Q: With all the economic uncertainty now, I’m wondering if it’s safe to keep my money in my United Texas Credit Union accounts. Should I withdraw my money to keep it safe?
COVID-19 has pummeled the economy in an unprecedented way, and financial experts say the economic fallout of the pandemic is just beginning. But that doesn’t mean you need to start hoarding your money under your mattress.
The economic picture in the country is grim. Anyone following the stock market knows it’s been on a wild ride since the novel Coronavirus reached American shores. In just over a month, the market dropped 10,000 points and was subject to its worst day since 1987. And that’s just the stock market. Small businesses are gasping for relief as they struggle to turn a profit and meet payroll in a nearly comatose economy.
Laid-off and furloughed workers are stressing about paying their bills and covering their most basic needs as they wonder when, and if, they’ll be back to work. The health care system is overtaxed and underfunded as it races to combat the pandemic and keep up with the overwhelming demand for medical equipment and supplies.
Your money is safe at United Texas Credit Union
With all that, though, you don’t need to worry about the money you have at United Texas Credit Union. The country may be battling a raging pandemic. The economy might be barely limping along. However, neither of these factors affect the security of your funds at United Texas Credit Union.
Your deposit accounts at United Texas Credit Union are privately insured for up to $250,000 per account by American Share Insurance. There is no limit to the number of insured accounts you may have with us. No matter what’s happening on Wall Street or to the global economy, your money is safe. There’s no need to withdraw the money you keep in your United Texas Credit Union accounts.
The economy might be unstable right now. The immediate future of the country is still unknown, but there’s one thing you can count on. Your money is secure at United Texas Credit Union. Contact us if you have any questions or need more information. We’re here for you.
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