Saturday, March 21, 2020

Do NOT take a bunch of cash out of the bank because of coronavirus

By Paul R. La Monica, CNN Business

New York (CNN Business)Yes, these are scary times. But that doesn't mean you should head to the bank, drain your accounts and put your cash under your mattress.

Bank deposits are insured by the Federal Deposit Insurance Corp. And the FDIC has some helpful guidelines on its website to answer questions consumers may have right now.

First and foremost, the FDIC points out that any deposits with a bank will continue to be protected up to at least $250,000. European countries operate similar deposit guarantees, although the maximum insured amounts differ.

"The safest place for your money is inside a bank. Banks will continue to ensure that their customers have access to funds either directly or electronically," the FDIC said.  Read more >>