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I'm confused about FDIC. If there is a depression, how can the FDIC protect my money? Is it foolish to consider getting it all out into cash? I have savings accounts and CDs in several banks.
I lived and survived through FIVE monetary reforms.
I KNOW first hand, how you go to sleep one night and wake up dirt poor. And you considered yourself well off man before.
If anyone for a moment thinks, that this country is somehow immune to this, think not twice, think twenty times.
You just lived in luxury for too long and forgot, how it can turn.
I am confident banks are safe haven for my money. I do wonder if they increased security with a lot of people coming in with face masks. In the past, people that came into banks with a mask on always said three words "stick em up"
I'm confused about FDIC. If there is a depression, how can the FDIC protect my money? Is it foolish to consider getting it all out into cash? I have savings accounts and CDs in several banks.
FDIC coverage depends on several factors. You can determine if all of your accounts are covered here:
Banks are pretty safe, but not a bad idea to keep some denominations of 5,10,20 and 100 at home. I also keep denominations of 9,12,22, 357,38,45,556 etc just in case it gets real dicey.
Banks are pretty safe, but not a bad idea to keep some denominations of 5,10,20 and 100 at home. I also keep denominations of 9,12,22, 357,38,45,556 etc just in case it gets real dicey.
We did too. This is nowhere near the same but my husband and I lived through a revolution in our country of origin. Whatever money was in the bank was confiscated, you were limited in the amounts you were allowed to have on your person, everything went to the state. For this reason we tend to overreact hence yes we have taken some out. Everyone else commenting here is probably right but having lived through that horrific experience makes you a little paranoid.
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