Minnesota Department of Commerce Commissioner Steve Kelley clarified that financial institutions — including banks, credit unions, and other related institutions — are identified as critical sectors in the economy, and they will remain open under Gov. Tim Walz’s “shelter-in-place” executive order.
“Gov. Walz’s executive order makes clear that financial institutions play a key role in Minnesotans’ lives and that these businesses can and must remain open during this crisis,” Kelley said. “Banks, credit unions, and other financial institutions that handle our money provide essential services. … Bank customers and credit union members can have the peace of mind knowing their deposits are secured through the Federal Deposit Insurance Corporation (FDIC) for banks, and the National Credit Union Administration (NCUA) for credit unions.”
Both FDIC and NCUA provide federal insurance up to $250,000 per depositor per institution.
“While it is natural to worry about the safety of your money in uncertain times,” said Commissioner Kelley, “I hope Minnesotans will avoid making decisions based on panic or fear.”
Consumers are urged to work with their financial institution, bank, or credit union on any financial concerns they may have — rather than withdrawing large amounts of cash. Money at home can be stolen, lost, or damaged. However, money in a bank or credit union is secure.
Brian Strub is assistant director of communications for the Minnesota Department of Commerce.