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Charter Bank advises against withdrawing large sums of cash

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COVID-19 and Banks 03-16-2020

Eau Claire (WQOW) - Some people are trying to withdraw their wealth due to the coronavirus concerns, but Chippewa Valley banks and credit unions are trying to reassure customers that their money is secure.

Charter Bank in Eau Claire says your funds are safer at their institution because they are federally insured by the FDIC, or Federal Deposit Insurance Corporation.

That means up to $250,000, your money is backed by the U.S. government even if their bank runs into issues.

CEO and president Paul Kohler believes people think they need extra money on them in times of crisis, but he advises against withdrawing large sums of money because of safety issues.

"Most people would not carry a large amount," said Kohler. "If someone finds out about that, well, you know what could happen. They could be robbed, they could be hurt. And the other thing is to, if you have a large amount of cash, and it gets destroyed, let's say it gets destroyed in a fire at your house, that's not insured."

In the meantime, Charter Bank is not allowing customers in the lobby and asks them to either bank online or through the drive thru.

Katrina Lim

Katrina Lim joined the News 18 team in August 2019 as a multimedia journalist. She was born and raised in Jersey City, New Jersey but has lived in all time zones of the contiguous U.S.A.

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