“Forget the mattress! Keeping large sums of cash at home is risky,” the FDIC tweeted today. “The best place to protect your money is in an FDIC-insured bank where it’s safe and sound.”
Jelena McWilliams, the FDIC Chairman, starred in a PSA about the importance of FDIC insurance.
“We’re living in unprecedented time,” she said, as soft piano music played in the background. “At a time of pandemic like this it is way too easy to get confused and have fear about what you should be doing in your money and your accounts, especially as you are looking at the volatility in the stock market and financial sector.”
She adds: “Your money is safe at the banks. The last thing you should be doing is pulling money out of the banks now, thinking it will be safer some place else. You don’t want to be walking around with large wads of cash, and you certainly don’t want to be hoarding cash under your mattress. No depositor has lost a penny of their deposits since 1933, when the FDIC was created. if you’re talking about keeping your money in a safe place, please keep it in an FDIC insured bank.”
Twitter got suspicious.