"We Are Strong,We Are Safe"

[WEDWDW]

Has anyone else got a similar email from your Bank?

If so,are you glad they sent it?

I don't think mine made me feel any better or any worse.

 

[Southernmiss]

Has anyone else got a similar email from your Bank?

If so,are you glad they sent it?

I don't think mine made me feel any better or any worse.

Same.

Received one from our bank.

I worked there for 13 years so I know the history and culture.

 

[gmi3804]

I read that to the tune of "Love Is A Battlefield."

 

[disneychrista]

I bank with one of the big guys, so I’m not concerned. I would not open an account with a smaller,local bank right now.

No letter or email of reassurance from them.

 

[nw6675]

I agree with DisneyChrista. While the FDIC may insure the funds, I still take a bit of comfort banking with two of the big guys. Even they are not immune to issues as I've been reading their percentages of consumer accounts and types of diversity which can impact how they hold up.

But to the original question, no I have not received anything.

 

[Micca]

This made me laugh because it reminded me of all of the "We're All In This Together" BS* commercials at the start of covid.

*Baloney sandwich

 

[jalapeno_pretzel]

I've not received one from mine, and I am not in any way concerned.

 

[PollyannaMom]

Our investment guy sent a reassuring email, but I wasn't really fretting before that.

 

[dvcgirl67]

Not yet....we're with a Too Big to Fail bank.... and I believe that they're happy to be quiet right now and receive massive inflows from the people moving money out of community and regional banks.

I do sincerely hope things settle down, but am not hopeful for the short-term anyway. The Fed here is in a real quandary. They keep telling us that they'll keep raising rates to continue to fight against sticky inflation, and so right now it seems odds are that they will move forward and raise another .25 pts this week. If they pause...or cut rates, that might be construed as a "worried Fed"....and hit the markets hard.

Still, if the "blank" hits the fan, that's exactly what they will do, because it's what they always do, damn the consequences for the long term. One thing is clear, "bank runs" aren't like the old timey kind that we saw in "It's a Wonderful Life"......they're a zillion times faster now with mobile banking. And throw in social media and that speeds it up even further. Our whole banking system is built on trust....without that, we're in a pickle. Let's hope cooler heads prevail in the coming weeks.

 

[Johtull12]

I bank with one of the big guys, so I’m not concerned. I would not open an account with a smaller,local bank right now.

No letter or email of reassurance from them.

Banks insure up to $250,000 for deposit accounts, but you can also add a second joint owner and up that that limit to 500,000. You can also open up another account with a joint owner to increase it another $500,000. If you have $1M in your checking and savings accounts your wealth/financial advisor is probably doing you a disservice.

 

[TippyThomas]

I guess my credit union doesn't consider itself strong or safe. I haven't received anything from them at all. Honestly not worried about it though, as most of my investment type accounts are with other facilities.

 

[georgina]

Nope, but I am not worried about my savings or checking accounts which are all well under the FDIC limits!

 

[georgina]

I read that to the tune of "Love Is A Battlefield."

Or, could be we are strong, we are invincible, we are woman

 

[jalapeno_pretzel]

https://www.fdic.gov/bank/historical/bank/

 

[LuvOrlando]

No, I didn't see anything but the one we use for personal funds didn't need to tell us, I didn't even flinch last Friday. We did, however, make it a point to send extra money and principal everywhere, plus pay early and make sure a credit sits in all utilities. No-one needs to teach me twice, I remember what happened in 2008 when the banks got all twitchy. I instructed our kids to pay off everything to zero to protect their scores. I have been checking in on all our accounts while testing & making sure the banking info is correct with small more frequent payments instead of one big one in case of disruptions. It is easier to prevent trouble than fix it is my motto.

 

[dvcgirl67]

Banks insure up to $250,000 for deposit accounts, but you can also add a second joint owner and up that that limit to 500,000. You can also open up another account with a joint owner to increase it another $500,000. If you have $1M in your checking and savings accounts your wealth/financial advisor is probably doing you a disservice.

Very true, and not many Americans have anywhere close to even 250K in a bank (or anywhere else for that matter), but some businesses do, and many carry balances well over what would have been insured by the FDIC. But none of that matters now, because the government will guarantee everyone's deposits to keep the crisis from spreading further.