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Should I withdraw extra cash during this pandemic?

Should I withdraw extra cash during this pandemic?

Four reasons that may be a bad idea.

Some people say you should withdraw cash to protect yourself during the coronavirus outbreak. We wonder, why?

Here are four reasons withdrawing extra cash may actually be your worst possible move right now:

  1. Cash is vulnerable. Credit union accounts are federally insured to $250,000, making them a gazillion times safer than keeping your money under the mattress or in your pocket. If your cash is stolen from your house, car, or wallet, you’re out of luck, whereas losses from a stolen debit or credit card often are reimbursed. Since 1935, no one has ever lost a dime in savings at Trailhead or any other federally insured credit union.
  2. Cash is not required. With so many secure ways to access your accounts and to pay your bills, there’s almost no reason you’ll need extra cash. The safest choice is to let your credit union keep your money safe in the vault, then pay with your convenient debit or credit card, or write a check, at the store. Plus, you can pay bills and loans online from your credit union account, or use the credit union’s mobile app to deposit checks from home.
  3. Cash is tempting. With restaurants, conventions, sports and entertainment centers, and other public places forced to close during the coronavirus outbreak, you may actually need less cash at this time. Unless, of course, you’ve got it stuffed in your wallet, tempting you to spend money you would not have spent if it were secure in the bank, earning dividends.
  4. Cash is, well, kind of dirty. As regards your personal health, the Centers for Disease Control and Prevention recommends always washing hands thoroughly after handling cash, because you never know where it’s been. It’s a good idea to keep a few dollars on hand for parking meters, yard sales, and so on. But carrying around your personal savings will not protect you from viruses or financial hardship.

At Trailhead the health and safety of our members and employees are top-of-mind amid concerns about the spread of the Coronavirus illness (COVID-19). We continue to monitor the latest updates and want to reassure you that we’re here to help with any financial services you need during these difficult times. For more information on Trailhead’s response to COVID-19, please visit our coronavirus response page.

Source: stcu.org

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