FDIC caught on video planning to use your deposits for bank "bail-in"
(www.theorganicprepper.com)
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Pay off all debt. If you have a mortgage work on paying it off. Keep just enough funds in the bank to do the things you need to do.
If there is a bail-in you will lose some/all savings. Whatever debt you have will still be there no matter what happens to your savings.
For some maybe an all in one HELOC is the way to go. But only if you are in control of yourself when it comes to spending
I have been paying off my mortgage like crazy. I should have it paid off in a few more months. I could pay off my mortgage right now but I would be a little low on cash. I have no other debt so as soon as my mortgage is paid off I will be debt free.
And yes I have heard that a mortgage is "good" debt nonsense.
How many people that pay off their mortgage go out and get another mortgage because mortgage debt is a good thing?
Already done with everything 2 years ago. Make me so happy.
So, question, is it only going to wipe savings or will checking go too?
I don't think they will wipe out everything but there could be a haircut. That haircut would be a "one time" across the board haircut. Savings, checking, retirement. Anything in the bank would be fair game as far as they are concerned.
Since most people have most of their money in retirement accounts those accounts would be prime picking for them. After all they could say that only the rich have accounts that are tax deferred. They would claim that the "haircut" is just simply the tax that is owed by the rich on the tax deferred accounts.
Thanks.