Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Imagine you're at your bank, and it's your turn at a teller counter. You notice a person on your left handing another teller a note, and then you overhear a hushed demand for money. Other customers aren’t aware of what's going on: You're in the middle of a robbery. What do you do?
U.S. banks were robbed more than 4,000 times last year, according to the FBI. If you witness a robbery, security experts say, your first priority should be to avoid making a bad situation worse. Here’s what else they recommend to keep yourself safe.
In most bank holdups, robbers are only after the bank’s money, not looking to harm customers, says Sgt. James Bracke of the FBI Bank Robbery Task Force in Phoenix.
“Bank robbers want to get in and out as quickly as possible, without the situation escalating,” he says. So if you don't panic or act impulsively, odds are you won't draw a robber’s attention, and you can get through a holdup unscathed.
Staying calm may be easier than you think, because typically customers don’t even know a crime is taking place. Most bank robberies aren't Hollywood-style dramas with gun-wielding villains. Instead, about 60% are simple “note jobs”: A robber stands in line, waits to see a teller, then quietly passes a note at the counter, says Doug Johnson, a senior vice president for the American Bankers Association, an industry trade group.
That’s what happened to Wanda Andrews of Anaheim, California, when she visited her bank branch a few years ago. “I didn’t notice anything out of the ordinary. I finished my transaction and went to leave, but as soon as I walked out the door, there were SWAT team members on the other side! I heard one say to another that I didn’t match the description of the suspect, and then they told me to run!”
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Read reviewEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 09/10/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
If you know you're witnessing a bank holdup, try to note the robber’s appearance without putting yourself in danger, Bracke says.
“What type of clothing is the robber wearing? Can you identify scars or tattoos on their arms or hands? Do any tattoos have letters or symbols? Does the person have a limp when they walk?
"These can be helpful if you’re able to note them without bringing extra attention to yourself,” Bracke says.
“The biggest fear we have is that the customer will try to tackle the bank robber,” says Barry Thompson, a bank security consultant based in Oswego, New York. That’s because a confrontation could cause a robber to resort to violence.
Even if you don’t see a weapon, the robber could be carrying a knife or gun, Thompson says. And even if the robber is unarmed, you could get hurt by intervening.
If a robber shouts out orders — such as “hit the floor!” — the best advice is to do what the robber says, Johnson advises. You’re less likely to provoke violence, and you’ll avoid drawing attention to yourself.
If you’re in one of the 3% of bank robberies that results in violence and you believe that your life is in danger, you’ll have to decide whether to fight or try to run away, Bracke says.
But according to FBI statistics, none of the thousands of bank robberies that occurred in 2015 resulted in the death of a customer or bank employee.
After the bank robber leaves, the bank likely will briefly close. You may be asked to provide a witness statement. It’s important that you don’t talk with other witnesses before you’re interviewed by detectives, because that could compromise the investigation, Johnson says.
“You don’t want to mix and match notes with the other customers,” he says.
Even if the robber makes off with bank money, your personal checking and savings accounts will be safe. They are federally insured .
You can also take comfort in knowing that bank robberies are declining. They’ve dropped more than 40% since 2006, partly because of better security, including bulletproof barriers for tellers, higher-quality surveillance video and dye packs that explode in bags of stolen cash. And stricter sentencing guidelines deter some would-be robbers and keep serial robbers locked up for years.
Chances are you’ll never witness a bank robbery. But if you do, being prepared will help you make smart decisions at a potentially dangerous moment.
This article was written by NerdWallet and was originally published by USA Today .
About the authorYou’re following Margarette Burnette
Visit your My NerdWallet Settings page to see all the writers you're following.
Margarette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press. See full bio.
On a similar note.
Download the app
Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.
Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
NerdWallet Compare, Inc. NMLS ID# 1617539
California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812
Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses
NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105
