Why Your Money Is Safer in the Credit Union

In uncertain times, whether due to economic shifts, natural disasters, or personal concerns, it's common to worry about financial security. Headlines from a constant news cycle can have you considering pulling large sums of cash from your accounts and stuffing the mattress with it, but is this the best approach?

Well, no. A very definitive no. However, understanding the risks and benefits of keeping your money in a financial institution is the best way forward to making informed decisions.

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The real risk of hoarding cash

While keeping cash at home and on hand might seem appealing, this exposes you to risks like theft, which could make money safety a major concern. Let’s take a look at some statistics:

• Statista (2023) - In 2022, an estimated 6.51 million reported property crime cases occurred in the United States.
• Deep Sentinel (2023) - Larceny-theft, including theft of items like cash and electronics, account for about 70% of all property crimes.
• ConsumerAffairs (2024) - Fewer than 30% of US homes with internet access own a security system.

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Cash stored at home can easily be lost or stolen, and unlike your bank or credit union accounts, it's not insured. Once that cash is gone, it’s gone for good with no way to recover it. 

Financial institutions, however, provide insurance protection on the funds you hold with them. For example, credit unions are insured by the National Credit Union Administration (NCUA). NCUA insurance covers up to $250,000 per depositor. Even in the rare event of an institution failure, your funds are protected. 

‍Pro Tip: Keeping money in a federally insured credit union offers peace of mind, ensuring your financial stability in the face of potential theft or accidents.

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Why financial institutions are more secure

Banks and credit unions invest heavily in the security of your money. With multiple layers of protection, including encryption, fraud detection, and stringent federal regulations, financial institutions ensure that your funds are far safer there than they would be under your mattress or in a home safe.

In addition to physical security, most financial institutions have digital safeguards in place to prevent hacking and fraud. With advancements in technology, it’s easier than ever to monitor your account activity, receive alerts, and take action against suspicious transactions.

‍Did You Know? In the past decade, financial institutions have consistently upgraded their cybersecurity measures to prevent data breaches and account fraud. If something happens, institutions like SunWest are equipped to resolve it quickly and effectively.

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The convenience of modern banking

Another reason to trust your money with a financial institution is the convenience and accessibility provided by modern digital banking tools. From mobile banking apps to digital wallets, you can manage your money anytime and anywhere. Whether you need to pay bills, transfer funds, or even send money to a friend, these features make your financial life easier. Plus, leaning more into digital transactions eliminates the need to carry large amounts of cash, which not only reduces the risk of theft but also ensures you’re always in control of your finances.

Tech Tip: Stay protected and connected by using SunWest’s online banking platform for everything from buying groceries to paying your rent, and set up notifications to monitor your account 24/7 for real-time oversight. 

Lets Get Digital

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financial stability in uncertain times

During periods of economic uncertainty, it's easy to feel anxious about the safety of your money. But the truth is, financial institutions are built to withstand fluctuations in the economy. Credit unions, like SunWest, are particularly member-focused, meaning our interests are directly aligned with the needs of our members. This stability is reinforced by federal oversight and decades of proven trust.

The key is not to react in fear. Just stay informed! Keeping your money in a trusted financial institution ensures that it’s accessible when you need it most, without the risks associated with physical cash.

Fact: Credit unions and banks both have measures in place to ensure that their members or clients can access funds during emergencies, even in the face of market volatility.

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trusted since 1937

Whether it's ensuring your funds are federally insured, benefiting from top-tier security, or enjoying the convenience of digital banking, the safest place for your money is in a trusted financial institution like SunWest. We’ve spent over 80 years ensuring our members’ financial security, and that won’t change.

Rather than letting fear dictate your financial decisions, take comfort in knowing that with SunWest, your money is safe, insured, and protected against all kinds of risks. And when it comes to emergencies or unexpected events, we’ve got you covered with 24/7 access and a wide range of tools to keep you in control.

Takeaway: When it comes to your money, we don’t mess around. We give our members the tools, safeguards, and insurance they need to keep their financial future secure.

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