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Coronavirus Central

Banks Say To Avoid Lump Sum Withdrawals!

Robyn Lane March 19th, 2020
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.