During times of uncertainty, you may be wondering where to safeguard your money. Is it better to stash it under your mattress than to keep it in your bank account?
The short answer: No. Especially in turbulent times, a federally insured bank is the safest place for your money. Here are a few reasons why.
1. Your deposits are insured by the government.
The Federal Deposit Insurance Corporation (FDIC) was born during the Great Depression to insure consumers’ bank deposits after the fall of banks in the 1920s and 1930s. The FDIC insures deposits up to $250,000 per depositor, which means you can confidently keep your money in your bank account.
"Your FDIC-insured deposits are safe,” FDIC Chairman Jelena McWilliams said in a recent statement. “The FDIC was born out of a crisis, and it has witnessed many crises … Since 1933, no depositor has lost a penny of insured deposits in an FDIC bank, and that will not change."
2. You'll always have access to your money.
These days, it’s easier than ever to quickly access your accounts, whether you need to make a withdrawal, a deposit or set up a payment.
You can manage many of these actions online or using the WaterStone Bank’s WSB Mobile App. You can also visit WaterStone’s branch drive-up lanes during normal business hours, even if the lobby is closed. ATMs are accessible 24 hours a day, and you can also talk with a WaterStone Bank representative on the phone if you need assistance.
3. Carrying lots of cash can be risky.
While you might be tempted to take out large sums of cash right now, the FDIC warns that carrying excessive cash can make you more vulnerable to loss or theft.
You should also try to limit contact with paper money and coins that could be contaminated with the Coronavirus. Consider switching to a mobile wallet app that offers contactless payments at the register.
4. Your bank is here to help.
By law, every bank in the country is required to have disaster recovery plans in place, and those plans are regularly audited and updated by each bank’s regulator. U.S. banks have a long track record of acting quickly to help in times of crises, including natural disasters, recessions and health threats such as the avian flu, SARS and Ebola.
For additional tips and resources for managing your money throughout the Coronavirus pandemic, visit our website for the latest updates and information.