COVID-19 Member FAQ

As a federally insured credit union with exceptional financial stability, we can say with confidence that your funds are safe and secure with SELCO. SELCO accounts are federally insured by the National Credit Union Share Insurance Fund up to $250,000, with additional coverage provided for different ownership interest and account types (this is a safety net that wasn’t in place during the great market crash of 1929). In fact, no American has ever lost a single penny on their insured accounts at any federally insured credit union in the US. There’s really no better place for your money.

Should I withdraw cash?

Some “experts” are advising Americans to withdraw extra cash as protection during this pandemic. We strongly advise against that, here's why:

• Cash is vulnerable to theft, fire, and other forms of loss. And once it’s lost, it can’t be replaced.


• Keeping it at SELCO (where it’s federally insured) and using a debit card for purchases is much safer. If your card is lost, stolen, or destroyed, it can easily be replaced.


• Cash isn’t required. There are many secure ways to make purchases and pay bills without cash.


• Cash is tempting. Having large amounts in your wallet or at home may tempt you to spend money you wouldn’t otherwise. Why not leave it where it’s secure and earning dividends?


• Cash can be dirty. You never know where it’s been, and handling it can be especially risky right now.

Throughout our 84-year history—from the Great Depression of the 1930s, to the Great Recession a decade ago, to today—we’ve served members without interruption. You can count on that to continue. Our regulatory examiners rate SELCO among the strongest credit unions in the Pacific Northwest. With $1.8 billion in total assets and a net worth ratio of nearly 12%, which far exceeds regulatory standards, we are well positioned to support each of our 140,000 members through challenging times like this.

While we aren’t aware of any COVID-19 scams targeting SELCO members, the Federal Trade Commission offers ways to protect yourself from possible COVID-19 scams.

As a reminder, SELCO will never ask for your PIN or online banking password, nor do we have access to your PINs. If anyone tells you otherwise, it’s not us! Delete the email or end the call and notify us right away at 800-445-4483.

Please visit the IRS’s Advance Child Tax Credit Payments page for information on payment qualifications, amounts, schedules, and more.

Please visit the IRS’s Coronavirus Tax Relief and Economic Impact Payments page for information on payment eligibility, amounts, schedules, and more.

Is there anything special I should do in order to receive my economic impact payment?

Make sure the IRS has your SELCO account information so the payment can be directly deposited to your account.

• If you received a 2018 or 2019 tax refund via direct deposit to your SELCO account, you don’t need to do anything. The IRS will use the routing and account numbers on file to send your payment electronically.


• If you are a Social Security or Railroad Retirement recipient who typically isn’t required to file a tax return, you’ll receive your payment the same way you receive your benefits, either by direct deposit or check.

Instructions on how to find your account information needed to set up direct deposit are on SELCO’s Tax Forms page.

How will I know when a direct deposit is made to my account?

You have 24/7 access to your account in online banking and through the mobile app. The payment will show as “pending” for up to 24-48 hours prior to posting to your account.

If I receive a check in the mail, what should I do?

Each payee is required to physically endorse the back of a Treasury check prior to cashing it or depositing it. Depositing is easy using the SELCO mobile deposit, at deposit-accepting ATMs, and at any of our SELCO drive-up locations.

For helpful information and mobile deposit tips, check out our Trick to Faster Mobile Deposits QuickTips video.

Please note: We are not accepting paid-over stimulus checks or checks made payable to nonmembers.

Designed as a relief package for Americans during the COVID-19 pandemic, the CARES Act includes changes that allow more flexibility with Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). (For changes to IRA requirements as part the 2019 SECURE Act, visit our New Year Jumpstart Guide.)

Am I required to do anything different with my IRA or HSA in 2020?

No. Taking advantage of the changes is completely optional.

What is the 2020 deadline to make 2019 IRA and HSA contributions?

You have until July 15, 2020, to make contributions for 2019.

Am I required to take a required distribution in 2020 from my IRA?

You are not required to make a distribution in 2020. If you do take a distribution and change your mind, you have 60 days from the distribution date to pay it back.

What if I need to withdraw money from my IRA to cover COVID-19-related hardship?

You are eligible for penalty-free hardship distributions, regardless of age, if you meet any of the following conditions:

• You are diagnosed with COVID-19.


• You have a spouse or dependents diagnosed with COVID-19.


• You experience financial disruption due to quarantine, furlough, layoff, or reduced work hours, or if you’re unable to work because you need to provide childcare.


• You are a business owner who had to reduce business hours or close due to COVID-19.


• You experience any other circumstance deemed eligible by the Secretary of the Treasury.

Qualifying early withdrawals due to COVID-19 can be repaid over tax years 2020, 2021, and 2022. The IRS will publish additional repayment guidance at a future date.