COVID-19 Daily News

Banks to Remain Open, While Consumers Encouraged to Bank Electronically

BOSTON — The Massachusetts Bankers Assoc. (MBA) announced that banks throughout the Commonwealth will remain open while keeping their customers and employees safe. According to Gov. Charlie Baker’s order Monday to close most businesses, financial institutions such as banks are considered essential services and will not be subject to the closure.

“While we strongly encourage all Massachusetts residents to heed the governor’s stay-at-home advisory and use online or mobile banking, consumers will continue to have access to banking services during the mandatory non-essential business closure,” said Daniel Forte, MBA president and CEO. “The safest place for your money right now is in your local bank where it is insured up to $250,000 by the Federal Deposit Insurance Corporation. Many Massachusetts banks also have excess insurance to protect your funds.”

Consumers needing access to banking services should check with their institution, as many banks have closed branch lobbies, reduced hours, or shifted to drive-through only at some locations in an effort to protect their customers and employees. However, bank staff are available to serve customers and answer questions. In addition, access to funds through online and mobile banking, ATMs, and point-of-sale transactions remains available during this time.