In light of the ongoing developments related to the current coronavirus, COVID-19, situation and its impact on Minnesota consumers, the Commerce Department shares the following Consumer Alert.
“Avoid making decisions based on panic or fear,” said Minnesota Commerce Commissioner Steve Kelley.
Despite volatility in financial markets and economy instability due to COVID-19, Kelley is reassuring residents that their money is secure in the state’s banks and credit unions.
“Bank customers and credit union members can have the peace of mind knowing their deposits are secured though the Federal Deposit Insurance Corporation for banks, and the National Credit Union Association for credit unions,” said Kelley.
In a March 18 press release, the Federal Deposit Insurance Corporation emphasized that since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank.
Minnesota credit union deposits are federally insured by the National Credit Union Administration per individual up to $250,000, just as bank deposits are insured by the FDIC.
Consumers are urged to work with their financial institution, bank or credit union on any financial concerns they may have, rather than withdrawing large amounts of cash.
“While it is natural to worry about the safety of your money in uncertain times,” said Kelley, “the money Minnesota residents have in financial institutions will continue to be insured up to $250,000.”
Money at home can be stolen, lost or damaged. However, money in a bank or credit union is secure.
“As your state regulator, my job is to ensure that our citizens have broad easy access to banking and credit union services, and I will continue to do so during this pandemic,” added Kelley.
Minnesotans with questions or concerns about financial institutions may contact the Minnesota Department of Commerce’s Consumer Services Center by calling (651) 539-1600. Please submit specific complaints to the online porta lat https://mn.gov/commerce/consumers/file-a-complaint/