Timberland Bank, WSECU close branch lobbies; access still available in special cases
Two financial institutions with a major presence in Thurston County have decided to close their branch lobbies in an effort to slow the spread of coronavirus.
Washington State Employees Credit Union closed lobbies on Tuesday and Timberland Bank was set to do it Wednesday.
Representatives of both financial institutions emphasized that although lobbies are closed, banking can still be done online, over the phone, in a drive-thru and via automated teller machines, or ATMs.
And special access to lobbies will still be granted if customers need to access a safe deposit box or sign off on loan documents, for example.
Timberland Bank President and Chief Executive Mike Sand said the bank decided to close its lobbies after bank leaders surveyed employees, some of whom disclosed that they had underlying health concerns or are of an age that has them worried.
“We also need to protect people in our lobbies,” he said.
Timberland’s lobbies will be closed through the end of March.
WSECU spokeswoman Morgan Huether said whether to reopen its branch lobbies will be “assessed daily.”
Sand also dispelled a rumor that banks were limiting withdrawals. That is not the case, he said. However, if a customer walked in and wanted to withdraw $100,000 cash on the spot, the bank would not be able to accommodate that customer immediately, but would over a period of days. He said most bank lobbies don’t have that kind of cash on hand.
Sand wanted to reassure customers that banks are operating from a position of strength in the current economy, unlike the financial crisis in 2008, which led to a lot of bank closures. He said banks have a lot of capital, strong earnings and lots of liquidity.
“There’s nothing to be feared from the banking industry,” he said.
WSECU’s Huether said the credit union is waiving some fees, including for skip-a-pay and pay-by-phone. It also is offering emergency loans, financial coaching and loan modifications.
For those who need to access a branch lobby at WSECU, call 800-562-0999.
For those who need to access a branch lobby at Timberland Bank, call 800-562-8761.
This story was originally published March 18, 2020 at 5:45 AM.
