Before SVB collapsed I was planning to out some money in a local credit union because of no atm fees. Pretty convenient to get cash overseas. But now that silicon valley bank collapsed, is ut risky to put money in a bay area credit union now?
It’s probably fine and svb will just be a one off, but if you want to be safer you should put your money into large, well capitalized and highly diversified financial institutions. You know, the kind that are too big to fail.
JPMorgan Chase
Credit unions don’t gamble your $ the same way big banks do. Rules are different for CUs
SVB got caught in a liquidity trap because they needed cash sooner than their treasuries reach maturity. Same thing could easily happen to a credit union
Nothing has changed
Only bank with FDIC protected banks,
<250k you would have no real risk.
Yep fdic insured but ill be out on vacation for a month or two and want to be able to withdraw my money
FDIC insure money was made available on monday itself. You could always split it to two banks, i do that already mostly to avoid issues like IT outages though.