There will NOT be a ....Run On Banks...All accounts insured up to $250,000.

[Stuart G]

If the bank goes broke, you get your money back ...up to $250,000...Yes, banks have gone broke, and Savings and Loans too, (they also have same kind of insurance)...and savers have got their money back...from their accounts...
...........ALL THEIR MONEY BACK...ALL, up to $250,000


.....This was passed by the Congress in the 30s to prevent future runs on banks...It wasn't that large of an amount, but it has gone up since then...up to $250,000...................


JUST SO YOU KNOW, IT WAS PASSED BY A DEMOCRATIC CONGRESS!!!!

[Demonaut]

1. what if I have way over that?

[Stuart G]

4. ...Good for You...up to $250,000 is up to $250,000..If you have way over that...then,

put the other $250,000 in another bank..(I don't know nothing, but that would be my advise)

[Demonaut]

9. mis-read it, I have over way over $250.00

[jberryhill]

26. lol

[getagrip_already]

6. Lucky b'tard.. ;) split it up.. its per account...

Just go to multiple banks.

But realize not all savings institutions qualify as banks and are uninsured.

Neither are outfits like fidelity. Your investments would be at risk if a firm like fidelity went insolvent. It's happened before, but other companies assumed the debts with Gov help.

But it wasn't industry wide. Just one firm at a time.

[ProfessorGAC]

8. Don't Even Need Multiple Banks

Although that's probably smarter, you could just 2 separate $250k accounts for a half million.
If someone had 25 such sums, they'd be foolish to not spread it with different banks.

[Gidney N Cloyd]

23. Kind of. I think it depends on they types of accounts your money's spread across at a single bank.

There's some info at https://www.fdic.gov/deposit/deposits/brochures/your-insured-deposits-english.html and if I'm understanding it correctly (I'm absolutely no expert) all your regular savings, checking, CDs and similar are totaled together and that total is only covered up to 250K.
If you've got 250K in a money market and 250K in certain types of retirement accounts at the same bank then you're probably covered.
If you've got 250K in a money market and 250K in a savings account, half your money is at risk.

I really hope I'm not sharing bad information here. Anyone worried should follow the link or check with your banker.

[ProfessorGAC]

24. Yeah, My Post Wasn't Clear

It's everything added up, but a couple could have an account under each name, and a joint account.
When I was on BoD of a community bank, we had a couple well-heeled customers that had max CDs, one under each name, individually. They're checking & savings accounts were joint.
The reason I know is because they told me. I wasn't snooping on customer records. Board members can't legally do that.

[rzemanfl]

2. I wrote a line of credit check and put it in the ATM rather than go

INTO a bank to take money out of an IRA for a little cushion. Social distancing and all.

[Hoyt]

3. +1. I know people are concerned, and why not with trump and GOPers in control, but we need to quit

coming up with new stuff to worry about. Yeah, easier said than done.

[Stuart G]

10. Your money is insured in a Bank or Savings and Loan, up to $250,000..Yes, worry about something

else...like talking to your neighbor and shaking his/her hand..or whatever you want..Worry about the weather, or what Biden will do after Trump gets beaten by the largest margin ever for a sitting President..Or worry about your favorite baseball team..Or the stock market??

...Or worry about payments on car, or whatever...OUr money is safe in a bank or savings and loan up to $250,000.

[roamer65]

5. Paper money is a heightened viral risk right now.

Cotton fibers trap viruses and bacteria.

That is why the Federal Reserve is quarantining all paper US currency coming back from Asia for 7-10 days.


https://www.barrons.com/articles/stocks-are-inching-highe-as-central-banks-go-all-in-stimulus-bonds-oil-51584634575

China is also withdrawing and destroying worn RMB notes. Replacing them with new ones.

The WHO has already advised people to use cashless payment when and where possible.

[Sneederbunk]

7. What if FDIC fails?

[roamer65]

11. FDIC will never fail.

The government will back it and the Federal Reserve will monetize the extra treasury issuances.

You will eventually pay for it through inflation.

