Banking and Lending Pros: Gratitude Series Part 2

When quarantine went into effect around the globe, and many people were told to shutter their “non-essential” businesses, panic surged through the economy. The people who stood tall in faith were the bankers. Their message was clear and concise: “Our economy is strong. We will get through this.”

Lenders have so often been demonized in our culture, and although it is true that predatory lending practices have led to hard times even in recent years, the truth is our banking system has maintained consistency and stability in good times and in bad.

When the Fed announced a Small Business Loan program, the bankers and the lenders of the world went to work. They have been tirelessly answering calls and reviewing applications from around the world to make sure that people had two basic necessities: funds to survive the immediate crisis, and resources to plan for the uncertain future beyond the pandemic. 

These heroes in the lending industry have funded loan packages without taking bonuses for themselves. Many of them are working seven days a week and up to 100 hours each week to process applications. And while customers are home on unemployment benefits, some earning more than they did when they were working, the men and women who work for banking institutions do not get a raise. In fact, they have moved their War Rooms into their living rooms. Between hours of reading applications, they received virtual training. When they weren’t on the phone processing, they were figuring out how to setup virtual networks. In the midst of the storm, many of these people learned for the first time how to operate remotely with little support. Translation: They have taken on extra duties, and they are not being compensated for it.

So, the next time you are on the phone with your bank, remember to be patient. The person you are speaking to has made tremendous personal sacrifices to protect your privacy and financial security, and to keep the wheels of the economy turning.