In a world that is used to instantaneous results, it is important to have patience with your finances during uncertain times.
Cash and Deposits
American takes the safety of your money seriously. Rest assured, you will have continued access to your funds in the bank. These funds are FDIC-insured up to $250,000. Your deposits are secure and because banks are considered an essential service provider, will continue to be available.
Loans and Interest Rates
We are here for you during this time. If you need assistance or have questions about your loan with Prairie Mountain Bank, please contact us or your advisor directly. We are happy to discuss your options.
It takes approximately four to six months for the economy to see the effects of interest rate changes. It takes time for the economy to see the effects of refinancing, purchases and building that is and will be happening.
Investing Have patience and avoid panic selling during this economic downturn, especially if you are a long-term investor.
It is also important to remember that in 2008 the United States experienced a financial crisis. What we are experiencing today is an economic downturn due to a medical crisis. The US economy was in great shape four weeks ago. We are seeing the effects of a quarantine and the best thing we can all do is abide.