It’s easy to get swept up in panic during times of uncertainty. COVID-19 has left us with a lot of questions and anxiety. One thing is certain: your SunWest accounts are protected.
Our interests as a credit union revolve around what is best for our members. While it can be beneficial to keep small amounts of cash on hand for emergencies, experts strongly recommend against withdrawing large sums. It exposes you to major risk.
Hoarding cash only makes you a bigger target for those seeking to take advantage of the vulnerable during these stressful times. It’s much easier for a thief to grab your wallet or break into your home than it is for them to break into your account. As of March 19, Safewise.com reported 22% of Arizonans have experienced property crime, and 72% have no home security system. Once lost, cash cannot be recovered, whereas your credit union account is automatically insured through the NCUA of up to $250,000. With this insurance, you have one less thing to worry about.
Remember, “This is not a natural disaster like a hurricane or an earthquake where the electricity is out,” states Chief Financial Analyst of Bankrate.com, Greg McBride. You can still pay your bills – and even do your shopping – online. In fact, the more you do online the better, as it brings you into less contact with possible contamination. Digital payment technology is more widespread than ever, making it easier to quickly pay anything, whether it’s your mortgage or that friend you owe lunch to. Now is the time to keep your cash in the bank so you can put that tech to good use.
SunWest Credit Union is here for your financial needs and support. Our ATM and branch cash supply are continually replenished, and this will not change. We are honored to be your chosen financial institution. We’ve kept your accounts safe for over 83 years, and we will continue to protect your interests at every turn.