Mississippi banks address impact of coronavirus (COVID-19)
The Mississippi Bankers Association (MBA) is working closely with its member banks across the state to monitor and proactively address the Coronavirus (COVID-19) pandemic.
Mississippi banks are safe, sound, and as committed as always to excellent customer service and supporting Mississippi's economy. Federal and state regulation requires financial institutions to have continuity plans and testing processes in place for emergency scenarios including pandemics, so you can trust that your bank is prepared and that your funds are safe and will remain protected and accessible. Mississippi banks hold more than $55 billion in deposits, and nothing is safer than an FDIC-insured bank deposit. Current capital levels in the banking industry are very high, which means banks are well-positioned to withstand the economic impact of this challenging time and to help their customers do the same. Mississippi banks are committed to helping customers and will work with them during and after this uniquely challenging situation. Each of our member banks are invested in their local communities and will work to help support Mississippi businesses and do their part to stabilize the local and national economy.
The highest priority of the banking industry is the health and safety of our employees, customers, and communities, and the MBA and our member banks are taking many precautions and proactive measures to help combat the spread of the virus, especially in regard to physical operations in their lobbies. Banks are closely reviewing their individual situations in each community around the state. Some banks are taking steps to mitigate the spread of the virus by closing lobbies when necessary and using drive-through options, encouraging digital banking, use of ATMs, and requiring appointment-only loan meetings in some instances. Banks are keeping their customers aware of their interim practices via social media, branch signage, and other forms of notice. If you plan to visit your bank in person, please check online or call ahead to inquire about special practices at your branch of choice and be prepared for the lobby to be closed to public use as a precautionary measure.
Additionally, during uncertain times like these, it is smart to operate with heightened awareness around anything that could potentially be fraudulent activity or a possible scam. Your bank is an excellent resource for helping identify many types of consumer fraud activity including investor scams, impostor scams, and product scams. The Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury, has identified these types of scams to be the most prevalent scams arising in result of fear and panic initiated by the coronavirus, and we encourage Mississippi consumers to be alert and consult their banks before completing transactions. Scammers are using the coronavirus as an opportunity to defraud Mississippians, and we encourage customers to be in close communication with their local banks to stay up to date on their institution's latest information.
The Mississippi Bankers Association is routinely communicating with state and federal bank regulatory agencies, our member banks, and national organizations to ensure the efficient and effective delivery of banking services, up to date information, and access to liquidity. Together Mississippi's banks and bank customers will get through this difficult time.