Should you keep all your cash in the bank?
Should you keep all your cash in the bank? Is it safe to have a lot of money in your bank account? You should never have more money in your bank account that can be covered by the FDIC. You can spread your money into different accounts or banks to ensure that all of your money is secured so that you can recover it in the event a bank fails or collapses.
Why are people withdrawing money from banks?
Customers in bank runs typically withdraw money based on fears that the institution will become insolvent. With more people withdrawing money, banks will use up their cash reserves and can end up in default. Bank runs have occurred throughout history, including during the Great Depression and the 2008 financial crisis.
What is the best way to store cash at home?
Even within a gun safe, many individuals who store cash will opt to place it in a waterproof container. SureSeal boxes offer a completely sealed container that is both water-proof and smoke-proof.