Pull Money from bank?Is there going to be a bank run in America because what just happened in Europe? Should I pull 75k from the bank and put it in a safe or just some of the money? Thanks! | |
Pull Money from bank?Is there going to be a bank run in America because what just happened in Europe? Should I pull 75k from the bank and put it in a safe or just some of the money? Thanks! | |
No.
This was Cyprus. Don't put your money in Cyprus. It's not the US. Let me count the ways...
1. The GDP of Cyprus is roughly comparable to Shreveport LA
2. They are in the European Union
3. Everyone in the EU understand that Cyprian banks are where Russian criminals and business magnates stash their off-shore wealth
4. The banks and government were failing. Because they are in the EU they can get bailed out, mostly with German tax dollars
5. The German people are well aware of #3
6. It's an election year in Germany...so Angela Merkel had to decide if giving a bunch of German tax dollars to Russian mobsters and tax dodgers would help or hurt her chances for reelection.
We're not perfect, but I don't see this dynamic at play any time soon. There could be a ripple effect where people have less trust in EU banks now that the EU central bank has shown the willingness to even consider something like this...but that just means US banks look more attractive as a place to put your money than EU banks.
Oh please. Take a pill. NO ONE has lost a single penny in a US bank since the FDIC was created in the 30s.
Your money is insured with the FDIC up to 250K