BAY COUNTY Fla. (WMBB) — There is still great uncertainty when it comes to COVID-19, but one local bank said, even though this unknown, there are more money deposits now than last year this time.
Tyndall Federal Credit Union has grown over 100 million in assets since the beginning of the pandemic. They are comparing it to what they saw after hurricane Michael.
“Huge influx of the government stimulus money, and with that, you know, we’ve seen most people saving onto it,” said Jay Foote the Chief Lending Officer at Tyndall Federal Credit Union. “They are holding onto it for a rainy day.”
At the beginning of the pandemic, many people took money withdraws from their accounts, but Footesaid that is no longer the case.
“Continuing to save save save,” said Foote.
Speaking of saving, bank members have seen a mortgage refinance boom during the pandemic. Although banking has not looked the same.
“Obviously, not having our branches open for the safety of our members,” said Foote. “You lose a little bit of that contact. But one of the things we did was create a video online chat solution”
There has been an increase in wait times through their call center and video chats.
“We’ve been able to weather it really well,” said Foote. “I would say slightly elevated but the flexibility is there.”
Members can use the Tyndall video app and still feel secure.
“If a member wants to open up a new account, we can request to see their ID right through the video call,” said Elizabeth a Tyndall Federal Credit union employee.
Foote said just like after the hurricane, they have had to adapt to fit needs of their customers.
Their lobby’s will remain closed to members but drive-through locations will stay open, but if you chose to use the call center, there may be some delays.