As the COVID-19 virus outbreak spreads throughout the country, credit unions and banks have noticed increased cash withdrawals, sometimes in large sums.

Dan Hansen, spokesman for Spokane Teachers Credit Union, 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 wanting to withdraw tens of thousands of dollars from their accounts. Hansen encourages credit union members to use cash alternatives, like debit cards.

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

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

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

People worried about their ability to meet financial obligations are encouraged to contact their financial institution to work together on a solution.

Wells Fargo is providing assistance to customers impacted by COVID-19. The bank’s measures include fee waivers, payment deferrals, and other expanded assistance, said Julie Fogerson, Wells Fargo spokesman.

“We continue to evaluate the steps we can take in this very fluid situation to ensure we can serve our customers and keep our branches safe,” Fogerson said.

Wells Fargo branches use drive-up windows in some cases instead of lobbies, staggering staff and shifts, relocating employees to busier branches, and temporarily closing some branches. Wells Fargo branches in Kootenai County have maintained regular hours.

U.S. Bank could not be reached for comment, but the bank announced last week immediate adjustments to certain consumer and small-business products to make them more affordable for customers affected by the COVID-19 virus.

The Federal Deposit Insurance Corporation insures certificates of deposit and money market accounts up to $250,000 per account. For some joint accounts, the FDIC insures $250,000 per owner. This also applies to some retirement accounts, joint deposit accounts, and trust accounts.

Created in 1933 in the depths of the Great Depression, the FDIC was formed to help restore trust in the American banking system.