Whether it’s COVID-19, an earthquake, or another type of crisis, it’s a natural reaction to become concerned and more aware of the situation. People first rush to stores to purchase essentials (toilet paper, milk, meat, etc.). For many, the next concern is finances.
It is reasonable to be troubled about what might happen to your money during a crisis. In response to that fear, many people rush to their bank and withdraw large amounts of cash to keep in their homes. This can be dangerous as it means your money is no longer insured and may make you a target for criminals or the potential victim of a disaster or loss.
Pioneer is Federally Insured by the National Credit Union Administration
Always remember, your credit union is financially safe and sound. Our Net Worth Ratio places us well above the strongest classification (Well-Capitalized) of financial stability in a credit union.
On top of our financial stability, your deposits are also federally insured up to $250,000. Since 1934, no federally insured credit union has ever lost a penny of member savings. Even through some of the most difficult times our nation has faced, federally insured credit union member’s funds have been always protected. Each member’s situation may vary, for more information on Share Insurance, visit MyCreditUnion.gov. The safest option for your peace of mind is to leave your funds with Pioneer, your well-capitalized and federally insured credit union.
The Dangers of Pulling Out Your Money
There are two major dangers if you pull large sums of cash from Pioneer. The first is that some sort of accident ruins the cash. The second is a criminal steals the money from you.
Whether you store your cash under your mattress, in your attic, or buried in the backyard, it’s still a physical item and thus, has the risk of being ruined or misplaced. A fire or flood could destroy cash stored in your home in an instant.
The other danger comes from other people, specifically criminals. If others know you are keeping a large amount of cash within your home, you could become a target. Not only is your money more safe in a credit union, you and your home are safer keeping your money with us.
Any cash you do pull out from Pioneer is no longer federally insured, meaning if something bad happens and the cash is lost or ruined, it’s gone.
Using Cash Spreads Germs
As we knew long before now, cash carries germs. It’s one of the most common ways sickness is spread through a population. You give a cashier a twenty dollar bill and they give you back some change. You give the cashier your germs, they gave you theirs, and on and on .
Pioneer offers so many ways to pay (instead of cash) like: debit and credit cards, online Bill Pay, transferring funds electronically, Apple Pay, Samsung Pay, and more. There are tons of great alternatives to pay for items rather than cash, plus they are a lot more secure.
Please Give Thought to Withdrawing Funds
In this time of fear, panic, and misleading information, we ask our members to think rationally about removing their money from Pioneer. Your funds are safe and available. Please only withdraw a reasonable amount of cash as needed for the near future. Pioneer is dedicated to protecting you and your finances!