Five Reasons You Shouldn’t Withdraw Large Amounts of Cash.
No, not even right now.
As COVID-19 continues to affect our daily lives, we hear about more and more people withdrawing large amounts of cash from their accounts. While this is a common reaction to stressful situations, it can be a risky financial decision.
At Purdue Federal, we ask that you avoid withdrawing large sums of cash and continue to look for updates and ask questions about how we’ll continue to fully serve you. We’re a stable organization, and we’re here to help.
Here are a few reasons you shouldn’t withdraw large amounts of cash right now:
1. Your money is safe here.
We’re federally insured by the NCUA, which protects your money when it’s with us. “Our accounts are insured to $250,000. Once you take cash out of your account, this no longer applies. That means if it’s destroyed, stolen, or lost, you can’t get it back,” says Purdue Federal CEO and President, Bob Falk.
We remain a financially stable organization, with more than 82,000 members nationwide and assets exceeding $1.3 billion. In fact, you can see for yourself by viewing our monthly lobby financials and annual reports on our website.
2. Withdrawing large amounts is dangerous.
Handling large amounts of cash can be risky for our members and our employees. Storing substantial amounts of money in your home simply isn’t safe for you and your family.
Not to mention, nobody is perfect. When you keep cash at home, it could be damaged, destroyed, or misplaced due to unexpected circumstances. It’s best to leave it safely in the vault.
3. Digital banking is safe, secure, and not going anywhere.
Digital banking and online services allow you to access much of what you need from home.
With digital banking, you can:
• Check your account balance(s)
• Transfer money between accounts
• Deposit checks remotely with our app
• Pay your Purdue Federal credit cards and loans, and set up recurring payments
• Pay your monthly bills with Bill Pay
• Pay other people directly with Popmoney
• Report credit or debit card fraud, or a lost or stolen card
• Set up card fraud alerts and customizable account alerts
With so many ways to access your funds and make payments, you shouldn’t need much extra cash.
4. Money isn’t known for its cleanliness.
Like our parents always said, you don’t know where that money has been. While you should always wash your hands after touching cash, it’s a good idea to avoid handling it at all right now.
Using your debit or credit card is an easy, cleaner option. Purdue Federal Visa® Debit and Credit Cards give you immediate access to your money and you can use them anywhere Visa® is accepted. Your cards are safer and more convenient than carrying cash or checks, and you’re one of the few people handling them. Not to mention, all of our cards have the ability for contactless payments, which makes for quick interactions.
5. At Purdue Federal, we put our community first.
As a credit union, we’re owned by our members and driven by our employees. That’s why we’re committed to their wellbeing, even during changing circumstances.
“Our members and employees are the top priority when we’re making big decisions, like closing our lobbies for the health and safety of our community. We’ll continue to work tirelessly to make sure our members have access to the funds and services they need, and all of our employees are able to continue their work safely,” says Falk.
Purdue Federal is strong because it has stayed true to its original purpose—people helping people. If you have questions or need assistance, reach out to us at 765.497.3328 or 800.627.3328.