Vermont Business Magazine The Association of Vermont Credit Unions and Vermont Bankers Association are working together to reassure their members and customers about the safety, security, and reliability of Vermont’s strong financial services industry. Financial institutions across Vermont are activating their pandemic response plans to minimize impact on the delivery of financial services, and keep members, customers, and employees safe.
For credit unions and banks alike, what remains unchanged are credit and debit cards, checks, ATMs, digital banking and lending, and electronic payments. These provide consumers reliable access to their accounts. What may change is that many financial institutions are emphasizing drive-through services and limiting access to their lobbies to protect the health of consumers and staff. But even with these changes, consumers have ongoing access to their accounts, their funds, and the services they need.
Digital banking, which is accessed through a mobile or desktop device, allows credit unions and banks to meet their members and customers where they are at any hour. These services are accessed on a computer, tablet, or mobile phone, and enable users to check balances, transfer funds, make bill payments, apply for loans, and deposit checks—all without needing to walk into a branch.
“This is an unprecedented period in the history of Vermont and our country,” said Joe Bergeron, President of the Association of Vermont Credit Unions. “While credit unions enjoy seeing members every day in their branches, we need to adhere to social distancing recommendations to protect everyone. Vermont’s credit unions are financially strong and will continue to support their members’ needs and account access, but members may see some changes in how their credit union conducts business.”
“Over the course of the last few weeks, banks in Vermont have been reviewing their business continuity plans to make sure they were prepared for a possible outbreak of COVID-19” said Chris D’Elia, President of the Vermont Bankers Association. “These plans address pandemics and provide for a preventive program; strategies that can be scaled to the stages of a pandemic outbreak; a comprehensive framework to ensure the continuance of critical operations; a testing program; and an oversight program to ensure that the plan is reviewed and updated. These plans have been implemented and are functioning well.
“At this time, the industry’s primary concern is for the health and safety of bank employees and customers visiting branches. Each bank has implemented their own set of protocols to address employees who are exhibiting any signs of illness. If a customer is experiencing any illness, we would ask they consider using online banking systems, an ATM, or drive up windows. If you have any questions, or concerns, please contact your bank to learn what they are doing”
“We must do everything we can to limit the spread of coronavirus,” Bergeron added. “That’s why our organizations are collaborating to educate consumers about all the secure banking options available to them every day, and especially during this challenging time.”
About the Association of Vermont Credit Unions
The Association is a non-profit corporation which provides Vermont credit unions with a variety of professional trade association services. Since 1947, in Vermont and nationwide, we’ve promoted the credit union movement and a favorable public attitude toward credit unions. To our members, we provide legislative advocacy, regulatory and compliance assistance, training and staff development opportunities, networking, and business support services. With the help of our strategic partners, we are committed to our mission of helping credit unions provide unparalleled service to Vermont consumers. For more information, visit www.vermontcreditunions.coop.
About the Vermont Bankers Association
The Vermont Bankers Association, Inc. (VBA) was established in 1909. Its purpose is to promote the general welfare and usefulness of banking institutions and discussions of subjects of importance to the banking and commercial interests of the State of Vermont.
There are currently 26 member institutions including national, federal and state chartered commercial and savings banks, savings and loan associations, any out-of-state organizations with one or more Vermont branches, and independent Trust companies or out-of-state trust companies with one or more offices in Vermont. These members range in size from small community banks, thrift institutions, banks operating in several parts of the state as well as large regional financial institutions that are headquartered outside the State.
The VBA’s mission is to promote an environment which fosters a vibrant banking community, thus supporting a prosperous Vermont Economy. The association remains committed to that mission today.
Source: (COLCHESTER & MONTPELIER) –The Association of Vermont Credit Unions and Vermont Bankers Association 3.18.2020