3.20.2020 Fox 8 News

CLEVELAND (WJW) — The banking industry, like many others, is responding to the coronavirus pandemic and starting to put new measures in place.

Nik Wearsch, a financial advisor with Carver Financial Services in Mentor, said he always encourages clients to be prepared for the unexpected but not to panic.

“If you’ve got your immediate provisions set aside, food, a little cash, and then within your account you have money to carry you through a few months of needs, then there’s no need to make an immediate change,” Wearsch said.

He noted the federal government made changes after the 2008 financial crisis to support banks.

“I don’t think people should be worried about the bank not having enough money because the government’s already putting a lot of that emergency procedures in place,” Wearsch said.

He said most banks are federally insured. At FDIC-insured banks, all deposit accounts are covered up to $250,000 per depositor, per insured bank.

Any opinions are those of Nik Wearsch and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.

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