Mar 31, 2020 / News

Coronavirus: What to expect regarding your personal finances

As the situation surrounding coronavirus (COVID-19) continues to evolve, we want you to know that we’re here for you. A worldwide pandemic is never an easy thing to endure. It introduces fear and worry for personal health and safety, as well as economic stability. But as the world and our own community navigates this difficult time, we take comfort in knowing that we’re all in this together.

As a credit union of members, we’re here to help each other weather the personal and financial storms. Many people don’t know that Utah First was born out of the Great Depression. In the midst of economic instability in 1935, our first members banded together to form a grassroots credit union to serve all members of the community. In the 85 years since, our credit union and our community have seen troubles come and go. We have weathered storms before, and we are confident that the future is bright for Utah and for our members.

At the same time, we understand that you have concerns regarding your personal finances. While it’s difficult to say how long this health crisis will last, some experts are predicting the economic downturn will last several months. The federal government has finalized a stimulus to spur the economy and help individuals and families. But we understand the financial impact will be felt in our community and among our members. We want to be proactive during this difficult time to address your concerns and help you find peace of mind.

Our services are available to you

As a start, our credit union remains open to serve you and your financial needs. Our branch drive-ups are open for business, and select lobbies are open for those that require in-branch services.  We consider your personal health and safety a top priority. We’re taking a number of precautions to keep you, your family, and the community safe. These include hourly cleaning of surfaces in every branch and limiting the number of staff allowed in our branches at a given time.

Of course, you can always utilize our online banking, mobile app, and live phone support services at any time. A Utah First representative is available 24/7 to answer questions and provide account support at 800-234-0729.

Let’s work together to find solutions

We also understand that the spread of the coronavirus has introduced financial challenges for many, resulting in job loss, reduction of income, and unforeseen difficulties. If you are in this type of situation and your finances have been significantly impacted, we want to work together to find solutions.

While we have not received government money that would allow us to forgive loans or interest, we have been granted the regulatory leniency to defer loan payments and to allow delinquency for some members whose incomes have been affected. You can email [email protected] or leave a message at (385) 465-3330. Include your name, your account number, and phone number. We have a team dedicated to providing fast, personalized responses to each message.

Your money is safe

Lastly, we want to assure you that your balances at Utah First are entirely safe, no matter how volatile the broader economy becomes. You should have complete peace of mind knowing that we will remain in operation with only minor adjustments to hours. Please reach out with questions about any financial products or needs you may have during this time.

Above all, we’re here for you. Let’s continue to work together as a community to put Utah and our people first. Stay safe, be well, think optimistically, and let’s get through this challenging time together.