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5 Reasons you don’t want to keep large amounts of cash at home

cash | Investing 5 Reasons you don’t want to keep large amounts of cash at home

5 Reasons to Not Hold Cash. 

In uncertain times, it is easy to react emotionally.  We understand.  Some people might suggest that during challenging times you should stockpile cash to protect yourself.  Is that really a good idea?  Here are five reasons not to withdraw your cash.  We want you to have all the facts on your side.

  1. Safety. Once you withdraw that cash. There’s no protecting it.

That is why we encourage our members to think carefully before withdrawing large sums of money.

“Keeping cash hidden away in your home or on your person can lead to the unintentional loss of those funds,” said Tim Cassells, Global Credit Union Chief Financial Officer. “A person could misplace or lose it, have it accidentally destroyed by fire or even worse, have it stolen.  Deposits in your credit union are insured up to $250,000 by the National Credit Union Association.  If someone loses their debit or credit card, they often have minimal exposure.”

  1. Money is notoriously unclean! – Currency can carry a large variety of who knows what. According to a study done by Medscape on Future Microbiology, “Paper currency is made of a rugged mix of 75% cotton and 25% linen and offers surface area for bacteria and microorganisms to reside on both sides.”  By limiting the amount of cash we withdraw and keep on hand to a minimum, we can help keep our hands and other surfaces clean.

 

  1. Social distance people! – The crisis with the covid-19 outbreak of 2020, led to an attempt to minimize the physical contact and proximity we have with those around us.  Passing cash from one person to another for exchange of goods or services usually requires the kind of proximity that we are trying to avoid.

 

  1. Online shopping when you need it most – Modern technology has made it easier than ever to conduct business transitions. You debit or credit card is one of the easiest, practical and accepted forms of payment at many locations. Often, your debit or credit card works in many places where cash will not.  Grocery and food delivery, for instance, require electronic payments.

 

  1. You’re losing money when you use cash? – That statement can’t be right. Can it?

The answer is yes. Here at Global we offer rewards when you use your debit card. Yes, you read that correctly. Not only can you earn rewards, but you can also earn interest on your money when you leave it in your checking account. Contact your local branch to learn more about these savings opportunities. Check out https://globalcu.org/locations to find a location near you.

 

Written By
Riley Osborn
Community Relations Specialist
Born and raised in beautiful Spokane, Riley graduated from EWU. An avid reader and writer, Riley can be found with her nose in a book. She enjoys the ocean, all things travel and time spent outdoors.


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