Jake Miller
The COVID-19 pandemic has raised questions about vaccine eligibility for various groups, including bank employees. While some countries and states have prioritized essential workers, including those in the financial industry, others have not explicitly included bank staff in the early phases of vaccine distribution. Bank and credit union groups have advocated for their front-line workers to be prioritized, and some banks have taken steps to offer vaccines to their employees. Ultimately, the decision regarding eligibility and prioritization lies with individual states and their health authorities, who base their determinations on recommendations from public health organizations.
| Characteristics | Values |
|---|---|
| Bank employees' eligibility for Covid vaccine | Bank employees were not mentioned until the third phase of vaccine recipients, but bank and credit union groups are pushing to include front-line workers in the next priority group. |
| Companies mandating vaccines for employees | McDonald's, Goldman Sachs, Ford, General Electric, American Express, Deutsche Bank |
| Companies offering paid time off for Covid-19 vaccine | Bank of Montreal (BMO), Wells Fargo |
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What You'll Learn
- Bank employees' eligibility for Covid vaccines depends on the state
- Bank and credit union groups are pushing for frontline workers to be prioritised
- CDC recommends bank workers be included in the third phase of vaccinations
- Some banks are offering on-site Covid-19 vaccines for their employees
- Some banks are offering paid time off for employees to receive the Covid-19 vaccine
Bank employees' eligibility for Covid vaccines depends on the state
The COVID-19 pandemic has brought about a discussion on which groups of workers should be prioritized for vaccinations. Bank and credit union trade groups have been advocating for their front-line workers, including tellers and loan officers, to be included in the next priority group for vaccinations.
The Advisory Committee on Immunization Practices (ACIP) has recommended that healthcare workers and residents of long-term care facilities be the first recipients as part of Phase 1a. Banking trade groups, such as the American Bankers Association (ABA), are calling for front-line bank employees to be included in the second group, Phase 1b, along with other essential workers. However, the decision on vaccine prioritization ultimately rests with each individual state's health authorities, who will make their determinations based on recommendations from the CDC and other agencies.
Some states, such as New York, have started offering vaccines to bank employees. Deutsche Bank, for example, is offering the COVID-19 vaccine to all staff and eligible dependents at its New York office, with distribution managed by the state.
While some banks are waiting for government-led vaccination efforts, others are taking matters into their own hands. For instance, investment banks like Goldman Sachs and companies like General Electric are mandating that their employees be vaccinated before returning to the office.
The varying approaches to vaccinating bank employees highlight the complex nature of the issue, with decisions influenced by state-level policies, industry associations, and individual company mandates. As the pandemic evolves, the eligibility of bank employees for COVID-19 vaccines will continue to be a dynamic and state-dependent matter.
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Bank and credit union groups are pushing for frontline workers to be prioritised
Bank and credit union groups have been pushing for frontline workers to be prioritised for the Covid-19 vaccine. The American Bankers Association (ABA) has been at the forefront of these efforts, advocating for tellers and loan officers to be included in the second group of vaccine recipients, Phase 1b. This group typically includes essential workers in industries such as emergency services, education, food, and agriculture.
In a letter to the CDC, the ABA emphasised the regular contact that frontline bank employees have with the public, stating that these workers "face the highest risk of infection and pose the greatest risk of spreading the virus if infected". The ABA also highlighted the essential nature of these employees, particularly in communities where residents may not have access to electronic banking tools.
However, the decision regarding vaccine prioritisation ultimately rests with individual states, and bank employees are not specifically mentioned until the third phase of vaccine recipients in some state plans. While banking regulators provided input on earlier designations for bank workers as "essential workers," they do not appear to have influenced when banks can obtain vaccines.
The Advisory Committee on Immunization Practices, which makes recommendations to the CDC, has been considering which Americans should be next in line for vaccine shots. While health care workers and the most at-risk populations are currently receiving vaccines, the committee's upcoming decision will impact the priority given to bank and credit union workers.
Despite the ongoing discussions and advocacy efforts, the timing of vaccine distribution to frontline bank employees remains uncertain.
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CDC recommends bank workers be included in the third phase of vaccinations
The CDC has recommended that bank workers be included in the third phase (Phase 1c) of COVID-19 vaccinations. This recommendation was made by the CDC's Advisory Committee on Immunization Practices, which voted to include financial services workers in this phase. Phase 1c will also include other workers in sectors considered essential but with a substantially lower risk of exposure to COVID-19.
