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View Diary: San Jose: Millions Withdrawn from Bank of America and Wells Fargo! (288 comments)

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  •  Doesn't seem likely (1+ / 0-)
    Recommended by:
    Creosote

    Remember that not everybody is going to withdraw their money.

    And the banks have insurance to prevent running out of money.

    That said, if this idea does continue to grow through Nov. 5, your local bank branch could be crowded and busy that day, so if you're going to move your money, why not do it now?

    "I mean, it -- I mean -- and I tell somebody, I said, just because you have a group of scientists that have stood up and said here is the fact, Galileo got outvoted for a spell." -- Rick Perry, 9/7/11

    by Senor Unoball on Thu Oct 13, 2011 at 04:26:26 PM PDT

    [ Parent ]

    •  If the idea gets that popular (2+ / 0-)
      Recommended by:
      Senor Unoball, Creosote

      I bet the government and/or mainstream media would start trying to calm everyone down, reassuring them that their money is safe, etc.

      I told my mom not to panic-- these are huge banks, it will be fine.  But yes, we're looking at moving to a credit union anyway!

      •  Great! (0+ / 0-)

        There are some good links at the bottom of the diary that might help you pick a good credit union near you. Good luck!

        "I mean, it -- I mean -- and I tell somebody, I said, just because you have a group of scientists that have stood up and said here is the fact, Galileo got outvoted for a spell." -- Rick Perry, 9/7/11

        by Senor Unoball on Thu Oct 13, 2011 at 04:38:37 PM PDT

        [ Parent ]

      •  Well, except for the $5 a month fee your money (2+ / 0-)
        Recommended by:
        Aurelia, Senor Unoball

        is safe (unless the US economy and dollar totally collapses, but then you will be screwed even if you use a mattress) thanks to the FDIC, though if the FDIC needs a government bailout it could take some time for such a bill to pass.  Another thing to note is that the insurance used by credit unions, NCUA insurance, is in much better shape than the FDIC is.

        There is no saving throw against stupid.

        by Throw The Bums Out on Thu Oct 13, 2011 at 07:11:52 PM PDT

        [ Parent ]

        •  OK, hypothetically then... (1+ / 0-)
          Recommended by:
          Senor Unoball

          ...is there anywhere even safer to put our money? Than an American credit union, I mean? Other currencies, gold, other metals or gems, or maybe just a Canadian bank? (My husband is a Canadian citizen, so we could check out the situation up there, too.)

          Good to know about the NCUA.  Hopefully the FDIC wouldn't need a government bailout, but I figure anything could happen after the next election (although looking at the crop of GOP primary candidates, I will be amazed if one of them beats President Obama).

        •  From a consumer view, FDIC and NCUA are equal (1+ / 0-)
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          Senor Unoball

          While NCUA may be in better shape (if only because more credit unions are in better shape), the amount of federal insurance is exactly the same: $250,000. Just throwing it out there for anyone who didn't know and might be reluctant to switch due to such concerns.

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