5 Reasons Why Your Money is Safer in the Bank
As we enter the third year of our economy suffering from the fallout of a pandemic, you may be asking yourself “is my money safer at the bank, or under my mattress?” Consider these 5 reasons before taking your money out of the bank.
1. You could forget where you hid funds
Or worse, someone who had no clue that money was hidden in a couch cushion or in a shoe box ends up getting rid of it during a surprise spring cleaning!
2. Burglars
You cannot insure money hidden under your mattress, or in your sock drawer. Burglars know that 1 in 5 Americans store cash in their home and it is one of the first things they look for. Did you know 65% of home invasions are committed by someone you know and 34% are relatives or close friends?
3. Home fires
In the event of a fire home insurance will cover the cost of items lost, but not cash.
4. Security
Banks utilize extensive security measures to keep your money safe. Sound Community Bank offers two-factor authorization for Online Banking clients, and our contactless debit cards provide the ability to tap-to-pay with encryption - keeping your transactions safe from fraudsters. Learn more about different scams and how to not fall victim here: https://www.soundcb.com/fraudprevention
5. The FDIC (Federal Deposit and Insurance Corporation).
Established as a federal agency in 1933 after the great depression - this agency insures deposit accounts, including savings and checking, up to $250,000. Since the inception of the FDIC no depositor has lost money placed in an FDIC insured bank. Sound Community Bank is FDIC insured. Watch the below video from the FDIC to learn more: