In these uncertain times caused by the COVID-19 (coronavirus) pandemic, you may be wondering if you should start withdrawing extra cash from your accounts to protect yourself.
Here are a few things for you to consider before withdrawing larger sums of cash:
- Our ATMS are well supplied with cash. As part of our emergency response to coronavirus, our ATMs have been stocked accordingly for members who want access to their funds—so there’s no need to worry about cash running out.
- There are many online alternatives to using cash. Online Banking allows you to quickly and securely pay bills or transfer funds from your phone, without the hygiene issues that come with handling cash. Your Platinum Visa card can be added to Apple Pay or Google Pay as an alternative method for making contactless purchases or payments.
- Your money is safest in a credit union or bank. Once you withdraw cash from the bank to carry with you or hide at home, you risk having it stolen. A good rule of thumb is to avoid withdrawing more cash than you can afford to lose.
- The Police Credit Union is well-capitalized, secure, and federally insured. Did you know our credit union is federally insured to $250,000? Additionally, the state of our financial strength remains rock solid, with a Net Worth ratio of 14.25 percent*, more than twice the federal requirement! We’re prepared to weather the crisis and remain in business for the benefit of our members, and your cash is safe with us.
Effective March 19, 2020, we’ve increased daily ATM withdrawal limits from $505 to $1,010, and we are providing out-of-network ATM surcharge rebates** so our members are able to access the funds they need. For up-to-date information on how we’re addressing COVID-19 concerns, please visit https://www.thepolicecu.org/covid19
*As of 2/29/20
**The Police Credit Union will refund ATM surcharges up to $3 per out-of-network ATM transaction until further notice.