As the COVID-19 virus outbreak spreads throughout the county, credit unions and banks have seen increasing numbers of cash withdrawals, sometimes in large sums.

Dan Hansen, media and communications manager for Spokane Teachers Credit Union (STCU), said this puts consumers at far greater risk of financial loss. He urges the public to understand that credit union deposit accounts are federally insured up to $250,000. He encouraged the public to check with their specific financial institution for policy details.

“Your money is safe and sound,” Hansen said. “Credit union deposit accounts are a far safer option than keeping your money at home or in your pocket.”

STCU has had people locally wanting to withdraw tens of thousands of dollars from their accounts. Hansen encourages credit union members to utilize cash alternatives, like debit cards to prevent loss and increase safety.

“You are the only one who touches it,” Hansen said. “Debit cards are a safe way to make transactions.”

The Centers for Disease Control and Prevention recommends always washing hands thoroughly after handling cash, especially during the COVID-19 pandemic.

In the digital era, people can do the majority of their banking online, limiting in-person visits to their bank or credit union.

“In our branches we need to serve our members,” Hansen said. “We are encouraging our staff to stay home if they are not feeling well. We are taking incredible steps to clean our facilities, following CDC guidelines.”

Banks and credit unions are encouraging people worried about their ability to meet financial obligations to contact their financial institution as soon as possible to work together on a solution.