Bank vs. Home: The Safest Place to Keep Your Money

By: Meghan Kulig Email
By: Meghan Kulig Email

Thousands of people count on Royal Credit Union to keep their greenbacks safe.

"What we're seeing is about 1 or 2 people per day come in and ask about their money,” said CFO Jon Hehli.

And, Hehli has just one thing to tell them – your money is safer in a vault than it is in your home.

"The money will always be insured, so there's no risk there,” he said.

But, there is if you try and stash your cash.

"Sometimes, yes, folks that have lived through the depression, some of the older folks, they will still put it in mattresses, in shoe boxes, stored in closets, in books,” said American Family Insurance Adjuster Jenny Heller.

Heller says homeowner’s policies only cover a little cash.

"Its either going to be a limit of $200 or $250 for most standardized policies,” she said. "It’s just not advisable to keep large quantities of money in your home where it’s not protected.”

Still, it seems more people are locking up their Lincolns – safe sales are up at one Chippewa Valley company.

"I would say around 50% higher than what we'd normally expect this time of year," said Chris Lokken, with Tru-Lock & Security Inc. in Eau Claire. "A lot of people have a lot of financial concerns right now, so I'm sure that has been a contributing factor."

Hehli says when stocks got jumpy – so did some members.

"We probably had 1 or 2 people take out a small amount of money each week."

But, since the government decided to insure your deposits up to $250,000, he says things have calmed down.

"We're seeing nothing leave; in fact, we've seen our deposits increase over the last week and a half,” he said.

Heller says the homeowner’s insurance cap of $200 hasn’t changed in decades. And, she doesn’t expect it to go up anytime soon.


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