It goes without saying that we are living through some unprecedented and novel times. The economic and social impacts of the COVID-19 global pandemic are presenting tremendous challenges for every Montanan, health challenges not seen for at least a century. Further, these uncertain times bring to mind the financial services uncertainties and questions faced by Americans in the 1930s – such as will I have access to my bank accounts during this time, what will happen with my mortgage, and are my deposits properly insured against loss.
Given these questions, Montana’s community banks and bankers want to reassure Montanans that Montana’s banks and banking system are financially sound now and will be sound during the duration of the COVID-19 pandemic. Further, Montana’s community banks and the Federal Deposit Insurance Corporation (FDIC) want to remind Montanans that the safest place for their money at all times resides with a federally insured institution. Rest assured; all Montana community banks are federally insured banks.
Montana’s community bankers understand their fiduciary duty to safeguard the modern economy and to protect the thousands who rely upon community banking services for their personal finances and businesses. To this end, the member banks of the Montana Independent Bankers (MIB) Association have already undertaken significant safety and soundness measures to ensure the stability of Montana’s financial services industry. Such steps include expanding drive-thru banking hours, assigning additional tellers to meet increased demands, making special arrangements with customers who depend on personalized services, and keeping in constant contact with business customers to give them practical advice and access in resources during this unprecedented economic downturn.
What is more, community banks have been working around the clock for the last several weeks to implement pandemic protocols for both their employees and their customers. These protocols address not only hygiene and cleanliness, testing procedures, and sick leave compensation, but also ensure that customers maintain easy access to vital banking services. Further, Montana’s community banks are undertaken procedural and process efforts to maintain the most flexibility for their business customers so those customers can remain in business.
If you find that your bank has announced it is going to limited branch hours or has specified lobby closures, be confident that those steps are taken in preparation for remaining open and ready to meet all customers' financial needs throughout this pandemic—however long it may last. Montana’s community banks are committed to protecting the health and safety of both customers and employees. Full banking services can always be accessed through other locations (if a specific branch is closed) or by utilizing on-line banking technology, drive-through services and/or person-to-person telephone interaction.
In addition, during this time, customers should be aware of recent scams in which bad actors pretend to be FDIC representatives to perpetrate fraudulent schemes. The FDIC warns that consumers may receive false information regarding the security of their deposits or their ability to access cash—this is a scam. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information, so please never respond to these requests.
The hallmark of Montana community banking is its high level of customer care. And, MIB’s member banks assure the public that that high level of customer care will continue from now until the end of the COVID-19 pandemic. The safest place for Montanans to keep their money during this time of uncertainty is in a FDIC-insured institution, such as your community bank where you will always have full access to your hard-earned money. The FDIC backstop will remain strong, safeguarding our customers’ savings
As President Franklin Roosevelt told the American people during the Great Depression, the only thing we have to fear is . . . fear itself. Montana’s community banks are taking extraordinary steps in these extraordinary times. But MIB’s community banks remain focused on the very personal service that community banks are known for. On behalf of Montana’s community banks, I urge Montanans to not let fear drive your financial decisions and instead take comfort in the fact Montana’s banks remain open and available and that our banking systems remains safe and sound.
James Brown
Executive Director
MIB
About the Montana Independent Bankers Association
Formed in 1967, the MIB represents Montana community banks and their employees. MIB’s Member banks are Montana state-chartered institutions and are committed to supporting their local communities.
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