Americans please help I have been advised to remove my cash from two of your banks.

Question

i was told to follow what a couple of big players are doing ( by a trusted source) and withdraw and close my bus account with two major banks over there before they cls there doors with in the next couple of days do you know or have you heard of this happening soon.

Answer 1

Wow way to narrow it down, there are LOTS of banks over here. Your money is insured up to $100,000 in most accounts, so unless you have more than that your fine and even if you do your still probably fine.  But if your soo concerned call your bank and ask them whats going on. Its very rare that a bank fails sooo keep that in mind.

Answer 2

Rachael is correct.  All banks that are FDIC insured guarantee any and all deposits totaling 100,000 or less.   Just  make sure it is FDIC insured and you are in good shape

Answer 3

Kevin,

There are some concerns about the liquidity of certain banks here in the States, this much is true.  However without knowing which banks we're talking about here and how much cash you have in them I can't really provide much advice.

However at this point it is pretty safe to say that as long as you have less than $100,000 in those two banks (separately) that you'll be perfectly fine - even in the (probably unlikely) event that the banks do shut their doors.  The first $100,000 (or more) is covered by the FDIC and is guaranteed as well.  

Answer 4

make sure the bank is ensured by the fdic. basically if you have under 100,000 dollars you are guaranteed to have it returned to you. just make sure the bank you have it in is fdic ensured if not w/ draw it.

Answer 5

Which banks are you talking about?