Association of Military Banks of America

Banking in the Time of Coronavirus

As Americans find new ways of getting things done while confined to their homes, mobile and online banking may be on their minds now more than ever.  Before the COVID-19 pandemic, a 2017 Federal Deposit Insurance Corporation (FDIC)  study found that 73.6% banked households visited banks to access their accounts in the previous 12 months.  Despite the trend toward mobile and online banking over the past two decades, many Americans still feel more comfortable using personal bank teller services.   COVID-19 has changed that, at least in the short-term.  It remains to be seen whether the pandemic and our efforts to mitigate its spread will forever change how we get things done – including banking – once the virus goes away.

The FDIC created a great page on their website to address this unique situation and help Americans find banking options that may work better for them.  It offers tips, information, and lists of banks — members of the BankOn program, the American Bankers Association and the Independent Community Bankers of America — that offer remote account openings.  Because military families also face unique financial challenges during this crisis, we’re proud that many AMBA member banks also offer online banking and are on these lists.

Finally, to help veterans find financial institutions familiar with their financial needs, AMBA partnered with the Veterans Benefits Administration to establish the Veterans Benefits Banking Program.   The program’s participating banks and credit unions offer veterans and their families safe, reliable, flexible, and less expensive ways to receive and manage their VA monetary benefits.  Visit www.veteransbenefitsbanking.org for more information.