Local credit unions see concerning number of members withdrawing large amounts of cash

Generic money graphic
Photo courtesy of Sharon McCutcheon
Copyright KXLY 4 News Now

SPOKANE, Wash. – Credit unions across Washington state have seen increasing numbers of members withdrawing cash, sometimes in large sums, as concerns over the coronavirus grow.

Financial experts at STCU said this puts consumers at far greater risk of financial loss and want to remind the public of the following:

  1. Your money is safe and sound. Credit union deposit accounts are federally insured to $250,000 and they are a far safer option that keeping your money at home or in your pocket.
  2. If your cash is lost or stolen, it cannot be replaced. If your debit or credit card is stolen, reporting it to your financial institution can protect you from losses.
  3. With so many ways to access your accounts, make transactions and pay your bills, there’s no reason you will need extra cash. In addition to debit and credit cards, those include online banking and mobile apps.
  4. While the advice is not specific to the coronavirus, the Centers for Disease Control and Prevention recommends always washing hands thoroughly after handling cash.

If you have questions about your personal finances, contact your bank or credit union to discuss plans moving forard.