After reports of large withdrawals amid the coronavirus pandemic, regulators are urging Americans not to drain their bank accounts.
"Forget the mattress. Forget hoarding cash. Your money is the safest at the bank," said Jelena McWilliams, chairman of the Federal Deposit Insurance Corp., which safeguards bank accounts.
"Just as it is not necessarily rational to hoard toilet paper, it is also not rational to hoard cash," McWilliams said.Some banks have limited hours or even closed branches out of concern for their workers' health. But ATMs are still operating and getting frequent cash deliveries from armored trucks.
McBride said homebound customers are better off leaving their money in the bank so they can pay their mortgage and credit card bills online. It also relieves any worry about loss or theft.
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