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3 Financial Tips During COVID-19 Crisis

In just a few days, our whole world changed with the COVID-19 (coronavirus) crisis. Schools closed and organizations 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.

1. Keep using cards.

Although it’s tempting to withdraw larger sums of money than you normally would, just in case, it’s safer 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, in a great position to weather storms like this.

2. 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 advisor before making reactive changes.

3. Familiarize yourself with online banking and/or mobile app.

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 yourself 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, too.


Kat’s Money Corner is posted in the Kansas City Star every week. Kat Hnatyshyn, when not blogging or caring for her little ones, is a manager with CommunityAmerica Credit Union. For more financial chatter, follow us on Twitter @CommunityAmerCU.

Comments

Cara at CommunityAmerica

Thanks for reaching out, Maria! One of our teammates will be in touch with you shortly. -Cara

Maria T Landrum

Can I skip a few payments

Cara at CommunityAmerica

Hi Wilton! Thanks for reaching out. We'll be sure to have one of our teammates give you a call. -Cara

Wilton Walter

I just need a assistant for a covid19 stimulus please help me for that

Cara at CommunityAmerica

Thank you for your questions, Connie! We've passed your message along to our call center team and one of our teammates should be giving you a call. -Cara

Connie

Stimulus Check inquiry

I’ve resorted to checking the IRS sure ad instructed once every day and it’s stated the same thing. I do have direct deposit YET NOTHING. It does state we will get a deposit but haven’t yet. I am concerned. Can I get some feedback because the IRS has no answers in the question feedback for this inquiry and they’re not open of course.

Cara at CommunityAmerica

Michael - Thanks for reaching out to us! One of our teammates should be giving you each a call to answer your questions. -Cara

Michael Seutter

If I could skip a car payment or two that would definitely be beneficial for me and my family.

Cara at CommunityAmerica

Danny - Thanks for reaching out! One of our teammates should be giving you a call very shortly to answer your questions.

Bibian - You have successfully been unsubscribed. Thanks!

bibian

Remove me from your email list. Thanks

Danny Rhodus

Would like to skip a couple payments on truck loan, due to these difficulties, covid 19 Crisis.

Cara at CommunityAmerica

Richard & Joseph: Thanks for reaching out! One of our teammates should be giving you each a call very shortly to answer your questions. -Cara

Richard Klaus

We would like to apply for the PPP for our business. We need some guidance on where on your website to do this. Thank you.

Joseph Smith

I would like to apply for the SBA pay loans when available again. Can I be contacted?

Cara at CommunityAmerica

Thanks for the love, Sherry! We are lucky to have you as a CommunityAmerican! -Cara

Cara at CommunityAmerica

Hi Tyrone! Thanks for reaching out to us! One of our teammates will be giving you a call shortly to look into your individual situation. -Cara

Sherry

I would just like to again say I LOVE MY CU. You guys are awesome. Thank you for your hard work during these trying time. Be Safe!!!

Tyrone Miller

Can I skip my car and personnel loan payments for due to the fact that I'm laid off until further notice

Cara at CommunityAmerica

Thanks for reaching out, Turner! Our mention of the strikes was simply that we supported those people during a difficult time, which is something that we are continuing to do. We have your back! It was just a mention of the different types of circumstances. -Cara

Cara at CommunityAmerica

Dollie & Hansraj: Thank you for your questions! We've passed them along to our call center team and one of our teammates will be giving you a call shortly. -Cara

Dollie Sidney

We would like to apply for the PPP for our business. We need some guidance on where on your website to do this. Thank you

Hansraj T. Sarangani

Can I skip this month car
payment.

Cara at CommunityAmerica

Hi Krystea - We apologize for not getting back to you. One of our teammates should be reaching out to you by end of day today. -Cara

Cara at CommunityAmerica

Marie, Josh and Peter: Thanks for reaching out! One of our teammates should be giving you each a call very shortly to answer your questions. -Cara

Krystea Castro

Nobody's called me yet and I made a comment last Friday I need to know what's going on with the paycheck protection program? I was told I would get a phone call and still waiting. I am a business customer.

Cara at CommunityAmerica

Hi Chris! We apologize for any frustration. We insist on calling each member that comments on this thread because each individual's situation is unique. In addition, we do not post personal or private information online. That being said, we will definitely have one of our teammates reach out to you personally to answer your questions. Thank you for your patience! -Cara

Peter H Dotson DDS

My dental office has been closed since March 16 due to Covid 19 pandemic. I recently paid off my car loan with CACU. I was told over the phone that I could apply online for the SBA PPP loan, but mine is a personal account and apparently the loan portal is on the business online account page. I have written an email asking how I get a business account so I can apply for the SBA loan, but haven't gotten a response. Can you help?

Turner Smith

I find your inclusion and comparison of strikes to what is happening now inflammatory and ill advised. There are always two sides to any labor dispute and all of them put together have not had a fraction of the effect of CVD19. I ask for you to remove “strikes” as one of the things we have lived through. My dad was a veteran of the Battle of the Bulge.

