March 16, 2020 | Written by: Jen McHugh, Director of Public Affairs & Financial Education
Eau Claire, WI – We understand there is a great deal of uncertainty regarding the coronavirus (COVID-19) and its impact on your health and daily lives. Royal Credit Union is committed to meeting the financial needs of our Members throughout this evolving situation. We want to remind you that your money is safe at Royal.
If you are considering withdrawing a large amount of cash, we strongly to encourage you to reconsider based on the following:
- Your funds are federally insured by the National Credit Union Administration (NCUA) up to $250,000 and are backed by the United States government.
- You will continue to have access to your funds. We are equipped with digital tools like online and mobile banking that make it easy to transfer money and make payments without using cash.
- Carrying cash or storing it in your home is a risky practice. If your money is lost, stolen, or destroyed it is not insured and cannot be replaced.
- The CDC is recommending contactless payments. Paying with a digital wallet or tap eliminates the potential to spread COVID-19 by handling paper currency.
We also want to encourage you to be aware of potentially fraudulent practices which often increase during times of uncertainty. Please use caution when receiving unusual requests for payments. There are a number of reports of cyber scams and fraudulent activity related to COVID-19. More information is available from the U.S. Department of Homeland Security.
We are here for you as we traverse through unchartered territory, together.
About Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 200,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology which is built on strong purpose and values. You can open an account or apply for a low-rate loan at Royal Credit Union if you live or work in 26 counties in western Wisconsin or 16 counties in Minnesota. Counties served in Wisconsin include Adams, Ashland, Bayfield, Barron, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Polk, Portage, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona and Wright. Realtors in the state of Wisconsin or Minnesota are also eligible to join the credit union. Visit rcu.org or call Royal Credit Union at 800-341-9911 for more information.