Q&A
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Where are you keeping your money?
It seems a bank a week is going under these days. I keep hearing friends who say they emptied their accounts at certain banks and moved them to others they perceived as being "safer"...even though many banks are FDIC insured. But I heard that pulling out cash will just freak out banks more...and that some banks could stop dispensing money through ATMs because of the loss of cash.
I think my bank is relatively safe, but I'm not sure.
What to do? Do I really have to start putting it in my mattress?????
Some stocks, tax-exempt funds, cash savings, money markets. If you really want to pull your money, invest in a large safe, a good home security system and keep it quiet.
Otherwise:
- Ask your bank for their financials
- See if they're including on US Banker magazine's list of Top 25 Banks
- Check out the FDIC web site for questions/answers Link
Your money is safe if under $250K. Even with bailouts and mergers, the FDIC is your safety net. During the S&L failures in the late 80's no one lost their money.
