Your Money is Safer in a Credit Union than in Your Pocket

The Coronavirus (COVID-19) pandemic is top-of-mind for just about everyone. However, one concern you can put to rest is about the safety of your money at a credit union. Here are four great reasons why you should not consider large cash withdrawals from your credit union account:

• You don’t need cash. Credit unions offer electronic tools like online and mobile banking that make it easy to access your accounts, transfer money, and make payments without cash.
• Your funds are safe. Your credit union accounts are federally insured by the National Credit Union Administration (NCUA) to at least $250,000. Your money is protected by the full faith and credit of the U.S. government when deposited in an insured financial institution.
• Cash is risky. Carrying cash or keeping it at home is a safety issue. If you’re robbed, or if the money is lost or destroyed, it is not insured and cannot be replaced.
• There’s no shortage. Credit unions have plenty of “liquidity” – funds available to pay depositors and make loans.

Have questions or concerns? Credit unions are entirely about people helping people--reach out to your financial institution today and let's navigate through these trying times, together. 

By Sammy Dennis, Director of Communications at The Wisconsin Credit Union League.