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My reasons for picking who I bank with are based on risk & needs. I personally don't have more than $250k in cash, but I bank with who I do because they are con
by roflyear 4y ago
My reasons for picking who I bank with are based on risk & needs. I personally don't have more than $250k in cash, but I bank with who I do because they are convenient (ATMs everywhere across the US, for one) and they are one of the largest financial institutions on the planet.
- deepsun 4y agoYea, but how do you estimate risk? As I said, all top 20 banks are supposed to be pretty stable, and SVB was one of them. Credit Suisse was also very big. If one is not a banker (and we are not), it's kinda hard to know the risk. ATM is not really a reason for business banking. But Wires are, especially when you need to pay an international contractor in a foreign currency. And businesses usually have more than $250k.
- roflyear 4y agoWell, it's true that I probably would not be able to do that to a high level of accuracy. But that's my reason for picking a bank. I suppose that picking SVB or CS or whatever was still a good choice, because you wouldn't have lost your money!