ICBA Shares Financial Preparedness Tips for Consumers as National Preparedness Month Approaches

Washington, D.C. (Aug. 30, 2024)-With National Preparedness Month scheduled for September, the Independent Community Bankers of America (ICBA) and the nation's community banks urge consumers to take essential steps to bolster their financial readiness. In 2024 alone, there have been 19 confirmed weather and climate disaster events in the United States, devastating families and costing billions in damages.

"Disasters can occur unexpectedly, making it crucial for individuals and communities to be well-prepared to respond swiftly and effectively," ICBA President and CEO Rebeca Romero Rainey said. "While the increasing frequency of such severe weather events presents real challenges, proactive planning, community support, and compassion can help minimize financial hardships while fostering a sense of unity and resilience in the face of adversity."

ICBA recommends the following measures for individuals to prepare for emergencies:

• Assemble a disaster kit with essential items and create an emergency plan that includes evacuation instructions.

• Establish a family communication plan to ensure loved ones can stay in touch during emergencies.

• Open an emergency savings account, and keep a small amount of cash on hand for urgent purchases if electronic payment methods are unavailable.

• Secure important documents such as identification, property deeds, insurance policies, bank and investment account information, and tax returns (up to three years) in a safe-deposit box.

• Take inventory of personal and household valuables to assess potential replacement costs.

• Consult your insurance agent or visit the Federal Emergency Management Agency (FEMA) website to determine the necessity for flood insurance. Visit Ready.gov for additional tips, advice and resources before an emergency or disaster.

In addition to supporting individuals and families, ICBA encourages businesses and organizations to create continuity plans to ensure they can maintain operations during emergencies. A well-structured continuity plan helps mitigate disruptions for employees and customers.

The ICBA Foundation Disaster Relief Program is also available to support community banks and their employees affected by presidentially declared or state governor-declared disaster areas.

About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.