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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
gil
February 19, 2014 at 9:49 pm

DRUG DEAL GONE WRONG

john
February 19, 2014 at 8:56 pm

well well,this is not right,i have 3000 unemployment left taken from me buy the cgverment taken from me that i earend and nobody cares.this persons upto something gee i wander what that could be.

Tina Grey
February 19, 2014 at 6:59 pm

In the bathroom of a grocery store in a safe neighborhood , 1 mile from the police station , someone opened the door I thought was locked & my purse was on the door handle ,tried to steal my purse I was trying to pull the door closed , they were pulling from the other side trying to open it. They didn't get anything. I told the store manager & they have a security camera, hope they catch them .

Jeremy
February 19, 2014 at 6:54 pm

That is why I hide $100 thousand dollars - but in 2 separate places with $50 thousand each. That way when someone steals the first pile they can't believe their fortune and leave. Little would they know the joke is on them as I still would have $50 thousand left.

david camorali
February 19, 2014 at 6:10 pm

I still withdraw cash and use it for specific things when I know what they will cost. It helps me stay on budget. It's always easier to overspend when I use credit cards. But 50K on hand? Really? He's a freak.

a ron
February 19, 2014 at 4:53 pm

Hmm good thing his credit card wasn't in there. The thief would have access to much more. This article is obviously pushing you towards paying interest rates hahaha.

Law Abiding Citizen
February 19, 2014 at 4:38 pm

Here Here warrior! I bet Susan Grant is "Granted" a great interest rate by her bank! lol

FLDOC
February 19, 2014 at 3:49 pm

Was there ANY purpose or reason this article was written?

saltine warrior
February 19, 2014 at 2:25 pm

Sounds good for the banks and the federal government who wants to know where you've been and what you spend your money on.

mamma bear
February 19, 2014 at 1:43 pm

I don't think any one in their right mind would leave $50 thousand in a bag in a car.I still use a credit card,for I feel safer than having a large sum of cash on my person.When I do use cash I try to show only what I need to pay the tab,keep rest of the cash in my pocket etc...BUT I DO KEEP TABS ON MY CREDIT CARD ACCOUNT ON A REGULAR BASICS..

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