Austin, Texas - Independent Bankers Association of Texas (IBAT) President and Chief Executive Officer Christopher Williston issued the following statement in regard to the safety and soundness of the banking system during the COVID-10 pandemic.
“IBAT, along with the Federal Deposit Insurance Corporation (FDIC), wants to remind and reassure Texans—and those across the country—that the safest place for their money is in a federally insured bank, which all Texas community banks are. Since 1933, no depositor has lost any FDIC-insured funds. The safety and soundness of the entire banking system is, and will remain, secure and unchanged.
“If a bank has announced limited branch hours or specific lobby closures, it is in preparation to remain open and ready to meet all customers’ financial needs throughout this pandemic—however long it may last. Texas community banks are committed to protecting the health and safety of both customers and employees. Full banking services can be accessed through other locations (if a specific branch is closed) or by utilizing technology, drive-through services and/or person-to-person telephone interaction.
“Consumers should be aware of recent scams in which bad actors pretend to be FDIC representatives to perpetrate fraudulent schemes. The FDIC warns that consumers may receive false information regarding the security of their deposits or their ability to access cash—this is a scam. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information, so please never respond to these requests.
“To reiterate, the safest place for Texans to keep their money during this time of uncertainty is a bank, where they will always have full access to it. On behalf of the Texas community banking industry, I urge consumers to not let fear drive decisions and instead rest assured that our banking system remains safe and sound.”
About the Independent Bankers Association of Texas
Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation with membership comprised of more than 2,000 banks and branches in 700 Texas communities. Providing safe and responsible financial services to all Texans, IBAT member bank assets range in size from $21 million to $31 billion with combined assets statewide of $193 billion. IBAT member banks are committed to supporting and investing in their local communities.