When Is Cash King – "Crisis Cash"

crisis cashIn today’s world, the need to carry cash is not a necessity. Plastic cards have taken over how we purchase everyday items that we want or need. To be honest the only time I carry cash is when I travel so I can tip people who help me. I use plastic for everything! Those little card reading Point of Sale machines make my life so easy. Swipe, purchase move on with life. So here’s a list why I don’t carry cash all the time. This list may be some of your same reasons.

Reasons not to carry cash

  • Can’t be replaced if it gets stolen
  • No counting (No math skills needed)
  • Can call and block lost or stolen card
  • Bulky
  • Coins fall out of pockets
  • Money is dirty (germs all over it)

Reasons to carry cash

  • Tips for service received
  • Excepted everywhere
  • Power goes out and cards don’t work you can’t purchase items you need

So the last reason on the list above should make you stop and think. What would you do if your cards stopped working? How would you purchase the necessities, such as food/water and shelter, you would need to survive during a disaster?

Let’s first think about how your Credit Union can help prior to a disaster, if possible.

  • Communicate to staff and members the need to have cash on hand
  • Order extra cash to replenish ATMs
  • Place and extra cash order to help possible increase of with drawls

During an event or disaster when power is on plastic cards will work but maybe have limited amounts where stand-in limits are being used.

When the power goes out it becomes a different ballgame. Try living the next few days without the use of your plastic cards. Okay just think about it. Things would get interesting quick. If you don’t believe me ask people who went through Katrina or Sandy. I’m sure they can validate that when the power goes out… Cash IS King.

Hurricane season emphasizes effective disaster preparedness

How can our Credit Union help the community during a crisis?

 

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