PORTLAND, Ore. April 6, 2020—Communities across the country are feeling the impact of temporary closures of businesses, schools and public facilities. During uncertain times, many feel anxious about how they will cope with unanticipated changes or hardships. OnPoint Community Credit Union is equipping the communities it serves with practical advice for protecting finances amid COVID-19.
"OnPoint's purpose is to build strong communities by supporting financial growth and well-being, one person at a time," said OnPoint President and CEO Rob Stuart. "COVID-19 is an unprecedented national emergency and we must all work together to reduce its overall impacts to allow families to recover once it has passed. As part of these efforts, we are working to support our neighbors with the information they need to prepare for and manage the financial impacts of COVID-19."
Below are OnPoint's top tips for protecting finances amid COVID-19:
Your first actions
Protect yourself from scams
Scammers can be more active during uncertain times. To protect yourself and your family:
How OnPoint can help
OnPoint is working with its members on an individual basis to address their specific needs. Special offers include:
Know your resources for job loss
With mandatory and recommended closures of businesses and large numbers of people staying home, the crisis is bound to impact the income of workers and business owners. During this time, it's important to understand what options are available from financial institutions, utility companies, and governments that may be offering new programs, special considerations, or grace periods.
The coronavirus relief bill, which was signed into law last week, significantly expands unemployment insurance for out-of-work Americans, including larger checks, a longer eligibility period, and an extension to previously ineligible workers.
Address investment concerns
Your investment strategy should match where you are in your retirement planning and for some, that may mean your portfolio will move to lower risk options as you near or enter retirement. This can help protect you from market fluctuations.
If your retirement is still a ways off, it's likely best for you to take a long-term approach to financial planning and try not to fixate on the day-to-day valuations of your 401k or other assets. If you are feeling uneasy or want to ensure that your retirement plan is still on track with your goals, seek the guidance of a Financial Advisor with a reputable affiliation.
Engage the family
Children may sense your stress but not understand how your financial situation has been affected, causing them to feel uneasy. When appropriate, explain the need to cut back temporarily and discuss the news calmly and simply. Making time to discuss what changes you are anticipating and how everyone can contribute toward the family, including:
To learn more about how OnPoint is supporting members, employees and the community throughout the COVID-19 crisis, please visit onpointcu.com/covid-19.
ABOUT ONPOINT COMMUNITY CREDIT UNION
OnPoint Community Credit Union is the largest credit union in Oregon, serving more than 395,000 members and with assets of $6.5 billion. Founded in 1932, OnPoint Community Credit Union's membership is available to anyone who lives or works in one of 13 Oregon counties (Benton, Clackamas, Columbia, Crook, Deschutes, Jefferson, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill) and two Washington counties (Skamania and Clark) and their immediate family members. More information is available at www.onpointcu.com or 503-228-7077 or 800-527-3932.
###