JOHNSTON — Iowa banks are doing their part to protect our communities in this time of social distancing to prevent the spread of the coronavirus COVID-19. For some time, banks have been investing in technology to meet customers where they are — through online and mobile banking. Iowans can check account balances, transfer money and deposit checks without leaving their home.
Many banks are encouraging use of their online, mobile, ATM or drive-thru options when conducting banking over the next month. Some are taking the added step of limiting access to physical locations to protect customers and staff. Even with these changes, customers can be assured that they’ll continue to have access to their money.
Iowa banks are working with consumers and businesses that have been economically impacted by COVID-19. In many cases, banks are providing targeted relief or support for those affected. This low interest rate environment may also offer Iowans opportunities to borrow or refinance loans for a home, business or other purpose.
The coronavirus is also impacting the financial markets. Volatile markets are a reminder of the importance of a diversified allocation for savings and investments. Local banks are Iowans’ first choice for protecting their hard-earned dollars. Deposits up to $250,000 are insured by the Federal Deposit Insurance Corp. and are backed by an additional $10 billion in bank capital.