[Amishman]

15. Yup, in other words the FDIC has access to the money printer

They can simply create the money if needed (which has its own undesirable impacts, but better than major banks imploding)

[Hoyt]

12. Then, we are all screwed and it doesn't really matter.

[roamer65]

13. Exactly.

[Stuart G]

14. FDIC will NOT FAIL. WHY? ...THE FDIC IS BACKED BY ......?? YOUR TAXES AND MY TAXES...AND

EVERYONES TAXES...ALL CORPORATION TAXES...ETC...

... YES, if things get bad for the federal government, the Congress can raise the taxes on the very rich...
At one time the taxes were close to 90% on the very very rich, in the 50s!

Oh, by the way the federal government does owe a lot of money...lots and lots..to people who have lent it money....lots and lots...

At the end of fiscal year 2018, the total federal debt was $21.6 trillion dollars.

Just as a note of interest..I lent the federal government some money...in the 90s. I set up an account with the Federal Reserve Bank...(anyone can do it, with a insured check0 )..and I bought a bond, from the Federal Reserve Bank..Kinda large bond... ( thousands)...and the Federal Reserve Bank, has been paying 6 and 3/4 percent interest since then on my bond. In the mid 80s, only banks could buy those kinds of bonds............(and that was the current rate of those bonds)

....But the Democratic Congress...(no, I don't know which one) passed a law that says private citizens can buy those bonds. I knew about that law, (by watching a stock market show) and invested in a FEDERAL RESERVE BOND.......(you do not know this...but I read that a Federal Reserve Bond...30 years, of the U.S. Federal Reserve Bank...is the safest investment in the entire world..backed by the United States of America.)

...That is yes, The United States owes a lot of money, but ....it can raise taxes on everyone and get some back..

[pbmus]

16. A run on banks is not about how much you are insured for.....?

A run on banks is when the 99% take the majority of their money out of the bank in cash....

Insurance or no insurance, doesn’t make one hoot of a difference...

If I take my 5000.00 out and every other joeshmo takes their 5k out, it’s a run on banks...

And when that happens, a can of soup is gonna cost 50.00 not 1.00...

[Stuart G]

18. Well are 99% going to take their money out of banks in cash?

..What do you think?...I got money in banks, and I am not going to take it out..Are you?

My money is all insured in the bank..why take it out? I got checks if I want to spend it.

[pbmus]

20. The reasoning behind taking your money out of the bank are many...

The biggest being that you do not trust the bank and need the cash to purchase essential items...

Credit will be nonexistent, and bartering will become prevalent...this scenario is hopefully a long way off...

But anything is possible in this environment...

[Stuart G]

21. Yes, ..your words, "...anything is possible in this enviornment"..

The very last thing I thought was possible was/is President Donald Trump..........

now, I don't think he will be reelected, but as you say,,,"anything is possible"

[pbmus]

22. I do not mean to cause undue alarm...

I just try to be forthright in our current situation...

I apologize if I am causing anyone to panic...or become alarmed 😱

These are unusual times with endless possibilities, both bad and good...

I am more optimistic than I sound.

[Stuart G]

25. So, am I..Now, we know the precautions to take. Trump did not lead, but others have led.

...With the information out and very clear what to do, those precautions are being taken. Proof?...I live near a major street with constant traffic. Always hear some noise of cars going by. Now, no one goes by. It is the quietest it has been. Only time it was this quiet was on 9/11. People are indeed taking precautions. And those precautions are not that difficult to take.

[jberryhill]

27. And if your only realistic option for purchasing essential items is online

Then, having cash sitting around is nigh unto useless.

Even person-to-person transactions work better with Paypal, Venmo, Cashapp, etc.

[pbmus]

28. Global is becoming National and National is becoming regional and

Regional is becoming local...

You will not be able to buy online in local economies without something physical to barter...

[jberryhill]

29. Yeah, so?

A run on the banks won't matter then. Skills count for something too.

[pbmus]

30. Fuckin a straight skills matter...

Nursing should be paid at well over 100.00 per hr...

[ooky]

17. Anything that ever helps people is passed by Democratic Congress. nt

[Stuart G]

19. YES,...you are correct...Social Security, Medicare, Obamacare, Deposit Insurance, Welfare,..and

food stamps, etc.etc.

Republicans like to help the rich people like Trump.