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Post by farmgirl on Feb 14, 2024 16:19:10 GMT
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Post by mzgarden on Feb 14, 2024 17:42:20 GMT
I always wish someone would clarify (maybe I'm the only one that needs it) when they're talking about banks - if that includes credit unions or not. I know they're different (FDIC vs NCUA) and then there are the state chartered credit unions vs the federal chartered ones.
While I follow his logic, this part of his advice makes me squirm a bit:
3. GO WITH THE BIG BOYS
A century ago, a system of regional banks made good sense. Neighborhood bankers lived in the communities where they served their local businesses. For better or for worse, those days are long gone. Today, 97 percent of all banking in America is done online. It's part of a global trend – as small banks go away, and big banks grow in size and stability.
Look at countries like Switzerland, Canada, and the UK. Their banking landscapes are dominated by just a few highly regulated and well-functioning national institutions. That'll soon be the norm in America too.
Put your money in national operations like JPMorgan Chase, Bank of America, Citigroup and others. These too-big-too-fail institutions are the safest places for your dollars.
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Post by woolybear on Feb 14, 2024 20:58:48 GMT
mzgarden, talk that I've been hearing for the past year was if you have money in a regular bank maybe you should think about moving it to a credit union, also heard not to keep all your money in one bank but spread it around to various banks. I can tell you this...after spending 1 1/2 hours on the phone with fidelity that everything is just hunkydory, economic outlook is wonderful, inflation is easing, interest rates aren't going down at the moment but thankfully they're not going up - stock market hates rates going up. Everything is rainbows, unicorns and roses. I just held my tongue except for one comment I made about listening to my parents relate about the great depression. I think the financial guys main purpose was to calm any investors jitters about the market, but it didn't work well with me. I am hoping I'm aware and alert to the ongoing shenanigans that are happening.
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Post by Ozarks Tom on Feb 14, 2024 22:55:12 GMT
As small as credit unions are compared to banks that might be owned by other big banks but you don't know it, I feel safer with the two credit unions we deal with. They don't have the exposure to the commercial real estate market, and their loans are nearly all individual like car loans and some mortgages.
That said, I still believe if a person had any monies they don't have a foreseeable purpose for sitting in any institution they ought to look into precious metals they can physically hold. With the Dodd-Frank Act your deposits in any institution are merely loans to the bank, including a safe deposit box. The funds are no longer yours, and you instantly become a creditor to the bank. Yes, the FDIC guarantees your account up to $250,000, but the FDIC only has a finite amount of funding itself, not nearly enough to cover deposits if several regional banks were to cascade. Remember the FDIC's motto: "You can trust us, we're from the government".
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