In a hypothetical situation of recession, say I have all my savings in back account. Now that banks will also take a hit from recession, how likely is that my money is blocked in the account? Curious Whether saving in bank is even a good option!
Withdrawal all your money and buy guns.
Research Bail-in laws
Thanks
Crypto baby!
why u want cash?
Get everybody to withdraw cash from a bank, recession will just begin.
Cash out, buy gold and buy guns to guard your gold. You may want to consider constructing secret bugout location, and have a bugout strategy (year worth of food, water etc etc).. best of luck
If I have to hide then what use of riches man 🤷♂️
ironic coming from a Paypal employee
Such things can only happen in countries with bad management, no resources to sell and cannot get foreign debt. May not happen in US in current circumstances because US (fed) can print as much money as it wants.
Lol
Your account is fdic insured upto 250k
Is it true for all major banks in the US?
Yes, it's a legal requirement to be a bank serving consumers.