By Valerie Milano & Tequila Mockingbird
Los Angeles, CA (The Hollywood Times) 1/8/25 – In the midst of a devastating wildfire, it’s understandable to feel overwhelmed and uncertain about how to handle your finances. The decision of whether or not to withdraw your money from the bank depends on several factors, including the severity of the situation and your individual circumstances. Here’s a guide to help you make the best choices:
1. Severity and Proximity:
- Immediate Threat: If you are under an evacuation order or believe your property is in imminent danger, withdrawing cash may be necessary for immediate needs, such as purchasing emergency supplies, arranging transportation, or securing temporary housing.
- Indirect Impact: If you’re not directly affected by the fire, there’s likely no need to withdraw money. Continue to monitor the situation closely.
2. Bank’s Location and Services:
- Local Branch Impact: If your local bank branch is affected by the fire, access to your funds may be temporarily limited.
- Online and Mobile Banking: Fortunately, most banks offer online and mobile banking services, which allow you to access and transfer funds—even if physical branches are closed.
3. Financial Security:
- Emergency Fund: Ideally, you should have an emergency fund separate from your main bank account. This fund should be easily accessible and cover essential expenses for several months in case of unexpected events.
4. Insurance Coverage:
- Homeowners/Renters Insurance: Make sure your insurance policies adequately cover potential fire damage and other risks associated with wildfires. Check to see if your home, belongings, and any temporary accommodations are fully covered.
A More Measured Approach:
- Assess the Situation: Carefully evaluate the severity of the wildfire and its potential impact on you and your property.
- Review Your Finances: Take stock of your emergency fund balance and ensure your insurance coverage is sufficient.
- Contact Your Bank: Reach out to your bank to understand its contingency plans in case of a disaster. Ask how you can access your funds if needed.
- Withdraw Cash Strategically: If you decide to withdraw cash, only take what you immediately need to avoid the risk of theft or loss.
Important Note: Withdrawing large sums of cash can be risky. It’s safer to rely on digital payment methods whenever possible, as carrying large amounts of cash can increase the risk of theft or loss.
For the Most Up-to-Date Information, Rely on Official Sources:
- Local Emergency Management Agencies
- The Red Cross
- Your Bank’s Website or Customer Service
Stay safe, stay informed, and take proactive steps to protect yourself and your finances during this challenging time.
