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Worrying times for some banks in the USA? if you have ever seen that film ” It’s a Wonderful Life ” you will recall how all the bank customers made a desperate rush and withdrew all their savings leaving George Bailey ( James Stewart ) with just $2.00 in the vault.
Similar scenes have been happening recently with Tennessee banks; anxious investors have been calling the hotlines to investigate whether their money was FDIC insured. Prompted by the IndyMac collapse recently customers are taking the worst-case-scenario outlook while the Tennessee Bankers Association attempts to calm the situation.
Another bank ready to order the moving boxes…?
Just remember the old saying - Don’t put all your eggs in one basket - and this particularly applies to investments. If you have $100,000 or less in an FDIC insured bank rest assured your money is safe - but think on and don’t keep it all in just one bank.
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