4 ms·

Just pick a too big to fail bank and keep your personal deposits under 250k per account. So, Chase, Citi, BofA.

toast0 4y ago
If your deposits are below the insurance limit, there's no need to deal with a too big to fail bank. Better to go somewhere where interest and service are available.
- throwing_away 4y ago
  There is because people couldn't get access to their money while they were sorting it out.
  - notch898a 4y ago
    It wouldn't surprise me if FDIC can act quicker in taking over a small bank than a large one, though.
  - sitic 4y ago
    "Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank." https://www.fdic.gov/resources/deposit-insurance/faq/ https://www.fdic.gov/resources/deposit-insurance/faq/
- shapefrog 4y ago
  I do my day to day banking with a too big fail bank. The service is excellent.
  - fifticon 4y ago
    And I wonder if this excellent service will continue, once there are only 3 banks left.
    - shapefrog 4y ago
      Keep my money in an account, let me buy things with pieces of plastic, let me have pieces of paper when I want them, let me send it to other people when I want to and do none of that when I dont want it done. If you want someone to be glad when you get home and listen to you complain about bill from accounts then get a dog.
- fifticon 4y ago
  A problem is, that Small Enough To Fail banks may find it hard to offer competitive services, when they are competing on a slanting field against TBTF banks that don't have to pay the same for their safety nets.
- panarky 4y ago
  Too big to fail means you don't have to worry about nominal insurance limits because failure is impossible.

If your deposits are below the insurance limit, there's no need to deal with a too big to fail bank. Better to go somewhere where interest and service are available.

throwing_away 4y ago
There is because people couldn't get access to their money while they were sorting it out.
- notch898a 4y ago
  It wouldn't surprise me if FDIC can act quicker in taking over a small bank than a large one, though.
- sitic 4y ago
  "Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank." https://www.fdic.gov/resources/deposit-insurance/faq/ https://www.fdic.gov/resources/deposit-insurance/faq/
shapefrog 4y ago
I do my day to day banking with a too big fail bank. The service is excellent.
- fifticon 4y ago
  And I wonder if this excellent service will continue, once there are only 3 banks left.
  - shapefrog 4y ago
    Keep my money in an account, let me buy things with pieces of plastic, let me have pieces of paper when I want them, let me send it to other people when I want to and do none of that when I dont want it done. If you want someone to be glad when you get home and listen to you complain about bill from accounts then get a dog.
fifticon 4y ago
A problem is, that Small Enough To Fail banks may find it hard to offer competitive services, when they are competing on a slanting field against TBTF banks that don't have to pay the same for their safety nets.
panarky 4y ago
Too big to fail means you don't have to worry about nominal insurance limits because failure is impossible.