this post was submitted on 02 Feb 2025
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Is anyone else worried about the FDIC? (dubvee.org)
submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]
6 comments fedilink hide all child comments
 

Background:

What prompted this is I logged into my bank this morning to send some bill payments, and the FDIC banner at the top caught my attention. At first it made me laugh because of recent events, but that laugh turned into kind of a nervous chuckle:

I was like "Surely this administration won't fuck with the FDIC" but then read through the articles above, and now I'm not so confident.

Currently, I use a small, local bank. I've never really worried about it because of FDIC protections, but should I move my money out of it to a larger bank? Withdraw it all and stuff it in my mattress?

I'm not freaking out, but I am concerned about this for the first time in my life.

The rational part of me says that if it gets to that point, my money would probably be worthless anyway except for burning it to keep warm.

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[–] [email protected] 0 points 3 months ago* (last edited 3 months ago) (1 children)

I saw the same banner on my bank's website the other day, and also wondered what the "full faith and credit of the US government" might really be worth in the near future.

If the FDIC goes away, then the question is which bank will be less likely to suffer a bank run. That is really hard to predict, since it is all about consumer confidence and marketing perceptions. Is your local savings-and-loan safer because they are stable and boring? Or is a huge national bank safer because it's "too big to fail" and more likely to be bailed out in a crisis?

The best bet is diversification. Spread your savings among multiple banks, and consider putting it in things other than US dollars: real estate, gold, foreign currency, etc.

[–] [email protected] 1 points 3 months ago

Y'all don't want to hear this, but it might not be a bad idea to start storing some of your savings as crypto. It was designed for this very purpose: to allow you access to your funds from anywhere in the world, when governments fail to protect your assets.

[–] [email protected] 0 points 3 months ago

I don't even want to link to it directly in case links to that sub are being tracked so here's an indirect example that may help explain why so many Democrats are currently going along with the plan to dismantle our society so extremely quickly into the new administration - bc their very families are receiving death threats.

And with what looks to me like the White House shown in the background, the new administration explains how not voting for Trump and supporting things like "Meals on Wheels" makes even centrists and not-right-enough rightists (rinos?) into "extreme leftists" (here).

I don't think "stability" is going to be something that we can count on in the future. Sorry if I'm not helping here - emotionally I am not okay this week, and yes you are asking good questions to try to cope and thereby help others as well as yourself through the next steps.

[–] [email protected] 0 points 3 months ago (1 children)

This is part of why gold is at an all-time high. The other part is inflation.

It's also part of why crypto is also at all-time highs, but that has a lot of other factors as well.

[–] [email protected] 0 points 3 months ago (1 children)

Yeah, I'm definitely not going to trade my real money for phony crypto nonsense. Logistically, gold is a non-starter since I can't actually use that to live.

Basically I'm at the stage where I'm trying to determine if my money is going to remain safe in a small town bank. Like I said, until now, I've had confidence in the safety net the FDIC provides.

[–] [email protected] -1 points 3 months ago

LMFAO. “Real money”. Someone still doesn’t understand. You almost get it with the realization of gold but still not quite there.