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 - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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