re: Serious question - should I go pull my money out of my bank on Monday?

BTW: I said not all credit unions are fed backed FDIC insured because IIRC-The best bank on the planet earth- Navy Federal Credit Union, is.

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I’d stay away from any bank whose core business is lending money to broke people via credit cards. That’s what they’re willing to pay so much in their savings accounts.

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That's actually good. Those loans pay way higher than treasuries. More risky are banks holding a ton of MBS that pay less than the fed rate. Those banks cannot afford to pay anything attractive to depositors on their savings accounts.

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Can't believe anyone still banks with them, I closed my accounts there when they started paying for trips to Hawaii for their employees to get abortions

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I still bank with them because I have a $2.8 million loan on my investment account. I think I will be able to pay that off within a month. At that time, I am closing the account and telling them why.

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Talks of bank runs are unnerving.
I’m aware some of this hype is also to assist SVB to get a bailout, which I would expect from Joe’s dumbass admin.

I bank with JPMC but I imagine if there’s a real run, none of them are safe.

Any of y’all moving to cash this week?

Also, I’m not OT rich, yes my accounts are within the FDIC insured amount, but I imagine the Fed would go insolvent if the whole system saw a run.

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JPMC isn't going anywhere anytime soon.

If by some bizarre quirk of reality there is a big enough issue to break the FDIC, we're all going to have much bigger problems than getting cash from the bank. This would be worse than the Great Depression as the vast majority of the population is so far removed from agrarianism. (ex: of the 8-ish million in NYC, how many even have the soil to plant a few stalks of corn?)

@kimdotcom is FOS. And if all that happened, cash wouldn't be king, it would be worthless.

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JPMC isn't going anywhere anytime soon.

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Their portfolio is far too broad for this, I'd guess.

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Their portfolio is far too broad for this, I'd guess.

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Yep

A very diversified $758B portfolio is a pretty impressive backstop.

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I’d stay away from any bank whose core business is lending money to broke people via credit cards. That’s what they’re willing to pay so much in their savings accounts.

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Especially since some credit cards have interest rates now reaching 30% with the rate hikes.

I wonder what will happen if rates continue to go up, especially since some states have statutory limits on interest on credit cards and some loans at 36%.

Anything over 250K, I would pull NOW.

What’s your address