Maybe you’re scrolling through Facebook Marketplace and come across the vintage car you’ve always wanted, or maybe you’ve found a rare collectible that you absolutely must have. You may even be moving money from one financial institution to another. Whatever the reason for your withdrawal, here are a few tips to help keep you and your money safe when managing transactions like these:
- Avoid withdrawing large sums of money. Instead, consider withdrawing your funds as a cashier’s check. A cashier’s check is a draft guaranteed by a bank or credit union and drawn on the financial institution's funds. You are essentially moving money from your account to the financial institution so that they may guarantee the funds will be available when the recipient cashes the check. It’s much safer to carry a check that is payable to a specific individual than to carry large sums of cash.
- Set up an external transfer. Most financial institutions provide the option to move money in and out of your account electronically. You can typically log in to online banking and set up a transfer from one financial institution to another. At APGFCU, account to account transfers are available through Bill Pay. You’ll need the receiving bank information such as routing number and account number to set up the exchange. The receiving bank will set up a test deposit to confirm the accounts are linked correctly before allowing you to make your first transaction.
If you do need to make a cash transaction, consider withdrawing smaller sums at different times and have a companion accompany you if carrying a large amount of cash.