Controlling Your Finances During This Difficult Time

You may be feeling some concern due to COVID-19 and the economic uncertainty facing the country right now. Our team understands and is right there with you. While there are some things we cannot control, there are still some things within our power:

Reduce Your Risk

The health and safety of you and your family comes first. Practicing social distancing can make accomplishing your banking needs difficult. Many institutions’ drive-up locations remain open and you can deposit checks or cash at most ATM locations.

Utilize Mobile Banking Options

The majority of transactions can be completed via online or mobile banking, reducing the need to visit a physical branch location altogether. Take advantage of electronic banking services offered by your institution if you haven’t already.

Safeguard Your Finances and Financial Information

First, you can protect your money by banking with a financial institution that is covered by FDIC insurance.

During this time, there are unfortunately people that mean to take advantage of fears surrounding COVID-19. There are a number of things you can do to protect yourself from fraudsters:

• Watch out for emails claiming to be from the CDC saying they have information about the virus. For the most up-to-date information about COVID-19, visit the Centers for Disease Control and Prevention(CDC) and the World Health Organization (WHO). For state specific updates, Gov and RI.Gov are great resources.
• Ignore any online offers for vaccinations. There are currently no vaccines, pills, lotions, lozenges or any other prescription/over-the-counter products available to treat or cure COVID-19.
• Tread lightly when it comes to making donations. Give to established charities and research those that have popped up in the wake of this situation. You can use a service like GuideStar to assist in research.

For more advice about avoiding fraud, check out these 10 tips

If you have any banking information at home, such as statements or other documentation, make sure you keep them in a safe and locked place.

If You Are Furloughed or Laid Off

Many people are finding themselves temporarily furloughed or even laid off due to government orders and the economic impacts of COVID-19. If you are among them, below are several steps to take to keep your financial health as strong as possible:

• Begin filing for unemployment: As soon as possible, begin filing for unemployment, which you can do online. You can find more information about Massachusetts unemployment here and information about unemployment benefits in Rhode Island here.
• Investigate health insurance options: There are a number of options for those who are laid off in terms of health insurance. Some companies are offering furloughed or laid off employees full benefits during the crisis, and this should be communicated to you by human resources. It may be time to consider switching to a spouse’s employer based health insurance if that is possible. The Consolidated Omnibus Budget Reconciliation Act (also known as COBRA) is a federal law that allows you to keep your benefits for a premium. You can learn more about your options on the Department of Labor website.
• Create a budget: If you don’t already have one, create a budget for you and your family that maps fixed expenses like housing and utilities, as well as discretionary spending like streaming services. Some of your regular expenses may have changed, such as reduced need for gas in your car or fewer trips to the local coffee shop before work. Due to changes at the federal level, federal student loans are not accruing interest and you may be able to suspend student loan payments for a while. Contact your loan servicers to discuss your options. You may need to cut back on some discretionary spending to match your new financial situation.

You Are Not Alone

It is an unprecedented situation and we understand how you’re feeling. We’re here to speak with you and we’re here to help. Please reach out to us with any questions as we navigate through this difficult time together.