Banks and credit unions see increase of withdrawing money amid virus outbreak

Because of the coronavirus, banks and credit unions are seeing people withdrawing large amounts of money from their accounts.

Taking money out of an account instead of keeping it in the account is more dangerous, because if your money is lost, stolen or destroyed it is not insured and cannot be replaced.

Royal Credit Union CEO Brandon Riechers says, "Once you take the cash out it's no longer insured, so if word were to get out that the person is carrying or transporting a large sum of cash or stashing a large amount of cash in their house, it puts it at a little bit greater risk."

The Center for Disease Control and Prevention recommends contactless payments.

Paying with a digital wallet or app eliminates the potential to spread covid-19 by handling paper currency.