FAQ regarding COVID-19

The Security Federal Building

3/16/2020

At Security Federal, we are watching the Coronavirus situation closely. We put together a list of frequently asked questions heard in the past few days from our customers that will help you make educated choices with your money.

Should I take my money out of the bank?

No. As an FDIC insured financial institution, each customer has insurance of $250,000 on their deposits at our institution. Customers who participate in our CDARS/ICS program are protected above $250,000.

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Security Federal will continue to operate normally unless we are mandated by a federal or state agency to close our doors. Should we be required to close our lobbies, your money will continue to be as safe with us as it was prior to the COVID-19 situation.

Customers continue to have the same access to their accounts as before. We encourage you to continue utilizing your debit cards and electronic transfer options as you have historically done. Your money is protected.

Learn more about Deposit Insurance FAQs here: https://www.fdic.gov/deposit/deposits/faq.html

 

Should I stop handling cash to avoid COVID-19 contamination?

COVID-19 can spread through droplets released into the air when someone who’s infected coughs or sneezes. It can also be contracted through the surfaces we touch, and it can stay on surfaces for several days. The World Health Organization has not issued any warnings about the possibility of spreading the coronavirus using cash.1We recommend continuing to use cash as needed. To avoid the spread of germs, after handling cash, wash your hands with soap and water for 20 seconds under warm water.

Learn more here: https://www.cdc.gov/handwashing/when-how-handwashing.html

 

My investments are down. Should I take them out?

A long-term perspective can help you prevail through challenging times. The stock market has historically fluctuated up and down. Emotions can cloud your judgement, so avoid making rash decisions based on emotions.

Learn more here: http://capitalgroup.com/advisor/literature/detail.htm?lit=322201

 

I’m practicing social distancing and prefer not to come into the branch. How should I do my banking?

All branch locations are currently fully operational, and we offer our electronic options below as a precaution.

Learn more online at www.secfedbank.com/coronavirus

 

What is Security Federal doing in response to the COVID-19 situation?

We are monitoring the Coronavirus (COVID-19) situation closely and we are taking internal precautions to keep our staff healthy & our customers protected. We have increased the cleaning regimen for frequently touched surfaces such as teller windows, check cashing areas, and door handles. You may witness staff wearing protective gloves as they conduct transactions. Please understand this is for the health benefit of all involved.

Further, we are staying abreast of new developments and are continually updating our Pandemic Response Plan as part of the Bank’s Business Continuity Plan.

We are prepared for any service changes to local branches should they be required by the CDC, WHO, and regional public health department officials. Thank you for your understanding. Know your safety is our primary concern during this unsettling period.

Sincerely,

Annette Russell
CEO & President, Security Federal Savings Bank

 

Sources:

1. https://www.marketwatch.com/story/who-we-did-not-say-that-cash-was-transmitting-coronavirus-2020-03-06