CUNA Board Chairman Troy Stang told the Wall Street Journal this week that money is safer in an insured credit union account than put away somewhere as cash due to coronavirus (COVID-19) fears.
“Your money is safer at an institution than if you put it in your pocket,” Stang told the publication for an article on consumer withdrawals.
Stang, who also serves as president/CEO of the Northwest Credit Union Association, added in a statement to CUNA News that there are major drawbacks to keeping large amounts of cash on hand, and that funds remain as safe as ever in a credit union account.
“The impact of the coronavirus is being felt across every aspect of American life now, but the financial system is operating normally. There has been no impact on transferring money, depositing money or paying bills through your debit card, credit card, or electronic transfer,” he said. “There is no risk to keeping money in your credit union account, but there are countless risks to holding cash, especially in large amounts. Payment cards can be replaced, cash cannot.
“And of course, America’s credit unions stand willing and ready to serve member needs as they arise, and are often just a click or phone call away,” he added.