I keep hearing news that big banks might be in trouble in the near future and that it is in our best interest to move our money to a local credit union. I am all about keeping our money in a safe place and I always thought of my bank as the safest place. However, I do not want to get caught up in losing my money to my bank. I bank with Chase and it's been great. I would hate to have to move my money unless it's absolutely necessary. I guess I just feel comfortable banking with Chase, but I keep having fears that something is going to happen in the near future. It's not like I have a lot of money or anything like that. I just barely get by. But that's the reason I am so worried. I need the little bit that I do have for my family to survive. Do you think it's a good idea to move to a credit union?
Well, technically your money would probably be FDIC insured at a bank or credit union, unless you really have an enormous savings account. I know there is a cap as to how much the govt. will guarantee your savings. Personally, as long as my account was FDIC insured, my next consideration would be interest rate. Although, it seems all IR's are just terrible! You know, I also have a feeling the bottom is going to drop out again. I don't think we are out of the woods yet. I am reading a book called, "Aftershock" which talks about how the U.S. dollar is going to bottom out and the enormous debt of this country is going to pull the rug from underneath our feet. It will be interesting to see what will happen in the next 3-4 years. I think the near future will be very telling for this country. So if sky falls again, even worse than it did in 2008, I'm not sure how much faith we should put in FDIC insured, but what else can a person do right now? Good luck!
