![]() ![]() ![]() We have not seen disruption of MasterCard service, even in countries where illness is widespread. Access to MasterCardĬredit cards will remain a secure and viable way of transacting during the COVID-19 pandemic. In other words, we’re prepared for this pandemic, and we’re ready to stand by Albertans as they weather the storm. This is especially true at ATB we are not a publicly traded company and therefore not exposed to the same risks as a publicly traded company. While volatility or turbulence in the markets may have you concerned, it is important to note that a financial institution's stability is not directly related to the stock market. (See a more detailed explanation of how ATB manages liquidity) In addition to the guarantee of the ATB Financial Act, ATB protects its clients’ deposits by managing its assets conservatively, and by conducting ongoing forecasting to determine liquidity needs in both ordinary and crisis situations. When too many clients withdraw their funds and a bank becomes unable to honour other clients’ right to withdrawal, it’s called a run on that bank. In times of crisis, people sometimes worry about their financial institution’s liquidity-that is, its ability to honour full withdrawal of its clients’ funds. What about the possibility of a bank run? Even if you don’t hold any investments, keeping your money in the bank offers you more protection from theft or loss than keeping it in your house.Įach household and situation is different, but if you’ll feel more comfortable having cash on hand, consider withdrawing a modest amount between $500 and $1,000. While the provincial government is recommending including a small amount of cash in your emergency supplies, there is no benefit to withdrawing thousands of dollars from your accounts or investments. It’s not going anywhere, and you will be able to access it at any time, just as you have been able to before this pandemic. This means that no matter how daunting some of the news might be, the money you have deposited with ATB Financial is 100% guaranteed by the government 1. If feelings of fear or uncertainty have you questioning whether you should withdraw your savings in cash, please know that your deposits are safe.The total balances of all ATB chequing and savings accounts (both business and personal), as well as all ATB fixed-term investments (such as GICs), are guaranteed under the ATB Financial Act. Facing an unknown future may cause you to question the security of your deposits. It is good practice to have some cash available for emergencies, but some people are currently depleting their savings in fear that banks will shut down or they won’t be able to access funds during an emergency. Is your money safe?Ī quick search through the news brings up stories about people stockpiling food and household supplies, leading others to believe that they should also be stockpiling cash. You’re concerned for the physical well-being of yourself and your family members, but as COVID-19 continues to spread around the globe, you may also be wondering about the security of your finances during this period of uncertainty. ![]()
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