The bank run is happening! Almost half a trillion withdrawn from banks in the past 3 months
(dailyhodl.com)
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You need to read more than the headline on this one:
The “primary driver” of deposit flight came from uninsured deposits, says the FDIC, as people moved to protect capital that is above the $250,000 FDIC insured maximum.
Case in point – the amount of insured deposits held by banks actually increased during the quarter as people diversified their risk.
Yet that 250k insurance really means nothing when this collapse happens. The FDIC is about as trustworthy as Pfizer
I totally agree.
Noticed that too. However, I'm still debating on moving even more of my savings account from a bank to a local credit union. I did so a few months ago, moving half of my savings... thinking more and more about doing it again to have MORE in the credit union in case things go south.
I've been taking money out and putting in my safe / buying gold and silver / buying bitcoin whenever I get the chance.
I'm not sure a credit union will make a difference, but I've followed a similar strategy for my mom's proceeds from the recent sale of her house. I've also encouraged her to buy what it is she's looking to buy now rather than hold onto the money for later.