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 - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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