The new coronavirus is causing financial difficulty

In but a few days, our whole world changed. Schools are closing and organizations have rapidly changed their business models to protect our community. As a result, some businesses and entrepreneurs are unable to continue offering services, which has impacted incomes.

Luckily, Kansas Citians are rallying to help these businesses and those most impacted in our backyard. Understandably, people are growing concerned about their money. Here are a few things to consider during this time.

Keep using cards

Although it’s tempting to withdraw larger sums of money than you normally do, “just in case,” it’s safer for you to keep your money with your financial institution. Major card companies have protections in place should your money get lost or stolen. However, if you lose your cash, it’s lost. Most financial institutions are well-capitalized and, after a long run of economic strength, are in a great position to weather storms like this.

Avoid reactive investment changes

Many people are looking at the volatile market with concern. Yes, the market has seen dramatic ups and downs as a result of coronavirus fears and dramatic shifts to how business is being conducted. However, it’s best for you to contact a trusted adviser before making reactive changes.

Familiarize with online banking

Many branch lobbies are closing and shifting to drive-thru, call center and mobile and online banking services to protect the community. If you haven’t already familiarized with online and mobile banking, this is a great time to download that app and learn how to manage your money remotely.

If you get stuck, don’t worry. You can always contact your banking partner for assistance. And most are still offering access at drive-thru locations.

This is a scary time, but financial institutions are prepared for helping their members through challenging scenarios like this. We’ve weathered economic downturns, large strikes, natural disasters and many other emergencies together. Stay calm, don’t make drastic changes with your money, and we’ll get through this together.

Kat’s Money Corner is posted on Dollars & Sense every Tuesday. Kat Hnatyshyn, when not blogging or caring for her little ones, is a manager with CommunityAmerica Credit Union. For more financial chatter, visit http://communityamerica.com.

This story was originally published March 20, 2020 at 5:48 PM.