If more banks are folding in the next 18 months, what should we do now?

Question

Should we withdraw savings and keep it at home?

What about CD's and retirement accounts?

I know nothing about banking . . .please help!

Answer 1

There is nothing you have to do beyond making sure that each account you have doesn't exceed the FDIC deposit insurance limit.

Answer 2

I am Only 12 so don't take my advice and I know nothing about banking but it sounds like your freaking out a little.

Answer 3

I wouldn't do anything.

We are in a recession, but this wont last more than 2 or 3 years. Recessions are a normal part of a capitalist economy.

They are caused by low buying confidence and people being afraid to spend money (like NOW). This results in less production of goods and services which leads to more people losing their jobs which leads to even lower confidence.

Its human fear that causes recessions. Just like the fear you have now.

Answer 4

You're insured to $100,000 by FDIC. If you have your retirement that's an add'l $150,000 plus the $100,000.