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Jets player has $50K stolen from car

By Allison Ross · Bankrate.com
Thursday, February 13, 2014
Posted: 4 pm ET

blog-Ed-Reed-ASSOCIATED-PRESSNew York Jets safety Ed Reed reportedly had $50,000 in cash stolen from his car, according to a report by Local 2 News in Houston.

Houston police are apparently looking for a suspect who smashed the window of Reed's car and stole a bag containing the cash, according to the report.

Police believe Reed was followed, according to the report. The article says Reed got the money from a bank down the street and then stopped at a Bank of America. It's unclear from the report why Reed had that much in cash or why he went to two different banks.

But what it does show is that not even a 5-foot-11, 205-pound, bonecrushing safety can ensure his cash isn't stolen.

And that's a good reminder for wary consumers who have been turning more to cash in the wake of all these data breaches.

A poll last month by The Associated Press and GfK Public Affairs & Corporate Communications found that 37 percent of consumers have tried to use cash instead of debit cards or credit cards as a result of data breaches like the one at Target.

People like McAfee's chief privacy officer have announced they're paying for things only with cash in light of the breaches.

But while cash may seem safer because you're not giving retailers any personal data, cash can open you up to risks, as Reed has demonstrated.

With credit cards and debit cards, there are safeguards to get your money back if it's stolen. But cash is more anonymous, meaning that it's a lot harder to get it back.

"I don't think the solution is carrying around large amounts of cash. It's dangerous and inconvenient," says Susan Grant, director of consumer protection at the Consumer Federation of America. "What's needed is better security for the consumer data that businesses retain."

Have you been using more cash recently? Have you ever had cash stolen from you? Share your stories in the comments.

Follow me on Twitter: @allisonsross.

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32 Comments
Mel
February 19, 2014 at 1:24 pm

I've been using cash for routine purchases for years. I know what groceries, gas, etc. will cost me for a week or two, so I take a set amount from the bank to cover expenses and a small cushion. When that withdrawal runs low, I go back to the bank.
Most of my routine bills are paid through through the bank's auto-pay feature, so I never need to carry a large amount of cash. Safe and convenient!
Credit cards are for emergencies or large purchases I wish to document.
Oh, and I have one credit card used ONLY for internet purchases. Easy to spot problems.
This scheme might be helpful to others.

steve
February 19, 2014 at 12:58 pm

use a fingerprint on credit cards. every device has a screen of some kind on it. no match no credit no brainer.

Mike
February 19, 2014 at 11:52 am

what a load of baloney. I do not believe it and will not believe that cards are safer than cash.

Gloria Bishop
February 19, 2014 at 11:08 am

Carrying a lot of cash is of course a risk if you do not take common sense measures. However, it has become scary to learn of so many breaches. Why can we not have credit cards with microchips as they have in Europe instead of a strip? We should demand from credit card providers to begin using that technology to protect the consumers, after all we provide billion dollar businesses to these providers, we should be the ones to determine that high security, which is available be used.

Jason
February 19, 2014 at 10:13 am

@Pierre, with CC they can trace transactions and use. You cannot do that with straight up cash.

Jason
February 19, 2014 at 10:11 am

What on earth is he carrying 50k around with? You do not need that kind of cash for daily shopping.

Pierre
February 19, 2014 at 9:49 am

Bull........ Credit card ? Profit for banks. Look what happen at Target. Who leave $ 50,000.00 in his car?

Henry Joe
February 19, 2014 at 9:38 am

I use CC for the intended purpose: Emergency needs!
I use DC for bi weekly ATM withdraws. The rest of the time I use cash. Fast. Easy. I'm using CC less and less with each system hacked.

Norm
February 19, 2014 at 9:16 am

I love blanket statements, without considering all of the facts, folks one size does not fit all.

I love to use debt cards as well, the only problem is when you and your spouse use the cards daily it requires constantly checking to see if there is still money in the account (i.e., that the other hasn't already spent the money). I use the debit card only after checking the account status. I still find that carrying cash (as little as it may be) for quick small purchase still works for me.

frank
February 19, 2014 at 8:27 am

I LOVE THE USE OF DEDIT CARD, I HAD NO PROMBLEM FOR NOW,IF ANYBODY TRY TO USE MINE CARD THERE NEVER ENOUGH MONEY IN IT. ONLY THE RICH HAS TO WORRY ABOUT THAT UNFORTALLY THEY TARGET AT BIG MONEY

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