Should You Take Your Money Out of the Bank During COVID-19?

Along with the recent mad dash to buy all the toilet paper and disinfectant spray stores can stock, you may be wondering about your accounts and assessing whether it’s necessary to withdraw cash from your financial institution.

Fact: the need for withdrawing cash during the COVID-19 crisis has no basis. Unlike overextended banks that caused the Great Recession, the current financial situation in relation to this crisis was caused by a reaction to the Coronavirus outbreak in our country, not a systemic banking problem.

There are rumors circulating around social media that there could be an issue with credit or debit cards in the future, but rest assured – there is no validity to that concern. Right now it’s more practical to take your money out as you need it, but there is certainly no cause for alarm in terms of not having access to your funds.

During this time, please keep these things in mind when it comes to your money:

  1. First Financial (as well as other credit unions) is federally insured by the National Credit Union Administration. All member deposits are insured up to $250,000. This means that you will not lose a dime of money that is federally insured.
  2. The Federal government has declared banks and credit unions as essential businesses. While we’ve had to adjust our standard operations and temporarily close our branch lobbies to walk in’s, our credit union is ready and able to assist you with whatever needs you may have. And if you’d like to make an appointment at your local branch to open an account or close on a loan, give us a call. It’s our priority to ensure you receive the level of service you’ve come to expect from us, even in an ever-evolving capacity.
  3. You may incur more risk if you withdraw your money from your financial institution. Cash is much harder to recover in the event of a loss, theft, or any other unfortunate circumstance. Withdrawing your money as needed is much safer than keeping it at home or in your wallet.
  4. Paying your bills through online banking and bill pay is often the fastest and safest way to make your monthly payments. With everything being done virtually – it will arrive faster, you won’t need to pay for postage, and you can do it all from the comfort of your own home.
  5. Lastly, you have access to your account 24/7 through First Financial online banking and our mobile app. Our mobile app provides a convenient, easy and secure way to monitor your account, pay bills, make transfers and deposit checks. Download our app from the Apple App Store or from the Google Play Store.

During this time of uncertainty, it’s natural to feel pressure to make quick decisions. We’re here to help you maintain a sense of peace regarding your money. It’s tough to know what is coming, but you can rest assured that we have your best interest in mind and will do anything we can to help you and your family during this time. If you have questions or concerns, please contact us. We wish good health and financial wellness to you and your loved ones as we navigate through these times together!

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