Your cash is safer in the credit union

The COVID-19 pandemic and accompanying recession has ushered in fear and additional uncertainty, and it may be tempting to stockpile large amounts of cash at home. Before you take that step, here are a few things to consider:

  1. Cash is unnecessary. There are so many cash-free ways to conduct your financial transactions these days: credit and debit cards, online and mobile bill pay and person-to-person payments are just a few.

  2. Your deposits are safer in the credit union. Your savings at Oregon State Credit Union are federally insured by NCUA to at least $250,000 and backed by the full faith and credit of the United States government. But once you withdraw the cash, you risk it being stolen, lost or destroyed. A good rule of thumb is to withdraw only the cash you need to cover your immediate needs.

  3. Cash is covered in germs. While cash has not been identified as a major vector for transmission of the COVID-19 virus, public health experts believe the virus can be transmitted through surfaces that have been handled by an infected person. Therefore, it is possible you could be exposed if you handle money contaminated by someone who has the virus. If you must handle cash, make sure you wash your hands or use hand sanitizer as soon as you can.

Here’s the bottom line: Oregon State Credit Union is well capitalized, secure and federally insured by NCUA. We’re confident of our ability to weather this coronavirus crisis. Your cash is safe in your credit union.

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