Banks Say To Avoid Lump Sum Withdrawals!
SAN FRANCISCO, CALIFORNIA - FEBRUARY 07: A customer uses an ATM at a Wells Fargo Bank office on February 07, 2019 in San Francisco, California. Wells Fargo customers are experiencing difficulty using ATMs and the Wells Fargo phone app after reports of a technical issue at the outage at a server farm located in Shoreview, Minnesota. (Photo by Justin Sullivan/Getty Images)
Banks are warning people that they do not need to take out lump sums of cash due to the Coronavirus. People are believing all the nonsense others are posting on social media regarding banks going belly up and taking your cash to stay afloat. Banks are in a safer position now than they were back in 2008.
Big financial institutions have 1.3 trillion in common equity and hold 2.9 trillion in high quality liquid assets. Your money IS just fine sitting in the bank.
Another reason you don’t need to take out lump sums of cash is a lot of places are encouraging people to use forms of payment like, Apple Pay, Square Cash, Venmo, Pay Pal, debit cards, and credit cards.
It’s been reported that physical forms of money could be contaminated with the Coronavirus, so the less you handle cash, the better.
Rockyn Robyn Lane is WRAT’s Music Director & Assistant Program Director. She also has worked as the on air goddess 10:00 AM – 3:00 PM, Monday Through Friday since 1996! Robyn loves to write articles and blogs mostly about food with an emphasis on local eateries. She says she loves shining the spotlight on local businesses, giving them the love they deserve. Not surprisingly, Robyn also loves to cook and bake herself. He recipes can be found on WRAT’s various social media pages. She also hosted a short series called “Rocker In The Kitchen” where she cooks with various rock artists.
