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

Money Safe at Credit Union
Mar 19, 2020
By Sammy Dennis
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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. 

About The Author

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