4 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:
- 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 1936, no one has ever lost a dime in savings at Mint Valley Federal Credit Union, or any other federally insured credit union.
- 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.
- 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.
- 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.
We share your concerns about COVID-19, and have taken immediate steps to help prevent its spread. Mint Valley FCU always puts members first and that will not change during this time.
Mint Valley FCU is monitoring news from public health agencies and is ready to respond as needed. As always, we are taking all the necessary steps to ensure the health and safety of our members and employees and are dedicated to keeping our drive-up and remote banking systems open to serve you.
Manage your money from home
As much as we love seeing you (it’s often the best part of our day), we understand there can be hesitance around visiting public spaces. Good news! You don’t need to come into a branch to manage your money. We offer safe and convenient alternatives that are accessible 24/7:
Online banking and mobile app
Check balances, pay bills, make transfers, view statements, send us a secure message, and more.
Online banking: log in | learn more.
The credit union is one of the best places around to keep your money. All deposits at Mint Valley FCU are federally insured up to $250,000 per account by NCUA, and continue to earn dividends regardless of public health concerns or Wall Street panic.
Financial Relief Solutions
Struggling to make your Mint Valley FCU loan payment because of lost income from the coronavirus outbreak? Contact us for help in finding the option that works best for you.
Health and safety
Mint Valley FCU has instructed employees to follow the CDC guidelines for preventing the spread of illness (wash hands for 20 seconds, often; don’t touch your face; cover your cough) and to stay or work from home when needed.
Scam artists often prey on unsuspecting victims during emergencies.
The Federal Trade Commission to be wary of medical breakthrough claims related to coronavirus, or requests for donations. The U.S. Securities and Exchange Commission warns about supposed investment opportunities related to the outbreak. And the World Health Organization warns that criminals are phishing for personal data by posing as WHO representatives.
Reach out from home
For your convenience, we offer multiple ways to get in touch with Mint Valley FCU. If you need help with anything you can:
- send us a secure message (after logging into online banking).