A major bank regulator in the U.S. tells the public to not withdraw bank account withdrawals due to coronavirus.
In a statement, the Federal Deposit Insurance Corporation (FDIC) asked Americans to not panic and empty their bank accounts amid the spread of coronavirus.
They started withdrawing from their bank accounts after banks had adjusted their operating schedule and encouraged customers to use online banking exclusively to avoid transmission of the virus.
FDIC also warned the public about an increase in scams trying to damage the perception of the U.S. financial system while the country is going through thed coronavirus pandemic.
Darrin Williams, CEO of Southern Bancorp, said the bank had ordered 30% more cash to respond to the rising number of withdrawals.
The FDIC witness an increase in calls, text messages, emails from scammers acting as FDIC employees. These scammers use names of individuals who actually work at the FDIC.
They are falsely claiming that banks offer limited access to deposits and face security issues with bank deposits. These fraudulent activities are also targeting bank account and personal information.
FDIC tells people to not divulge their bank or credit card numbers or other personal information over the phone unless it is a reputable organization.
"In addition, you should be cautious about online solicitations. Be on guard against imposters who contact you claiming to be government employees or volunteers and who ask for personal financial information or money."
The FDIC insures every depositor up to $250,000 in each bank.
“Customers’ deposits remain safe in these banks, as does customer access to their funds. Banks continue to offer ATM, mobile, or online banking services, and many continue to provide services via drive-through window,” the FDIC said in a statement.
"Keep in mind, the safest place for your money is inside a bank. Banks will continue to ensure that their customers have access to funds either directly or electronically, and inside an FDIC insured bank, your funds are protected by the FDIC," FDIC stated in a document found on their website.