Yes, partially but not all true. Banks could be ordered to restrict amounts on withdrawls and that HAS happened in the past. Your money can be safe in theory, but if you can't get it when you need it, it doesn't do you much good.
Sticking money under your mattress could indeed help in a pinch.
If all banks were ordered tomorrow to temporarily halt or limit withdrawls, and you also couldn't cash your paycheck, retirement check, etc. - having some cash certainly could help. These things happened during the last big depression. Some of my older relatives were auto workers in Michigan at the time - and they had to either get cash from special banks setup by the auto companies - or cross the border and get cash from Canadian banks.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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