The American Bankers Association (ABA) and bank and credit union groups have been advocating for including frontline bank employees, such as tellers and loan officers, in the priority group for vaccinations. They argue that these employees have regular contact with the public and are at a high risk of infection. However, the decision on when bank employees receive the vaccine will ultimately be made by each individual state, with state health departments considering the CDC's recommendations.
In Phase 1a, which is already in progress, healthcare personnel and nursing home residents are receiving vaccine doses. This will be followed by Phase 1b, which will include Americans over 75 and frontline workers in emergency services, education, food, agriculture, manufacturing, corrections, postal delivery, public transit, and grocery stores.
Phase 1c, where bank workers are recommended to be included, will also encompass individuals over 65 and those aged 16 to 64 with high-risk conditions. Additionally, workers in various industries will be part of this phase, including transportation, food service, construction, IT, telecommunications, energy, media, legal, safety engineering, and sewer and water sectors.
While the CDC's recommendation provides guidance, the timing of vaccinations for bank employees may vary across different states as they make their own decisions regarding vaccine prioritization.
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Some banks are offering on-site Covid-19 vaccines for their employees
While bank employees are eligible for the Covid-19 vaccine, their place in the priority list varies across different states. The CDC recommends bank workers be in the third phase of vaccinations, but the decision is ultimately made by each state. Bank and credit union groups have been pushing to include the industry's frontline workers in the next priority group.
Other banks are offering incentives for employees to get vaccinated, such as paid time off for Covid-19 vaccination appointments. JPMorgan Chase employees who are eligible for the shots will get eight hours off, while Bank of America will give U.S. employees two additional paid half-days to accommodate their appointments. BMO is offering employees three hours of paid time off to receive the vaccine, and Citi has stated that it will provide whatever paid time is necessary to travel to and receive the vaccine.
Some banks are also mandating that employees get vaccinated before returning to the office. Goldman Sachs, for instance, is requiring all individuals entering its offices, including clients and visitors, to be fully vaccinated. Similarly, Google, the first major tech company to do so, announced a vaccine mandate for employees looking to return to the office.
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Some banks are offering paid time off for employees to receive the Covid-19 vaccine
While bank employees are not prioritised for the Covid-19 vaccine, with bank tellers and loan officers not mentioned until the third phase of vaccine recipients, some banks are offering paid time off for employees to receive the Covid-19 vaccine. This comes as part of a push from bank and credit union groups to include the industry's frontline workers in the next priority group.
Bank of America Corp and JPMorgan Chase & Co, the two largest US banks, are giving employees paid time off when it is their turn to receive the Covid-19 vaccine. Bank of America staff will have the option of two half-days, for up to four hours each, to complete their vaccinations. Meanwhile, JPMorgan is giving staff eight hours of paid time off. Wells Fargo has joined these banks in offering workers eight hours of paid time off to get vaccinated. Bank of Montreal (BMO) is offering employees three hours of paid time off to receive the Covid-19 vaccine when it is available to them. BMO has also committed to paying for some costs tied to getting the shots, such as administration fees not covered by public health plans or government agencies.
These banks are encouraging their employees to get vaccinated, with Wells Fargo's head of human resources, David Galloreese, stating in an internal memo:
> "While we understand that choosing to be vaccinated is a personal decision, we encourage you to consider getting the vaccine when it’s available to you. We encourage you to be educated about COVID-19 vaccines so that you can make an informed decision."
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Frequently asked questions
Bank employees are eligible for the COVID-19 vaccine, but their place in the priority list varies across states. While the CDC recommends bank workers be included in Phase 1c, the decision-making authority lies with individual states.
Frontline, customer-facing bank employees, such as tellers and loan officers, are considered to be at higher risk of infection and are generally prioritized for the vaccine.
Banks have been considered essential businesses throughout the pandemic and have remained open to meet the financial needs of customers. Frontline bank workers are at risk of infection due to their direct contact with customers and can spread the virus if infected.
Yes, Deutsche Bank offered the COVID-19 vaccine to all staff and eligible dependents at its New York office in April 2021. The distribution of the vaccines was managed by New York State, and the vaccination effort was rolled out in phases, starting with full-time employees.
Yes, several large companies, such as McDonald's, Goldman Sachs, Ford, and General Electric, have introduced stricter vaccine mandates for their employees, especially those returning to office work.
