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West Virginia’s Credit Unions Remain Open to Serve — 4/2/20

Credit Unions are an essential service and are open to serve during Stay-at-Home order in West Virginia

As financial institutions are an essential service, West Virginia’s Credit Unions remain open to serve members during the Stay-at-Home order declared by Governor Justice on March 24.

Credit union deposits are insured by the National Credit Union Administration (NCUA) per individual up to $250,000, just as bank deposits are insured by the FDIC. Members can rest assured their money is safe.

The health and safety of members and staff remain a top priority. Therefore, many credit unions have instituted special access procedures, and most West Virginia Credit Unions offer the following electronic services which make it easier to:

-Deposit checks;

-Transfer funds;

-Make loan and credit card payments;

-Apply for an account or loan;

-Send cash electronically

West Virginia Credit Unions offer a range of solutions to help members manage through temporary or extended periods of reduced or lost income. Examples include delaying a payment, increasing credit lines, waiving fees, emergency loan programs, and financial counseling. Individuals should contact their credit union directly to learn more about what options are available to them.

Consumers are urged to work with their credit union on any financial concerns they may have, rather than withdrawing large amounts of cash. Any withdrawal of cash eliminates the NCUA insurance protection afforded to depositors who normally keep their savings in a credit union account.

The Federal Trade Commission has warned that scammers are taking advantage of fears surrounding the Coronavirus. They’re setting up websites to sell bogus products, and using fake emails, texts, and social media posts as a ruse to take your money and get your personal information. Information can be found at: https://www.consumer.ftc.gov/blog/2020/02/coronav...

“We recognize that with the constantly changing COVID-19 situation, this is an unprecedented time filled with uncertainty.” Ken Watts, President of the West Virginia Credit Union League said. “West Virginia Credit Unions are committed to meeting the financial needs of members through this changing environment. We want West Virginians to know that we understand the importance of our service and the responsibility it entails. One thing you can be certain of is that credit unions are here for West Virginia.”

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