Idaho financial institutions deal with COVID-19 coronavirus

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In response to COVID-19, a number of banks and credit unions are taking steps to protect their customers and employees, including converting to drive-thru only, limiting hours and closing some branches.

“We are hearing from both credit unions and banks that many are closing their lobbies and routing customers through the drive-thru and other electronic means of financial transactions,” said Patti Perkins, director of the Department of Finance, in an email message. “For transactions that must occur face-to-face, such as safe deposit access, most financial institutions are accommodating this through appointments.”

Limited access, limited hours

Mountain West Bank, based in Coeur d’Alene, has temporarily closed the lobbies of its branches, the organization said in a statement. However, all its drive-thru windows will remain open. In addition, consumer, mortgage and business lending functions will remain available by appointment, though the bank asks anyone feeling ill not to schedule in-person appointments.

Similarly, Zions Bank said it was limiting customers to drive-thru teller service Monday through Friday from 10 a.m. to 4 p.m.

“Branches without drive-up accommodations (which include Hailey, New Plymouth and Twin Falls Eastland) will temporarily close,” said Toni Nielsen, western Idaho region president, in an email message.

“We have asked our members to use our phone and online services, including VideoChat, for as many of their banking needs as possible,” said Laura Smith, director of public relations for Chubbuck-based Idaho Central Credit Union (ICCU), in an email message. “Our drive-thrus and ATMs are open for transactions. Our lobbies are temporarily closed. Very limited lobby access is available by appointment only.”

“We are allowing our members to reach us by appointment only for those needs (access to safe deposit boxes, problem resolution, as examples) that can’t be completed through our numerous other delivery systems, including online and mobile banking, drive-thrus, ATMs, phone banking, e-services, call center, etc.,” said Connie Miller, president and CEO of Icon Credit Union, in an email message. “Icon is increasing team members to help with the increased calls and overflow help members may need.  We are intending to remain fully staffed through this temporary disruption.”

STCU, with branches in North Idaho, closed its Rathdrum and downtown Coeur d’Alene branches, and converted the Silver Lake branch in Dalton Gardens to drive-thru only.

KeyBank is also moving to drive-thru and appointments only, the company said in a statement.

Wells Fargo is also closing some branches and limiting lobby access to appointments, but couldn’t say specifically which Idaho branches would be affected.

“We will keep our focus on branches that serve a high volume of customers and that are geographically dispersed to make them accessible to customers,” said Julie Fogerson, assistant vice president of Idaho regional communications in Boise, in an email message, “Branches will remain open near ones that have closed.”

Nationally, Chase Bank is closing about 1,000 of its branches, or about 20%. In Idaho, closures are limited to branches inside Fred Meyer grocery stores, said Darcy Donahoe-Wilmot, a spokeswoman for Chase Bank. Open branches will have reduced hours.

Helping hands

Financial institutions also noted they were willing to help businesses in difficulty, encouraging them to reach out to their relationship managers.

“We stand ready to help in every way we prudently can, including providing payment deferrals and loan extensions, when conditions permit, to customers adversely affected by the impact from the coronavirus,” Nielsen said.

ICCU has created two borrower assistance programs for qualified people, Smith said.

“The first is a fixed rate signature loan with no payments due for 90 days,” she said. “The second is an offer to skip a payment on consumer loans. We are also providing assistance programs for our business members as needed.”

Icon is offering a similar program, Miller said.

“We are offering two programs to our members, one an Iconic Lifeline Loan for 15 months, no payment for 90 days, and fixed 2.99%,” she said. “We are also working with our members with a 60-day skip-a-pay program.”

KeyBank clients may be eligible for a forbearance or extension, waived fees (late or overdraft) or waived penalties for early CD withdrawal, the company said. Also, KeyBank’s Borrower Assistance program is available for clients with certain loans with KeyBank. The company is also launching Temporary Assistance Loan, a short-term unsecured personal loan featuring same-day approval and next-day funding, with low rates.

Nationally, Wells Fargo said it had suspended residential property foreclosure sales, evictions and involuntary auto repossessions.

Idaho financial institutions emphasized deposits were safe as well.

“We want to assure consumers that they do not need to withdraw large amounts of cash at this time,” said Lynn Heider, vice president of public relations for the Northwest Credit Union Association (NWCUA), in an email message. “Their money is safer in a credit union, where it is insured up to $250,000, than it is in their pocket. If their cash is stolen it cannot be replaced. Their debit and credit cards are as good as cash and are a safer, more convenient way to make purchases.”