Question: Should I take out extra cash?

Should I take out extra cash right now?

Some people say you should withdraw cash to protect yourself during the COVID-19 outbreak. Here are four reasons withdrawing extra cash may actually be the 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.

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.

3.Cash is tempting – 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. (courtesy Spokane Teachers Credit Union)

The EEFCU understands that this is a time of concern, but we encourage you to stay calm and safe.  Carrying large amounts of cash or leaving it in your home may pose a safety risk. Now is a great time to sign up for Online Banking or our Touch Banking Mobile App so that you have access to your accounts 24/7. Feel free to contact us with any questions you may have.