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As it stands right now I keep most my Familys savings with one of the most criminal global banks, JP-Morgan Chase and lately I keep reading How they keep getting caught Dirty and have fines leveled against them, Old Jamie Dimond just either plays the I didn't know' or So what, I will pay your chump change and continue to pilfer where I can...
Now if your a global banker and you get caught Dirty they charge you with Deferred prosecution= no jail time, no recorded, just a slap on the wrist, So why not push it''
So I been wondering if much smaller banks or credit unions are a safer place to keep ones savings ?? or if a Global bank like Chase goes down would the shock waves tank the smaller lender-holding intuitions ??
The FDIC protects savings accounts in banks up to $250,000. The NCUA protects savings accounts in FCUs up to $250,000. Make sure that the bank or credit union belongs to these organizations and is insured by them.
I, personally, prefer FCUs. I belong to two. I have savings and checking accounts, debit cards, credit cards, direct deposit, and on-line banking with them. I financed a house with one. I've financed all my cars since 1989 with one or the other. You get better rates when you borrow, when you save, you grow a local, not global, business, and all with much lower, if any, fees (I don't pay any fees). I've also used my FCU debit and credit cards for out of state purchases with no problems, and even used the debit card in the automated parking machines in Niagara-on-the-Lake in Ontario, Canada.
The FDIC protects savings accounts in banks up to $250,000. The NCUA protects savings accounts in FCUs up to $250,000. Make sure that the bank or credit union belongs to these organizations and is insured by them.
I, personally, prefer FCUs. I belong to two. I have savings and checking accounts, debit cards, credit cards, direct deposit, and on-line banking with them. I financed a house with one. I've financed all my cars since 1989 with one or the other. You get better rates when you borrow and when you save (although those are pretty paltry these days!); you grow a local, not global, business; and all with much lower, if any, fees (I don't pay any fees). I've also used my FCU debit and credit cards for out of state purchases with no problems, and even used the debit card in the automated parking machines in Niagara-on-the-Lake in Ontario, Canada.
Hmm the FDIC, the 10 minutes of research I did on FDIC so called Insured, show's that the FDIC has only around 32 billion in backing and yet insures over 6 trillion in private holdings-deposits, so how does that work...lol
Really, if you want some peace of mind about your bank, go with one that is not an investment bank, and doesn't attempt to sell you any kind of investment vehicle. A local credit union would suffice, but that carries it's own risks too. You don't want to have your money tied up in one that does a lot of risky lending, either residential or commercial.
consider the fact that if the FDIC fails its likely because the rest of the US economy (and possibly the entire global economy) has collapsed....in this case the dollar amount in that account will likely be meaningless regardless of where it is kept.
from what I under stand the FDIC has a list of problem banks, but it's not viewable to the public (guess they dont want a run on said Banks) but i did find a site that claims to track them and i did find several banks in my area that have made the FDIC and the occ list, is your bank on it??
I can't see any benefit to keeping more than $250,000.00 in cash in a savings account, except for extremely briefly while the funds are being moved around.
If you have more than that $250,000 in a savings account, then spread it out over a couple of different Banks, Savings and Loans, and Credit Unions. Not-all-eggs-in-one-basket sort of business plan.
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Ok emm FDIC Banks are 100% safe, lol........move along people....
