how to use them. Simply give them a call, and they will identify the best options for you. 

Just a quick reminder that your bank will never contact you to verify your account information or credentials. Please be on the lookout for criminals who may be posing as your banker in order to commit fraud.  

We are all in this together. Consumers and small business owners can rest assured, knowing that during this challenging time, Minnesota’s banks remain the safest place for their money and the best option for meeting their financial needs.