Josh

I have been laid off for April and May due to the covid 19 virus. Can I skip to the back my car loan for those months?

Marie Wallar

Information on withdrawing $1000 out if my IRA. I heard on one of the news conferences they are waving the 100 o/o
Fee associated with that. ????

Chris

I was reading all the comments and it is sad to read that bank only respond:-- someone will make you a call about. but you do not publicly make the answer of whether or can not, or we can, if it is public why answer privately? We all want to know the same about payments, either from Cars or credit cards at least in my case I wise not charge interes for 2 month in my CC, because we use at lot for the same circumstance in groceries, and I can do minimum payment requirement ea month.. Thank you

Chris

was reading all the comments and it is sad to read that they only respond someone will make you a call about. but they do not publicly make the answer of whether or not I can, if it is public why answer privately? We all want to know the same about payments, either from Cars or credit cards ect

Cara at CommunityAmerica

Krystea & Edith: Thanks for reaching out to us! One of our teammates should be giving you each a call to answer your questions. -Cara

Krystea Castro

It's April 3, how do we apply for PPP? It says on your website it will be available through online banking but when I sign in, I don't see anything. Please provide a link to apply through online banking. I have the application from SBA, now what do I do with it? Please advise.

Edith

I would like to know if I can differ my payment for this month?

Cara at CommunityAmerica

Chad, Lauren, Sherry & Terri: Thanks for reaching out to us! We've passed your messages along to our call center team and one of our teammates will be giving you a call. Thanks! -Cara

Terri Hibbs

Was wondering about payment forgiveness or deferred payments on my car note, credit card and loan payments due to this pandemic

Sherry

Same question defer car payment can I?

Lauren

Due to COVID19, I was laid off one of my jobs and was wanting to know about deferring my car loan and personal loan for a month or two.

Chad

Will I be able to defer my car payments for a couple of months because of financial hardship caused by COVID-19?

Cara at CommunityAmerica

Travis & Jose: Thanks for reaching out to us! One of our teammates should be giving you each a call to answer your questions. -Cara

Jose Barajas

I am suffering financial hardship. Is it possible to suspend my car payments for 3 months?

Travis Plueger

Any chance I can defer my auto loans? Due to the Covid-19

Cara at CommunityAmerica

Jennifer & Tim: Thanks for reaching out to us! We've passed your messages along to our call center team and one of our teammates will be giving you a call. -Cara

Jennifer Lynd

needing my auto loan deferred

Tim James

Can I defer paymenta on my auto loan and credit card due to my income being affect by covid19?

Cara at CommunityAmerica

Michelle & Dave: Thanks for reaching out to us! One of our teammates should be giving you each a call to answer your questions. -Cara

Dave

Laid off, and would like to see about deferring/pushing back payments. Please contact? Thanks so much!

Michelle Fouse

Will I be able to defer my car loan for 3 months?

Carynn Felgate

Hi Debbie! Thank you for your questions! We've passed your question along to our call center team and one of our teammates will be giving you a call this afternoon. Thanks! -Cara

Debbie Beckford

During this difficult time with Covid-19, Would I be able to defer my mortgage payment for 3 months?

Cara at CommunityAmerica

Hannah & Bibin: Thank you for your questions! We've passed your questions along to our call center team and one of our teammates will be giving you a call shortly. -Cara

BIBIN BAZUNU SALAMI

Would I be able to defer or reduce my payments due to Covid19? I have always made on time payments and I would also like to know if this will affect my credit

Hannah Reedy

Will Community America be deferring loan payments for those affected by Covid-19? My partner was laid off so our financial situation has changed drastically.

Cara at CommunityAmerica

Hi Randall! Unfortunately we were unable to find your phone number during this time. Please give us a call at 866.666.2206 and we'd more than happy to answer any questions you may have. Thanks! -Cara

Cara at CommunityAmerica

Heidi, Beverly and Randall: Thanks for reaching out to us! We've passed your messages along to our call center team and one of our teammates will be giving you a call. -Cara

Heidi Morrison

Hi, I am finding myself in financial difficulties due to losing my job because of the virus , I made one payment on my Kia but I was wondering if I could differ March payment on the Hyundai Santa Fe

Beverly Baker

We accepted the offer and skipped our two loan payments at Christmas time. But now with covid-19 our financial situation is quite different. Wanted to know if we're eligible to skip a couple payments do the covid-19?

RANDALL G SIPES

Can you please contact me about the financial difficulty we are in because of Covid 19 Crisis?

Cara at CommunityAmerica

Merle, Joni and Samuel: Thanks for reaching out! One of our teammates should be giving you each a call very shortly to answer your questions. -Cara

Samuel Ibarra

Skip 3 payments on my car loan?

Joni B

I'm wanting to know if differing a payment or two during this difficult financial time due to looks of income from the virus?? I've seen where other Banks are giving this option and I really don't want to be penalized for something I don't have much control over. Help.

merle shultz

Can I defer or skip a couple payments on my car loan?

Merle
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