Dear Fellow Members,
In the most aggressive action since the 2008 financial crisis, yesterday the Federal Reserve cut their interest rates to zero. This action was taken in an emergency effort to protect the economy from the impact the coronavirus is having on our country.
What does this mean to me?
The effects of the Federal Reserve’s action will include a decline in both deposit account and loan rates offered by banks and credit unions. While mortgage rates are already at or near historic lows, other loan types will also be affected. However, some products such as credit cards and home equity lines of credit may only adjust during certain times of the year as specified in the loan documents and disclosure statements. I encourage you to review your account statements to determine the specific effect on your accounts.
What can I do to help protect and manage my money during this challenging time?
- As savings rates decline, be sure to look at alternative products such as CD’s or our iSAVE products which can offer higher yields than traditional savings accounts and money markets.
- Look to consolidate higher fixed rate interest loans and credit cards with a new lower rate product. Be sure to visit our website to learn about the NEW consolidation loan promotion currently being offered.
- Contact Bob Protesto our Certified Financial Planner for a personal assessment of your current retirement and investment plans to make sure you’re prepared to weather the storm.
- Make sure we have your most up to date contact information, including emails and phone numbers as we will be passing along important information through all available channels to keep you informed of current events, operational changes or changes in schedules.
- Don’t panic. In the financial world, most hasty decisions tend to create more problems than they solve. Your DELCO Credit Union has been helping its members achieve their financial goals and dreams for 68 years and we’ve seen lots of up and downs over that time. We’ll be here to help you through this time too.
And remember, as our community deals with the person to person impact of the coronavirus, you can visit us on the web or conduct your banking needs right on your mobile phone with the BHCU mobile app from the convenience of your own home. You can also reach BARB, our bank by phone automation system, by calling 1-610-595-2929, then choosing option “5”.
We hope you all stay well and appreciate your continued support of Your Delaware County Credit Union.
Gary M. Golden