As our nation deals with the increased uncertainty around COVID-19, communities are responding with the closure of businesses, schools, public facilities, and the cancelation of large public events, which can lead to a loss of income or financial anxiety for many.
Here are some tips to help you plan for potential impact to your finances.
I’m worried about my bills.
If you think you might have trouble paying any loans or bills, or might not be able to pay on time, being proactive is your best bet: reach out to lenders or billers to let them know about your situation, and discuss any options that may be available to you.
Do you have any scheduled or recurring payments set to go out this month? What about any recurring subscriptions you might be able to pause or cancel? It’s a good idea to double check in case you need to make a change.
Alaska USA encourages you to contact the Member Service Center, 24/7, if you’re experiencing financial hardship for any reason, including COVID-19. Don’t hesitate to call 800-525-9094 to discuss your situation.
What if I lose my income?
In addition to contacting the Alaska USA Member Service Center, both state and local governments may have programs available to help you. Check your state unemployment policies here.
Seniors are experiencing the COVID-19 impacts in different ways, and there may be state or local assistance available for older adults. Visit benefitscheckup.org for more information.
Avoid withdrawing excessive cash.
Anxiety can cause people to make rash decisions about their finances, including things like withdrawing large amounts of cash from their accounts because of market instability.
It’s important to remember that the money in your Alaska USA Federal Credit Union savings and checking accounts is not tied to the stock markets and is fully insured by the NCUA for up to $250,000.
Beware of scams.
Unfortunately, fraudsters are using fear and urgency tactics around COVID-19 to prey on consumers. They may mimic communications from expert sources such as the CDC, the World Health Organization, or other “official” sources. Do not respond to, click any links, or open attachments you receive from suspicious emails or texts. Alaska USA will never call or email you asking for your account information. When you call the credit union, you will be asked questions to verify your identity.
For additional security tips, read our article on Safe Online Browsing.