Withdrawing sums of cash from your bank during a crisis is an understandable impulse, but not a prudent one. Now more than ever, thanks to experience and technology, the safest place for your money is in your bank accounts. Here are seven reasons why the Kentucky Banker’s Association believes this:
- CASH IS VULNERABLE
Your funds in bank accounts are federally insured to $250,000, making them much safer than keeping cash under the mattress or in your pocket.
- CASH IS NOT REQUIRED
With so many secure ways to access your accounts and to pay your bills and shop, there’s almost no reason you’ll need extra cash.
- CASH MAKES YOU A POTENTIAL VICTIM
If you have told anyone that you withdrew a large sum of cash, they may have told someone else. That places you at risk of being the victim of a crime, which can place you in harm’s way.
- CASH DOES NOT HAVE YOUR ID
Stolen cash, even if recovered by the police, does not carry an ID number that associates it with you. Your bank accounts do. Even if your credit cards are misappropriated, you can recover the funds!
5. CASH IS, WELL, KIND OF DIRTY
The Center for Disease Control and Prevention recommends always washing hands thoroughly after handling cash because you never know where it’s been!
6. YOUR CASH IS SAFE
Kentucky Governor Beshear says that your cash is safe in the bank for all of the reasons listed above.
7. CASH WILL BE AVAILABLE
The U.S. Treasurer has already determined that banks are essential service providers. You will have access whenever you need it.
Field & Main Bank® is a Kentucky-chartered community bank dedicated to serving Kentucky and Indiana with strong leadership, convenient banking facilities and modern craft banking®. It was formed through the merger of Ohio Valley Financial Group and BankTrust Financial. Learn more at www.fieldandmain.com. Member FDIC.