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Financial Dos and Don'ts During the COVID-19 Outbreak3/19/2020

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We understand there is a great deal of uncertainty regarding the coronavirus (COVID-19) and its impact on your health and daily lives. Here at Health Advantage Credit Union are committed to meeting the financial needs of our members through this evolving situation. We want to remind you that your money is safe in our financial institution.

If you are considering withdrawing a large amount of cash, we strongly to encourage you to reconsider based on the following:

  • Your funds are federally insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000 and are backed by the United States government when deposited in an insured financial institution.
  • You will continue to have access to your funds. Our financial institutions are equipped with digital tools like remote check captureonline and mobile banking that make it easy to transfer money and make payments without using cash.
  • Carrying cash or storing it in your home is a risky practice. If your money is lost, stolen, or destroyed it is not insured and cannot be replaced.
  • The CDC is recommending contactless payments. Paying with a digital wallet or tap eliminates the potential to spread COVID-19 by handling paper currency.

Q: What steps should I be taking to protect my personal finances during the coronavirus outbreak?

A: The coronavirus outbreak has already generated consequences for the national and global economies — and experts say this is only the beginning. The virus ended one of the longest bull markets in history, as the stock market plunged by a full 25 percent in one month. Businesses have also been adversely affected by the outbreak in many ways: production lines have been put on hold as the delivery chain is disrupted while countless industries have been negatively impacted by a dearth of supplies, decreased spending and a shortage of personnel.

With all this uncertainty, it’s easy to fall into a panic and wonder if there are some concrete steps you should be taking to save your personal finances from impending ruin. Here are some practical dos and don’ts to help maintain financial stability and peace of mind during this time.

Don’t: Panic by selling all of your investments 

Both seasoned investors and those simply worried about their retirement accounts can find it nerve-racking to see their investments continuously drop in value. It can seem like a smart idea to sell out just to spare further loss, but financial experts say otherwise. According to The Motley Fool, most sectors of the economy will recover quickly as soon as the outbreak clears.

Do: Trim your spending

As the economy heads toward a probable recession, this can be a good time to get lifestyle inflation in check. Work bonuses, raises and promotions are not handed out as freely during a recession. Some people may even find themselves without a job. Trimming your discretionary spending now can be good practice for getting through the month on a smaller income.

Don’t: Put your money before your health 

Physical health should always take priority. If you’re feeling unwell, and especially if you’re exhibiting any of the symptoms of the coronavirus — such as fever, coughing and shortness of breath — call in sick. Do the same if you’ve been exposed to someone who has tested positive for COVID-19 in the past 14 days. As part of the government’s relief efforts, you’re entitled to two weeks of paid leave if you are unable to work because of the coronavirus.

We also want to encourage you to be aware of potentially fraudulent practices which often increase during times of uncertainty. Please use caution when receiving unusual requests for payments. There are a number of reports of cyber scams and fraudulent activity related to COVID-19. For additional information about COVID-19, view the latest report from the Centers for Disease Control click here.

We are here for you as we traverse through uncharted territory, together.

To read more about HACU's COVID-19 prevention and response measures, please see our COVID-19 information page.

Please contact us directly with questions.

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