From Peter Reagan at Birch Gold Group
We’ve already reported that your bank could fail at any time thanks to the Fed’s fight against inflation. Banks adapted to a near-zero interest rate environment over the last two decades, and today they’re in bad shape overall.
Today, many are offering tempting yields on savings accounts. (Because it’s cheaper to borrow money from you, the customer, than from the Federal Reserve’s emergency funding program. I cannot stress this enough: no bank is truly safe.
Now, so long as your deposits stay under the FDIC’s insurance limits, a bank failure might be little more than a temporary inconvenience. When a bank does fail, the FDIC generally creeps in on a Sunday and makes sure everything is open for business as usual Under New Management the following morning.
Sometimes, though, banks can fail individual customers…
Continue reading “What’s Behind the Wave of Bank Account Closures?”
