Do I Need Extra Cash Right Now? (COVID-19)
You may be hearing from friends that you should withdraw cash to protect yourself during the coronavirus (COVID-19) outbreak. Since we haven’t yet moved to a cashless world, it’s still a good idea to have some cash on-hand, but before you withdraw extra money, keep these things in mind:
- Cash is vulnerable. Once the money is out of your account and in your wallet or your top drawer, it’s at risk of being stolen. If you can’t afford to lose the amount you’re withdrawing, consider it carefully. Credit union accounts are federally insured to $250,000, making them a much safer storage place for your hard-earned funds.
- You rarely need cash. There are many secure ways to access your accounts and pay bills, so the likelihood of you needing cash is slim.
- Cash is a little too handy. If you’re social distancing right now, you may actually need less cash than you would normally. But if it’s burning a hole in your pocket, you may be tempted to spend it. Keeping it in your account means it’s protected and earning dividends.
- Other forms of payment are cleaner. Cash travels everywhere, through thousands of hands. The Centers for Disease Control and Prevention recommends always washing hands thoroughly after handling cash. Use your mobile wallet (e.g., Apple Pay or Google Pay) or insert your own credit or debit card into the machine to ensure yours are the only hands in the mix.
We’re here to serve you and that includes keeping your money safe and sound—and growing! To learn more about how to use digital services to access your funds and make payments, click here.