Financial Fitness

COVID, Cash, and Contactless Payments

By Interior Savings
March 17, 2020

As grocery store shelves get picked clean and pantries overflow with toilet paper, money is still moving around quickly.  It begs the question, in a time when we are collectively trying to increase social distance and reduce the chances of spreading this virus, how does money play into it all?

We’re certainly not disease experts, so we can’t tell you how long a virus exists on cash but it stands to reason, we’re probably better off limiting the use of cash and opting instead for contactless payments.

Whether you’re just starting to flex your online shopping muscles from the comfort of your couch while you self-quarantine, or you’re hoping to avoid the look of trepidation from the poor barista at the coffee shop who’s wondering where that cash has been, we’re here to help!

 

Interior Savings has many safe alternatives to cash:

  • Online banking and e-transfers
    If you’re not already using our online banking, give our Member Service Centre a call and we’ll get you set up! You can pay bills, transfer money to that friend who’s picking up your groceries, or maybe just marvel at how much you’re saving by staying at home! As a bonus, Interac-etransfers are free for members (within your chequing package limits). Even better, once you’re set up to use online banking, you can download our mobile app and do all your banking from your mobile device!
  • Debit and Credit Tap
    Instead of cash, when you’re purchasing those necessary groceries (and maybe some extra bars of chocolate) just tap your debit or credit card! You won’t have to touch any buttons on the machine and can simply tap your card until you hear the beep and then you’re on your way.
  • Apple Pay, Samsung Pay and Google Pay
    Leave your wallet at home (it’s just one more thing you’ll consider sanitizing later) and pay with a quick tap of your phone using Apple, Samsung or Google Pay. Here’s how to get started.

 

And your cash can rest easy, knowing BC credit unions offer 100% deposit protection
One of the unfortunate responses we’re seeing as part of the COVID-19 pandemic is a fear of scarcity.  Although the government is repeatedly assuring people that our supply chains are intact and there is no need to stockpile seven years’ worth of toilet paper and frozen pizzas, the general public can’t help but worry.  If there’s one worry we can ease, it’s this: we would like to remind and assure our members that all of your deposits at any BC credit union are 100% guaranteed by CUDIC.  So, for your own wellbeing, and that of your barista, we recommend leaving your cash where it’s safest – in your account- and instead take advantage of all of contactless ways you can continue to do your banking and make payments.

 

We’re doing everything we can at Interior Savings to help ease some of your worry when it comes to your money.  Whether you need help getting set up with digital banking options or help navigating any financial issue you might be facing as a result of recent events, we’re here and ready to help.

Contact our Member Service Centre at 1-855-220-2580.